Millionaire Challenge

Buffythedebtslayer

SO glad your OH is out of the woods, that is GREAT news xxxx and wow about the job offer too!

I am defleaing the house so not much opportunity to make money this week. Need to get my bum to shift so I can go buy a carpet cleaner this morning!

and then wash EVERYTHING. AGAIN.

I did find an interesting account offer from Nationwide which cheered me up.

have a good week xxx

gothrockchic1

LessonLearned so glad your OH is better. He's strong one that's for sure.

Well Done on the job offer, I'd love to work with property xx

Alex92_2

Cool challenge. I like when I find other people that are just as ambitious as me. Not claiming I know anything, but I feel as though I should throw out a few pointers from the things that I have learnt so far. Would be interesting if you could do the same.

Firstly, when you say £1mil challenge, is this based on £1mil networth (all assets and savings added together?) or £1mil in funds/bank.

1) No one gives a sh*t about your dream. They will usually try and talk you out of it and say its stupid, optimistic, will never happen etc. People don't want to better someone else's life, if theirs already sucks. So don't expect them to be helpful, or willing to listen to your ideas and offer suggestions.

2) Don't be so focused on the future and the end result that you take for granted what you have in the present. I was extremely guilty of this until recently. I was so set and determined on working extremely hard and investing my money to the best of my ability and not going out socialising as much due to this. It took me a while to stand back and think, I have a beautiful girlfriend who thinks the world of me, I have an amazing level of health and fitness, I am in zero debt, I go on 3 holidays a year and to nice places, in the process of setting up a pension and easily save over £1750 a month. and lastly, my employer rewards my work (based on results) with further training, in this case, the Open University, which I can do in my own time at zero cost. I am in a MUCH better situation than 99.99% of other 20 year olds and I put this down to being in the right place at the right time and my work ethic and outlook on life. I have now started to reward my work hard. If I make extra commission, I will go out for a nice meal or the theatre, or book a concert or take a weekend break.

3) Optimise profit by minimizing any unnecessary outgoings, or calling salesman at the company for cheaper deals. I managed to get the same texts,calls,internet from £45 to £21 a month by doing this. Doesn't seem a lot, but saves me a considerable amount each year.

4) Don't let any difficulties stray your end goal. You know that it's not going to be an easy task, or everyone and their dog will be a millionaire. You have to use every challenge you face as a lesson. If you can learn from your mistakes and not repeat it again, then it can hardly be considered a mistake in the first place. If you dont learn from it and repeat it then it is definitely a mistake. Try to see the positives within negatives - Mental Alchemy.

That's all I can offer with regards to advice so far. I am still learning as much as I can as I go along by asking lots of questions and reading lots of different material (Entrepeneur, The Economist, Askmen/GQ/Esquire, Forbes) and then several forums.

Obviously, invest money to the best of your ability. Use up your tax free allowances for the year, each year. Avoid debt and if you cant, try to pay it off as quickly as possible.

I think the hard bit for me is going from swimming with small fish, to swimming with the big fish. The only way to do that, that I can see possible - is to start up my own company or try to get onto property ladder as early on as possible. Ideally for me, it will eventually be both of those.

Hope I helped someone

leictina

Hi all

quick update for January 2013 - i managed to increase my net worth by £177.90 this month so it now stands at -£8704.05

Getting there slowly....

lessonlearned

Well done Leci - keep going......

Just noticed your location - you are not a million miles away from me.

Cactus_Jack

Just thought I'd post on here to show my interest in joining this challenge.

Its gonna be hard work but I'm pretty sure I'd enjoy the hard work if its rewarding and interesting and something I want to do (which making money for myself would be).

I am currently in an unstable position as I recently pretty much quit my horrible miserable job. (I'm still getting paid for now, but not a FT wage - longish story).

However I know I'll feel better in this position rather than having plenty of spare money each month but having a miserable existence to get it. The downside is that I haven't put any money into my ISA since my income dropped.

I'm 28 and managed to save a bit up so this isn't gonna wipe me out. I'm still at home, as I didn't feel I could commit to paying a mortgage whilst in this job, as I couldn't tie myself into it with no escape.

So the challenge begins. I'll have time and some capital. All I need next is ideas!

I plan to do quite a bit of reading and de-cluttering in preparation - something I've already begun. I personally feel I'd be more efficient with a tidy/clearer environment.

I'm interested in living a somewhat minimalist lifestyle as well.

Got a Kindle on the way, so I'd appreciate any good motivational/business book recommendations!

troglodyte

Morning all, and welcome Cactus Jack!

I've been dipping into this, and finding it interesting with plenty of useful info, it's making me seriously consider starting something.

I also just read Jeff Pearce's book 'A pocketful of holes and dreams' - thanks to whoever recommended that (sorry I've forgotten), that's a real story of determination, perseverance and seizing opportunities!

Unfortunately he does say that in the world there are 'doers' and 'ditherers' - I really need to get myself out of the 'ditherers' category :eek:

Thanks for all your thoughts and tips LL - hope things are going OK with OH.

gothrockchic1

troglodyte wrote: »

Morning all, and welcome Cactus Jack!

I've been dipping into this, and finding it interesting with plenty of useful info, it's making me seriously consider starting something.

I also just read Jeff Pearce's book 'A pocketful of holes and dreams' - thanks to whoever recommended that (sorry I've forgotten), that's a real story of determination, perseverance and seizing opportunities!

Unfortunately he does say that in the world there are 'doers' and 'ditherers' - I really need to get myself out of the 'ditherers' category :eek:

Thanks for all your thoughts and tips LL - hope things are going OK with OH.

It was LessonLearned and I loved the book as well.

YoungBusinessman

Karen Brady and Peter Jones books are on the way to me as i type! Hopefully one of them is good! And hopefully i find the time to read at least one as work is starting to get really busy......£££££ rolling in next month, come June £10k saved this year already.

toylaw2

Hi everyone, what a great thread this is. I also will like to join this challenge.
My background is as thus - 28 year old, married with 2 kids. 3.5 year old and 4 months old.
I used to work until september 2012 but currently on maternity with no income ( was working on a contract)
I am hardworking but feel very unproductive now though being a mum is a full time job in itself.

I am very motivated after reading this to go ahead and do something which for me a major interests is in property development.( I really want to do this)

I don't really want to go back to a 9-5 thus limiting my time with my kids but yet want to earn more than I was earning.

Enough ranting, I believe one way to achieve the millionaire status is by curbing excess spending at all costs.
We do not have a monthly budget ( need to work on this today) however we try to reduce the eating outs, we don't drink nor smoke( against religious belief). I tend to buy things when they are on discount ( helps a great deal, coupon shopping).

An advice just before I go to pick up DD1 from school is whilst trying to achieve millionaire status is aim to help as many as you can along the way (giving to charity, talking to the elderly) any good deed you can think of as it makes the world a better place and it sure has a way of making a you a happy millionaire.