Millionaire Challenge

UltimateNYC wrote: »

Thanks for the welcome, lessonlearned!

I’d love to get the group’s opinion on investing in trainings and additional qualifications as a long-term way of increasing salary? I'm looking to increase my salary at the same time as curbing my spending and increasing saving habits, and my current way of thinking is that investing in the occasional training course would be a good way to demonstrate additional value to an employer, though this obviously comes at a trade-off of some savings that month.

Yes, to some extent this is very worthwhile.

Please don't do what I did - gave up one career to return to uni to become a medical doctor....all up it cost me close to half a million pounds.

Double_Trouble wrote: »

Hi UltimateNYC

If it were me I would invest in training that would result in being your own boss in some way whether that is your own business, blogging or an online store. Even if it is only part time so that you are in control of your own destiny.

However much training you do to make yourself attractive to an employer it is them that are going to reap the profits from your hard work and ultimately at any time they decide you are surplus to requirements you are out of the door.

I wish I had taken this advice earlier it's scary when others control your financial well being.

Use your money to invest in your future not theirs.

DT xx

This is an excellent point.

Additionally, remember that ultimately it is better to have a business that doesn't need you to be present - at least, not all the time.

A lot of people comment that they have their own business, but what they mean is that they are self-employed.

Best wishes

Wow, thanks for all the advice everyone!

I’m sorry to hear that education came at such a high financial cost Listerbelle. I don't really consider myself an academic anymore, so I don't think a degree at this stage is an option. I hope you got some benefit from it though, after all that.

I really appreciate your sincerity, Double Trouble. It is scary when your destiny is controlled by others, so I'm looking at trainings that have a high degree of transferable skill, and then at ways of demonstrating these through the blog I am in the process of setting up. I very much enjoy writing, for both my own pleasure and to (hopefully!) amuse others (and if I can earn a pound or two to go toward that million benchmark, all the better!). As such I am enrolled in one or two courses that will hopefully benefit me professionally and personally long term.

Thanks for the online learning areas Karmacat! Had a quick look at openlearn, and a few courses have immediately popped out as being helpful toward my writing development, and so hopefully contribute toward that magic million!

Thanks again everyone! Bowled away by the support so far! Hopefully I can contribute toward something for you all soon!

morocha wrote: »

what do you mean when you say about running a business who does not need you there ?

Basically it can mean a few things:

- Get the business set up then pay someone else to run it for you. Maybe you'd make more money if you didn't have to pay them, but you're getting passive income without putting the effort in.

- Alternatively, if you have a website with affiliate links etc - yes you need to maintain it but when you're not 'on there' it still ticks along earning small amounts. This is different to having a ebay shop etc where orders come in when you're not there as you still have to physically fulfil the orders.

- Buy to let doesn't require you to be there either.

Have a read at this book, then this one (get them from the library obviously ) - you're basically looking to get other people to earn your money for you :T, better than working for a living .

Thanks girls, i just bought the first book for £2.81, not bad at all.