Millionaire Challenge

gothrockchic1

lessonlearned wrote: »

Here's a book you might find of interest. It's called "A Pocket Full of Hopes and Dreams by a guy called Jeff Pearce. He built up a chain of boutiques.

Thank you! I will see if I can get that at my library.

MKeynesMoneySaver

I got a book for Xmas which I am halfway through reading. How To Make Millions Without A Degree by Simon Dolan.

So far I wouldn't recommend you rush out and buy it, but there are a few good bits in there. One line that has stuck in my mind and may be particularly relevant to our situation is that people often massively overestimate how much they can achieve in a year, but massively underestimate how much they can achieve in a decade.

Controlee

tinktay84 wrote: »

I sat pondering on what ive achieved in my 27 years and realised that anything ive ever said I wanted to do or wanted to have I have managed to achieve.

Last year after 10 years in catering I completely changed career and last week I achieved a distinction in painting and decorating. This got me thinking that since I always achieve goals I set myself what could I do next....

Thus the Millionaire challenge!

So phase 1 is opening a savings account and getting money building up...

I work for myself so have a bit of control over my earnings, we have 1 property that we rent out and my husband has a decent (secure) job.

My aim is to get to the million mark by the age of 40 (im 27 now)

So how many of you think im mad and its impossible :rotfl: and how many of you think i'll do it and have ideas to help me :T

I am also 27 and I think I will take this challenge as well. I have lots of ideas

Controlee

Has anybody here actually made £1 million, and if so, how did you do it and how long did it take?

tinktay84

none of us have made a million....YET. Weve all got plans, and ill warn you none of us plan on winning the lottery haha.

Think most of us are just making ourselves more aware of our own worth, skills we have, things we can save money on or cut back on. I think this is more about showing yourself what you can achieve..each little victory makes you that bit tougher and to be honest athat bit happier. Im far from rich, far from well off if im completely honest but I know what ive already achieved and know what I can achieve again.
:-)

YoungBusinessman

Tink started this thread May 2011, since then the regualars have come on leaps and bounds. I will be one of the firsts to complete it, 100% self made. I have something many on this thread dont and thats time, i am only 21 and can use this to my advantage.

citizenkitten

i have had a head start, my dad died when i was 11. sucks for me. rather have my dad thanks.

this is one of the important things of this thread, we all understand it is not really the amount (1 million) but the balance of challenging yourself, striving for more, realising your potential, what is possible alongside not working yourself to death and enjoying the fruits of your labour.

million is just a good figure.

lessonlearned

We never quite made a million but my OH and I were doing nicely and by now we would have been more or less there.

That is before disaster struck and he became ill. I did work out just how much his illness has cost and it was staggering. Well over £600K in lost earnings, missed opportunities, having to sell assets at knock down prices just to survive.

I think for most of us the £1m figure is just a number and not really that important. I guess it's just a bit of psychology we use as a way of setting goals. Anyway why stop at £1m.

Like CK for me the money isn't really the goal. Frankly I would give the clothes off my back if it would restore my husband to health.

For me it's partly about recouping our losses and rebuilding my net worth but it isn't just to have the money sat in the bank.

It's what the money represents, what it can do and what it can help me achieve - freedom, security and not having to kowtow to anyone. I had a spell on benefits - and I vow this will never happen to me again.

My £1m quest represents 3 goals.

1. To be financially independent and secure.
2. To help my sons get on the property ladder.
3. To bring my husband home and afford good nursing care.

Being that bit older (ok a lot older:rotfl:) than YB, CK and Tink that £1m figure may not be acheievable but with a fair wind and some hard work on my part then I believe £500k is doable.

Anyway - never say never. I intend to live another 40 years yet so maybe I'll reach that £1m after all.

troglodyte

This thread is an inspiration, that's the point, everyone keeps on going and cheering each other on through setbacks and who knows what we will achieve with that kind of backing? Through MSE I finally plucked up the courage to become self-employed, so far so good, but I'm not going to make £1 million through my own work alone as there's a limit to how much one person can do, so I need to work on building up a business and perhaps starting other, different, income streams. Right now I've got an idea that I think is different and may fill a market niche, so looking to work on that over the next few months. I have absoutely no experience in business though nor do any of my family or friends. Many people I've read about extol the benefits of finding a good mentor - but how? Anyone have any suggestions? Do you have someone and if so how did you find them?

YoungBusinessman

I have a mentor through this site, you honestly have everything you need on this site, you just have to watch you don't reveal too much about yourself. Pick up on others who motivate you, send a pm and see what they say.