Millionaire Challenge

lessonlearned

Thank you Spidy. That's very kind of you.

Well today I've made a start on the loft. A pile for selling, and the rest for charity shops and the tip. I'm afraid there is an awful lot to get through. Have already loaded the car reading for the first trip tomorrow morning.

I've just un-earthed three boxes of my OH's treasures and have been going through them. Hmmmmn - trying not to get weepy.

Anyway I have decided to take some of the smaller items in to the nursing home so we can go through them and he can have a little trip down memory lane. And I can put some of them on display in his room.

I doubt that I will have much time for selling now so will just box them up ready for the antique fairs in the spring.

I've found a nice house to rent and have instructed the agent to get the ball rolling on that. I've ordered a few business books - some of them only costing £0-01p on Am*z*n so I will be able to do lots of swotting once I've got the house move done and dusted.

All this activity is all well and good but I'm not earning much money....:rotfl: I need to get selling, trading and investing asap.

By the way YBM - great progress this month. £5k off debts:T:T Glad to see that 2013 is looking good for you. Let's hope that it's good for us all.

What of 2013 for me - well let's just say "I'm cautiously optimistic". My finances are certainly much rosier than they were this time last year......

This year was all about survival, next will be about consolidating and starting the rebuild.

citizenkitten

troglodyte wrote: »

Thanks very much for the links CK, definitely worth reading! I agree, many people don't like to talk about what will happen after they die - and of course no one wants to bring it up with an older relative for fear of being thought 'grasping'

when people find out what the tax man can legitimately take from you after you have paid tax all your life, most are extrememly positive about trying to keep it in the family. after all what have most of us worked for?

drummer_666 wrote: »

I'm 27. Bought my first house in June this year with some help with deposit from parents. It was a dive I bought, been working so hard on it doing virtually everything but gas, elecs n wall knock thru myself (had no DIY skills before).

Aim to finish this and sell in early 2014. With profits to buy my next house and refurb it. Then change that to BTL and buy a second house for me to live in.

I'm just spending so many evenings and virtually all weekends working on the house that I'm finding it hard to find time to see friends let alone get back into a business mindset!!

glad you have noted that life is for living, kudos for achieving so much already and I wish you all the luck and DIY gods smile upon you. keep us updated on your progress. :beer:

MKeynesMoneySaver wrote: »

Just make sure you take your time and do things properly and to a standard you will be happy with for a long time. I tiled bathroom and kitchen myself (first time tiling also) and I am over the moon with the result. I rushed the laminate floor and there's a small gap in one of the joints which really bugs me.

MKMS

yeah good advice, my friend who was a builder before he became an accountant was that yeah it is all very good having the skills to do all of it yourself, but you notice all the mistakes you may have made and they bug the hell out of you.

citizenkitten

Little_Miss_Uni-Debt wrote: »

It's all change for me at the minute, hunting for new jobs. I'll be off most of Dec so I'm starting on a few projects that will take advantage of my free time and keep me busy!

sorry ot hear you lost your job, but i can see from your other thread that this will not stop you from making such great progress. I wish you the best of luck job hunting.

lessonlearned wrote: »

Well I've had a very busy couple of weeks - house sale looking good - so keep your fingers crossed.

Whilst I am living in rented I will use the time to do those courses I fancy and I've also got some furniture to upcycle and then when the better weather comes (yeah right) get cracking on those antique fairs.

The EA I'm dealing with has offered me a part-time job - I'm mulling it over - not sure I have time at the moment. Perhaps in the New Year after we've moved and have settled in, although my next major task will be to help my parents to move into sheltered accommodation - that is if I can get mum to agree.

Excellent your sale is going through well! i always find changing rooms/homes/desks makes your declutter and re focus yourself.

and you are being head hunted

may i ask how old your parents are? if you have any success do let us know as I will need to be looking at it at some point soon

YoungBusinessman wrote: »

Lots of money being made, just took £5,000 off my debts today. £2,000 from pay yesterday and £3,000 from emergency fund. Fund still has "plenty" in it.

2013 is going to be a great year for me, i think December will be a good warm up!!

I had wondered where you got to! WELL DONE! :beer: here is to 2013!

citizenkitten

lessonlearned wrote: »

DS2 has bought some shares - just £100 to start with to practise. He seems to be picking it up very quickly so I think I will take a look at that in the new year. He can pick and manage them for me,

My view is you do need to speculate to accumulate.:D

Time for lunch and start some decluttering.

that is interesting, i want to do a few hundred here and there but have no idea how to, everywhere i have read due to comission etc not worth buying less than £2000 worth.....

spidystrider wrote: »

I am so sorry to hear that, I had no idea that your husband was so young. You are an extremely strong person to be coping with so much and as you say, you could end up feeling nothing but bitterness, which is a terribly negative emotion, that serves no purpose and does you no favours.
e.

Yeah LL is a real inspiration to anyone, we are very lucky to have her on this thread. Her dignity and positivity is wonderful.

My update

Well the date has been set for the wedding, just wrote the cheque for the deposit on the church. will send the envelope tomorrow, i hope no one else has booked that day! we have set a budget, i have already had one bridezilla moment (completely reasonable though )

my sister and i are talking through buying a property together but we have a lot more hoops to go through. *fingers crossed*

having to spend some serious dough which was unexpected......... setting me back somewhat, but hey it is just money.

I have been thinking of renting out the spare room to get some dosh quickly but i am notoriously anti social and i reckon i would survive 1 day before paying them to go....:rotfl:

MKeynesMoneySaver

I still think the best way to invest in shares for novices is to invest in an index tracker within an ISA.

There are many fund supermarkets which offer a multitude of tracker options, mine costs me £2 per month regardless of the level of investment. You can invest from £50 per month up to your ISA limits.

It gives you exposure to the equity markets without too much risk but then again not the potential rewards of investing in individual companies. To reap the rewards you need to know what you are doing and invest in companies that will outperform their competitiors, not fail or suffer due to unknown risks.

To buy shares would cost £11.95 per deal max through the fund supermarket I use.

lessonlearned

Thanks for the advice about shares Moneysaver. I've always been very nervous about shares but I think I will take a look in the new year.

Kitten - my mum and dad are 87 and 86.

Actually Dad has been taken into hospital tonight. It's beginning to look as if they might have left it too late for sheltered accommodation and we might have to go straight to care homes soon. Or at least a short spell in respite care.

lessonlearned

citizenkitten wrote: »

I have been thinking of renting out the spare room to get some dosh quickly but i am notoriously anti social and i reckon i would survive 1 day before paying them to go....:rotfl:

I once had a lodger, quite by accident - long story. She was supposed to stay for about 6 weeks, 18 months later she eventually left.

She was lovely and we became great friends but I have to admit it was nice to have my home back.

Are you thinking of buying a property with your sister as a BTL or as a development project.

Glad to hear the wedding plans are progressing. We will need piccies.:D

JoeyMc

This millionaire challenge is great, but it can be achieved much quicker then spending your whole life trying to do it.

If you set your mind to it and focus non-stop you can make it happen in 3-5 yrs easy.

The way to do it is internet marketing.

Your general brick and mortar business is limited to customers in your specific region, you can only grow so much.

However, marketing and selling on the internet is limitless!
(there a over 1 billion users just on facebook now)

You can attract customers from all corners of the globe, and you can set it up to be half automatic so you actually only work a few hours a day an get paid while sleeping or spending time with family.

citizenkitten

MKeynesMoneySaver wrote: »

I still think the best way to invest in shares for novices is to invest in an index tracker within an ISA.

There are many fund supermarkets which offer a multitude of tracker options, mine costs me £2 per month regardless of the level of investment. You can invest from £50 per month up to your ISA limits.

It gives you exposure to the equity markets without too much risk but then again not the potential rewards of investing in individual companies. To reap the rewards you need to know what you are doing and invest in companies that will outperform their competitiors, not fail or suffer due to unknown risks.

To buy shares would cost £11.95 per deal max through the fund supermarket I use.

I have maxed out my ISA, it is my grandfathers way of easing the tax burden. He is now the grand old age of 91 and he says cant take it with you!

So can i still get a fund supermarket thingy? or because of the tax on the interest etc does it make it not so viable?

lessonlearned wrote: »

Thanks for the advice about shares Moneysaver. I've always been very nervous about shares but I think I will take a look in the new year.

Kitten - my mum and dad are 87 and 86.

Actually Dad has been taken into hospital tonight. It's beginning to look as if they might have left it too late for sheltered accommodation and we might have to go straight to care homes soon. Or at least a short spell in respite care.

lessonlearned wrote: »

I once had a lodger, quite by accident - long story. She was supposed to stay for about 6 weeks, 18 months later she eventually left.

She was lovely and we became great friends but I have to admit it was nice to have my home back.

Are you thinking of buying a property with your sister as a BTL or as a development project.

Glad to hear the wedding plans are progressing. We will need piccies.:D

i think my grandparents may be the same they are 91 and 86 and my grandfather is now blind and is house bound. but i cannot force them to do anything, even though it would be in their best interest. they will tell you they know exactly what they are capable of. :rotfl:

well not just me to think about but my oh, who makes me look like a social butterfly in comparison to his social grumpiness. in our line of work we have to spend a lot of time with people we are not so keen on so coming home to just us is heaven! but the cold hard cash may be too hard to resist. if we could stick it out 3 years along with saving and scrimping we would have enough for a 25% deposit on a BTL. ....... i think i may be up for it, just trying to persuade OH. Maybe i should show him this thread?

My sister would live in one room and we would rent out the 2nd room for some income. we would be putting down half the deposit each and then i would get a mortgage to cover the rest. therefore i would own 85% of the house. the bills would be split as such mortgage etc but my sister would also pay me a "rent" for using 50% of the house but only owning 15%. do i make any sense?

we would have a solicitor make an agreement etc, dont want money making enemies out of us. seen it too many times before.

wedding plans

well this is the church we are paying stupid money too, it is a bonus it is so pretty because really we chose it because 1) it is catholic 2) its location - right by the river thames and close to a town full of hotels of various budgets

MKeynesMoneySaver

Yes you can still buy shares, trackers, etc through a fund supermarket. They are just like a retailer that sells methods of investing. HL co uk is the one I use and it is worth browsing their website just to get an idea of all the options.

You don't pay tax on your dividends if you are not a higher rate tax payer because the tax you do pay you get back as a credit iirc

The advantage of an Isa is that you don't get taxed on capital gains.

The other option is to invest in a SIPP, which has it's tax advantages but the money will be locked away until you are old enough to draw on it.