Millionaire Challenge

gothrockchic1

Good Luck YB!!

lessonlearned

Great news about the house YB. Fingers crossed for you.

Sounds like 2013 is going to be good for you. It's certainly looking brighter for me too.

This time last year I had no income and was living off my savings, too ill to work and DWP dragging their heels with any kind of benefits.

Things are certainly a lot rosier now.

I too am due to exchange contracts this week and then move in January.

I think I've sourced my first project - my parents' house. :rotfl:

I desperately need to get them into accommodation more suited to their needs. If I buy their house it will make life much easier for them because they can remain there until their new property - probably a bungalow in a retirement complex - is fully prepared for them. If an outsider buys it then they will be pushed to get out quickly and in their 80's they don't do anything quickly. Bless 'em.

I won't charge them any rent of course.

Their current house is a very pretty 400 year old cottage that needs updating and which would benefit from a layout change to add value. I just need to get a structural engr in first to see what's involved.

My property developing business begins.....

BTW - I've found your thread on the savings board, will follow your progress.

Kallops

As long you plan on investing your money in other things than just have them laying on a shelf I think it's possible.

Anthony_Fritts

Nothing is impossible. You are having a long term planning to reach that mark, nothing overnight. You can very well achieve it and life has got a lot of things which are unexpected. Good for someone and bad for someone.

gothrockchic1

Just a quick question are you all planning for retirement and paying into a pension or are you focused on the present?

MKeynesMoneySaver

In my opinion:

Retirement will come when I have accumulated enough investments to be able to survive on the income from the investments or buy an annuity with the amassed wealth.

Paying money into a pension is just one form of investment whether it be a SIPP (self-invested personal pension) or a company pension.

I am self-employed so don't pay into a company pension, but save into an ISA as my own form of pension.

I think we are all looking at ways to add to our income or maximise it now and in the future, and invest that income in ways which provide us with a good and reliable income. Or, in some cases pay down debt as quickly as possible.

I might not get to the million mark, I might not need to, but I can at least aim for it.

gothrockchic1

I did wonder if people were focussing on building up savings and investments etc and hope the profile in general would pay for retirement.

lessonlearned

Well Chick technically I am already retired - just 1 month ago.

In reality I've no intention of retiring, so for me this is just a nice fresh challenge.

I'm in the lucky position of my pensions and passive incomes providing enough to cover my needs so I no longer have to devote my time and energy to earning a living.

I can work for fun..... and hopefully make some money in the process.:D

phildallier

Thank's from france for all your advice !!

citizenkitten

MKeynesMoneySaver wrote: »

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.

thanks for this, i intend to research all of this thoroughly over the Christmas period as part of my financial overhaul.

YoungBusinessman wrote: »

So big plans in place for next year, lets just take it one step at a time, buying a house in 2 weeks!!!

Hope your contract exchange went as planned!!! looks like you are well on your way! well done for all your hard work, you have really made amazing progress in such a short time.

leictina wrote: »

Hi all

My end of Novmeber update:

Net worth now @ -£9252.94 - this is £18.40 worse that at the end of October but i have taken some extra cash out to buy xmas pressies - so not too bad

how is your christmas going so far? i am so far on budget but i have yet to buy 3 more presents, but this should be wrapped up on wednesday.