Millionaire Challenge

Marine_life

slkh wrote: »

its not at all about the material things for the majority or having a 'millionaire lifestyle' which may I point out the most successful people of our times tend not to have, because its not about flaunting the cash or lavishing in luxury its about having the desire to acheive and this varies between each and every individual.

I don't think I said anything about "lavishing in luxury". I think what i said is that most people tend to use concepts such as "financial independence" relatively freely without actually thinking about or defining what that means. The point I was making was that many will tend to look at that from the perspective of where they are today in income terms. More income attracts more spending.

I said nothing about hard work or endeavour.

sharloid

tinktay84 wrote: »

Sharloid: I always feel on the defensive as certain people (usually family!) always make out like im a cheapskate and that Im being rude when Im just trying to point out things that will help. Yet again today a family member was moaning about being hard done to and when i offered advice I was told I didnt understand as I hadnt been through it. After explaining that yes indeed I had but I just hadnt shared it with my family I just worked hard and kept it to myself (it wasnt just a money issue) the family member still refused to go with the plan I had suggested(which would have solved short term issues) and spent the next 30 mins crying saying they couldnt take any more and upsetting children.
I just get used to having to defend my words but I NEVER put people down, only aim to encourage and im glad you took it in the spirit intended :-)

I'm a cheapskate and proud! :T

I'm interested to hear all your plans as to how you're going to reach your goals. How much do you intend to put into what kind of asset etc.

My first thought is property, but I don't know how much I dare to gamble. The almost inlaws have a house that they rent out and they're losing money on it with the amount of times they are having to redecorate etc. Futhermore I don't think I could get a buy to let mortgage so that kind of scuppers those plans... now where to start with stocks and shares? :rotfl:

sharloid

Marine_life wrote: »

I would say think carefully what you wish for - most people could downscale their life and have just as much pleasure from life (if not more) rather than chasing a millionaire unsustainable lifestyle.

I don't think anyone on this thread expressed the view that they are trying to chase a 'millionaire unsustainable lifestyle'. I also think that the majority of us don't believe that £1m leads to a 'millionaire' lifestyle. No one has mentioned that they want a driveway full of cars or a butler or a yacht or whatever. For me, £1m would mean a nice house in a nice area (3 bedrooms, separate dining room, medium garden), a car that I could afford to run, enough money to go on holiday every year and enough leftover in the bank not to worry if I get an unexpected bill.

slkh

No but that is how it came across. Those that use the term 'financial independance' freely as you put it are the ones that never reach it! More income should NOT mean more spending but investing that money wisely so it works to take you up to the next level in your overall desire. There is no harm whatsoever in having a set goal whether it be with money or anything else. I mentioned it takes hard work and dedication because reaching the 'millionaire status' if you like does not come easy or handed on a plate and most on here from what I have read don't just see 'a million pound notes' they see an end result and are willing to do whatever it takes to get there, and good luck to them!!

slkh

Marine_life wrote: »

I don't think I said anything about "lavishing in luxury". I think what i said is that most people tend to use concepts such as "financial independence" relatively freely without actually thinking about or defining what that means. The point I was making was that many will tend to look at that from the perspective of where they are today in income terms. More income attracts more spending.

I said nothing about hard work or endeavour.

No but that is how it came across. Those that use the term 'financial independance' freely as you put it are the ones that never reach it! More income should NOT mean more spending but investing that money wisely so it works to take you up to the next level in your overall desire. There is no harm whatsoever in having a set goal whether it be with money or anything else. I mentioned it takes hard work and dedication because reaching the 'millionaire status' if you like does not come easy or handed on a plate and most on here from what I have read don't just see 'a million pound notes' they see an end result and are willing to do whatever it takes to get there, and good luck to them!!

tinktay84

Wow, I leave you all alone for 5 mins hehe.....

I can assure you that if/when I reach the miillion mark I will in no way be living it large.I have 2 children an my goal is to provide them with a comfortable life and ensure they have the opportunities that some kids may not get.

In response to how to invest the money erm......hehe no thought that far yet but I think I may get a few NS&I bonds (low interest/low risk) to start with..nice safe investment and work frrom there. Im sure as you start to increase your net worth you wil have more doors opened/more info available.

I will be relying soley on MYhard work and te support of my husband.Altough he thinks its a very hard goal to aim for he has never said im mad and would never try and disuade me. He actually told me how proud he was of me for achieving a distinction i myt new career and for settin myself up a good business. He admires my determination and drive as he is the type that money burns holes in his pockets and could never save up £100 let alone achieve a total of £1m

Marine_life

slkh wrote: »

More income should NOT mean more spending but investing that money wisely so it works to take you up to the next level in your overall desire.

You will also note I didn't say anything about saving.

Of course you don't HAVE to spend more - but I am saying IN GENERAL its a statistically proven fact.

Have a read of this:

http://www.fabulouslybroke.com/2011/03/what-do-people-spend-in-an-average-household-budget/

I absolutely support people making money through hard work - so don't get me wrong - BUT you also need to be clever, lucky and realistic in equal measure.

Lets face it - if you have a million in the bank you will not be driving around in a 10 year ld Fiesta!

slkh

Marine_life wrote: »

You will also note I didn't say anything about saving.

Of course you don't HAVE to spend more - but I am saying IN GENERAL its a statistically proven fact.

Have a read of this:

http://www.fabulouslybroke.com/2011/03/what-do-people-spend-in-an-average-household-budget/

I absolutely support people making money through hard work - so don't get me wrong - BUT you also need to be clever, lucky and realistic in equal measure.

Lets face it - if you have a million in the bank you will not be driving around in a 10 year ld Fiesta!

Interesting link...I agree for most more money does mean more spending, I guess thats why not everyone is a millionaire or close! I agree you have to be realistic and careful not so much lucky as I believe you make your own luck in life along with the hard work! I guess with a million you may treat yourself to a new car but one that would'nt de-value too quickly and that you could perhaps sell on for a little more?? :rotfl:

tinktay84

my uncle is a millionaire and drives an old banger.....that sums up our family up, we all work hard and believe you dont get owt for nowt.My uncle was never successful in an academic sense and has admitted he isnt particularly clever and still isnt great with reading and writing but he has worked hard and built up a business from scratch.He put what money he earned into property and expandng his business but he still leads a fairly 'normal' lifestyle.
He has always taught his children that hard work is the way forward and both of his children now run their own successful businesses (without his financial help may I add).
he is one of my heroes...

sharloid

tinktay84 wrote: »

he has worked hard and built up a business from scratch.He put what money he earned into property and expandng his business but he still leads a fairly 'normal' lifestyle.

Well done to him. I imagine it must be most satisfying working for yourself. I've never thought I'd be able to do that as I have no great idea/business plan etc.