Millionaire Challenge

lincroft1710

lessonlearned wrote: »

There is a lot of negativity on some of the threads on MSE - thankfully this thread is not one of them. There was a lady on another thread who posted up her business idea - the poor lass was shot down in flames. Why do people do this.

There is a subtle difference between "negativity" and a hard line attitude. Encouraging someone to take as gamble on a business venture is very easy especially as it's their money that's being invested.

Pointing out the downsides, problems, current market trends at least shows the poster that their idea isn't necessarily the money maker they expect it to be. It would not be prudent to advise someone it would be great idea to open up a pork butcher's in a town where 3 have closed within the last 2 year or a 1000 sq metre shop in Oxford Street selling secondhand video and audio cassettes.

I've met plenty of people who've set up on their own. Some made it, some didn't. IMVHO you need 5 "Rights" to succeed - the Right product. the Right place, the Right time, the Right price and of course the Right attitude. Plus of course luck, lots of it.

There are still opportunities out there but they are few and far between and a combination of the economic climate and technology makes the situation even worse.

lessonlearned

lincroft1710 wrote: »

There is a subtle difference between "negativity" and a hard line attitude. Encouraging someone to take as gamble on a business venture is very easy especially as it's their money that's being invested.

Pointing out the downsides, problems, current market trends at least shows the poster that their idea isn't necessarily the money maker they expect it to be.

You are right. However, that is not the kind of posts I was referring to. I was talking about some posts that were just downright unpleasant and vitriolic. Negative, nasty, snidey, sneering comments - often from people who have no business experience whatsoever, but who are just typical armchair know-it-alls.

I was merely commending YB on his positive attitude and saying what pleasant positive people there are on this thread - is all.

Not quite sure what you mean by taking a hardline approach.

If you mean that a would be entrepuenuer needs to be realistic and practical then I agree - up to a point. However, it's often the slightly bonkers, head full of dreams impractical ones that have the best ideas and who become the most successful.

Now - perhaps it's because they simply don't see the obstacles and have no fear or perhaps they see them and decide to ignore them and carry on regardless. Who knows.

Without doubt though there is never such a thing as a safe bet and all businesses are in some part a gamble.

I genuinely think that often it's a case of who dares wins.

I can think of nothing sadder than those miserable whinging types who sit around doing a Stanley "I coulda been a contender" Kawolski and criticising anyone else who shows a bit of gumption.

Just edited - realised right actor (Marlon Brando), wrong film. Should have been "On the Waterfront" and not "Streetcar Named Desire". Silly me.

Better to try and fail then not to even bother trying, but hey that's just my take on the matter.

lincroft1710

lessonlearned - you make some very good points.

gothrockchic1

Well I don't have my own home but that's something OH and I will do together.

I'm quite interested in having a mentor though. Preferably someone in the same position as me. I'm debt free and am on the savings ladder. But anyone with experience would be great.

SparkleSmile

Hello everybody!

Wow! It's taken me two weeks to read this entire thread! I wanted to make sure I read everything properly and understood each point and piece of advice that people have been giving!

So here's a little bit about me. This is my first post ever on this website! I'm 24 years old and live with my husband, 29. We have lots of pets!

I've always been a grafter. I got my first job at 11 years old (I told them I was 13 so I could get the job :-o naughty me!) and carried on working various different jobs at weekends until I turned 18 and left college. I decided to take a gap year and had a number of jobs all at the same time. Job number 1 Monday- Friday daytimes, job number 2 Monday- Wednesday evenings, job number 3 Thursday- Sunday evenings and job number 4 Saturday and Sunday day times! When I write it down it makes me wonder how the hell I coped! But at the time I was just loving all the money I was earning! I was trying to save so that I could go to uni without having to get in to the famous student debt situation. I was booked onto a course but ended up falling into glamour modelling (its never been something I was interested in or ever wanted to get into) and was earning fantastic money, so I decided to quit all my other jobs and become a full time, self employed model! It was so so scary to quit and throw everything into being self employed. Going from having security to not knowing where my next pay was going to be coming from! But luckily I became very busy and didn't have to worry.

I'm now a strong believer of fate and "everything happens for a reason" as I ended up meeting my husband on a train that neither of us were supposed to be on. He's a teacher so he is in a very safe and secure job with good pay.

Two years ago he started to develop seizures out of the blue and finally he was diagnosed with a brain tumour and had to have a biopsy. Due to the fact I'm a glamour model I have to feel good enough to want to work because if I don't, I end up looking awful, producing awful material and making all of the crew on the shoot work 10 times harder so during this time I just couldn't work. Luckily with my husbands job we were both able to live off his income during this time. He was put on epilepsy medication to control his seizures, the doctors didn't want to do anything else due to his young age and all the complications that would come with treatment and because it wasn't cancerous they decided to leave it at that.

He was completely fine for 18 months and we got married in May last year. We were going on our honeymoon in August but a week before he had an another seizure which was odd as he was on medication to prevent them. Then he had a seizure on honeymoon in the sea and had begun the process to drown. I had to save him and luckily some people nearby came to help me. When we got back he had another seizure so they decided to send him for more tests. They now think his brain tumour is malignant so he is now going through radiotherapy.

I've been managing to carry on with my modelling as well as care for him as its been kind of like my therapy. I'm able to go to work and forget about it, then come home and get on with things. At my work things are now going from strength to strength and this whole situation has completely changed my life, my perception of things and the way I think. It's shown me what's important. The small things don't seem to bother or worry me anymore, it just doesn't seem worth it. Its made me focus and reevaluate. So to give us something to look forward to after his treatment (our future together as a young and healthy couple) I decided to take care of our finances and concentrate on our life together. I came on here and managed to save us £800 a year on bills and on top of that managed to gain £100.50 cashback! Then I found this thread and it is so motivating and inspirational!

After spending two weeks reading (I only get about 5 spare minutes a day to myself at the minute!) I wanted to say hello, share my story and join in with this challenge to make my husband and I millionaires! To be honest, I don't care whether or not we hit millionaire status, we just want to be happy and have fun trying to get there! I have lot and lots of plans and ideas, I'm very ambitious and focused on my career. I won't be able to model forever, so I need to decide what I want to do when I'm unable to do it anymore and concentrate on that. But first things first, I want to start at the very basics and learn all about money and how it works, interest, accounting etc. I know little bits as we bought a house together 3 years ago and being self employed teaches you little bits about tax (I currently have an account who does this for me), but I've never been any good at maths and would like to maybe read some books to learn the basics of money before I throw myself into the deep end!!! I also want to do an early spring clean on my house too because a clean house = a clean mind!

Sorry for writing a mini book about my life! Haha. I've enjoyed reading the posts and getting to know everybody, their situations and experiences!

Nice to meet you!

Xx

MKeynesMoneySaver

Welcome,

The 'Rules' books by Richard Templar are very good as each rule is covered in a couple of pages which makes it very easy to pick up and put down if you don't have much time. They are simple, motivational and easy to read. They cover the basics and more without being too wordy or telling you to jump through loads of hoops.

I don't have http://www.amazon.co.uk/The-Rules-Money-Make-Hold/dp/013290781X/ref=sr_1_10?ie=UTF8&qid=1358944118&sr=8-10 and am not sure what the difference between this and 'The Rules of Wealth' which I do have but wouldn't be a bad place to start.

MKMS

lessonlearned

Sparklesmile

I only came on here to catch up whilst I was having my coffee - didn't intend to post today.

However first of all I just want to say how very sorry I am to hear about your husband's relapse. You will know from my posts that I have undergone something similar so I really do understand what you are going through. I wish you all the joy that you are able to find. There will be dark times and there will be good times.

My personal advice is try and take care of yourself too. You are younger than I am and probably stronger and more resilient, however never underestimate the strain and stress you will be going through. You will need your strength and health to enable you to carry your burden and help care for your husband, but I guess you already know that.

My heart goes out to you and I wish you and your husband as much health and happiness as possible.

Well done on tackling your finances head on. You've done well. And yes - you certainly are a grafter. You started young and started out how you intend to carry on. With your positivity, determination and sheer strength of character you will go far, of that I'm sure.

I started working at a young age too (and yes I told a little white lie). Like you I loved earning my own pocket money. My 13 year old niece is doing the same - it must run in the family.

Anyway I shall be looking forward to your updates and cheering you on. I'm sure that our regulars will be along to do the same.

Well now - just a quick update on my progress. The house is now straight, just need to hang some paintings but the picture hooks have gone awol so will have to buy some more next time I'm out and about. Having a snow day again today.

I'm now all up to date with all my new systems and you will be pleased to know I've started to overcome my technophobia. I've automated just about everything that can be put online. I've even done an online supermarket shop. That save me money because I actually stuck to my list and didn't get sidetracked with "barqains".:rotfl:

I've done a predictive budget and gone through everything with a fine toothcombe, refining and fine turning to make the most of every penny.

I've booked an appt with the bank with DS2 on Friday to find out about mortgages for him and development loans for me.

I've booked myself on to a free business course for next week. It won't cost me anything - my credit card will remain firmly in my bag - I will not be signing up for any extras. :rotfl:

My plan to do just one thing each day is working well so far.

OK time to get back to work.....

lessonlearned

Can definitely recommend "The Rules of Wealth" by Richard Templar.

As well as being motivational it gives a little detail about how to invest, explains compound interest, yields etc. I'm not much of maths whizz either so if I can understand it anyone can.:rotfl:

Another book that's quite interesting is the "Millionaire Next Door" - sorry cannot remember the author. It's American so some of the terminology is a bit different but the gist is the same in any language.

SparkleSmile

Thank you so much for the recommendation MKMS and thanks for thinking about my time constraints! That's really great of you. My face is going to be permanently glued to these books from now on! I'm not sure how my work will feel about this though... They might not be able to sell images of me with a book for a face! :rotfl:

Thank you so much LL for your recommendations also and for your lovely comments. Your posts were what truly inspired me, due to the fact that I can relate to you in some respects. Well done on your progress and being so strong! I'm looking forward to reading what you get up to this year, I know you will make some excellent achievements!

I'm currently making a spreadsheet of our finances and tonight we will be starting our spring cleaning :-D I sound so "rock 'n roll" getting excited about cleaning! LOL! :cool:

Xx

nat21luv

Hello Sparkle!

Sounds like a plan, you sound like you know what you want so I hope it happens for you. Sorry to hear of your husbands illness, I hope he fully recovers very soon.

I'll have to look out for those books you guys have recommended, I really liked "rich dad, poor dad" for motivation and understanding the very basics of thinking rich. I pull it out every now and again when I feel I've lost my way.