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    • tinktay84
    • By tinktay84 10th May 11, 10:25 PM
    • 298Posts
    • 948Thanks
    Millionaire Challenge
    • #1
    • 10th May 11, 10:25 PM
    Millionaire Challenge 10th May 11 at 10:25 PM
    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 and how many of you think i'll do it and have ideas to help me
Page 204
    • julicorn
    • By julicorn 3rd Jul 19, 2:55 PM
    • 847 Posts
    • 3,457 Thanks
    Oh and we are thinking of using You Need a Budget software - does anyone else use it and what do you think?
    Originally posted by Savingtomove
    We (i.e. my husband and I) do and it's completely turned around our finances. Absolutely incredible, the effect it's had. I can't recommend it enough, in fact, I'll shut up now because I tend to sound like an evangelical preacher when I start going on about YNAB. Do let me know if you've got any questions though. Also, you can get a 4 month free trial I believe.
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 157,700
    • LadyLBM
    • By LadyLBM 3rd Jul 19, 4:26 PM
    • 1 Posts
    • 1 Thanks
    hi there

    how do you get a 4 month trial please. l can only seem to get a 30 day one
    • julicorn
    • By julicorn 3rd Jul 19, 6:24 PM
    • 847 Posts
    • 3,457 Thanks
    Just google 'YNAB 4 month trial'. It's an offer together with Stack Social.
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 157,700
    • Kayalana99
    • By Kayalana99 3rd Jul 19, 10:19 PM
    • 3,521 Posts
    • 6,229 Thanks
    Hi Guys,

    Just an update really. Still plodding away.

    I've had a major re-haul of finances and and EVEN bigger re-haul of finances as I heard my Ex is a bit worried about his job and I couldn't really afford to lose the child maintenance without being in the minus every month but somehow, I've actually managed to get things steady that I actually have a decent amount to still live on if it did happen (and whilst the possibility is there, it's still unlikely...)

    But positive note I'm now feeling like I have some 'play' money at the end of the month to do what I want with as well. I'm going to Amsterdam with a few friends early August and as the kids are off school I will be spending extra on that, but once those two things are out the way I will start squirrelling money away.

    I went to a IT talk tonight that I know a few work colleagues have gone to and they are sending me an assessment tomorrow they have made up as they are trying to find someone to recruit into their department...this would be a full-time position and a decent pay rise so I have all my fingers and toes crossed.

    I'm going to get my hands on this assessment and whiz it back to them ASAP.

    If the above happens this plan will probably get side tracked but I'm also heavily investing my time in my web development company learning the ropes etc. I thought I had my first client but they have gone a bit quiet (I did ask them a fair amount of questions and they said they would get back to me, so perhaps not getting round to it also as it is a recommendation from someone I know)

    I have 2 and half weeks off end of July and my Ex has booked off a week during that time to have the kids - I'm going to Amsterdam that weekend Friday - Monday, but it means I have Monday-Thursday 100% free so I'm planning on setting myself a work schedule up and literally working 9-5 for the week on my business for those 4 days. I generally do stuff in the evenings anyway so won't stop me going out and enjoying my freedom too - and Amsterdam at the end of it!
    People don't know what they want until you show them.
    • Savingtomove
    • By Savingtomove 3rd Jul 19, 10:48 PM
    • 9 Posts
    • 13 Thanks
    Thank you everyone!

    droopsnoot - brilliant quote and so true!!

    lessonlearned - thank you for the warm welcome and we'll done for getting your therapy business up and running.

    julicorn - great news about YNAB! I'll have a look at the free trial and get started next week once I have my tax form finished (which I'm dreading!!)
    • Brodiebobs
    • By Brodiebobs 4th Jul 19, 9:24 AM
    • 882 Posts
    • 3,485 Thanks
    I liked YNAB but couldn't stomach paying for it, and when i used it it didn't link to accounts so was very time consuming keying in all the entries.

    If it now links to accounts i would be tempted to use it..
    Addicted to MSE.
    Overpaying mortgage for a better debt free life!
    • Tropically
    • By Tropically 6th Jul 19, 3:45 AM
    • 373 Posts
    • 1,199 Thanks
    I just found this thread, and am happy to find my people. Thank you Savingtomove for giving me not one but two good pieces of advice today. I have been looking for a place a bit more ambitious than MortgageFreeWannabe and a bit less aggressive than Bigger Pockets.

    I'm 29 and this month my husband's and my net worth reached 300,000. We have a house (est. 440,000 but I don't track too hard, mostly because it would be bad news with Brexit!) that we rent out while we mooch off family (unusual but it works!!) We are looking at buying a second property to live in. As Savingtomove rightly pointed out, I need to consider what to do with it and why I am buying it. I feel like it's an investment but it's just an expense if it doesn't produce money for me.

    At my current rate, I would meet millionaire status in 15 years, but I hope I can do better than that.
    Mortgage started at 318,000 in June 2016. Original MF - 2041
    2017 OPs: 7000/7000
    Mortgage in Nov 2017 - 297,808
    • Tropically
    • By Tropically 6th Jul 19, 3:48 AM
    • 373 Posts
    • 1,199 Thanks
    PS. I love YouNeedaBudget and use it every single day!
    Mortgage started at 318,000 in June 2016. Original MF - 2041
    2017 OPs: 7000/7000
    Mortgage in Nov 2017 - 297,808
    • lessonlearned
    • By lessonlearned 18th Aug 19, 10:48 AM
    • 12,134 Posts
    • 85,044 Thanks
    Good morning everyone......

    Thought I'd say hello and bump the thread.

    Welcome to the newbies.....always nice to see fresh blood.

    Kaya. Hope you had a nice time in Amsterdam. I love the place, so tolerant and laid back. Of course it was built on trade and I think that that can do/making money ethos still seems to pervade the city. It always strikes me how innovative it seems. My Belgian cousin lived in Holland for many years and he adored Amsterdam. He's retired now and works as a part time tour guide in Ghent.

    Well I have had a bit of an up and down summer so far. making a few shekkels here and there but spending them too. I seem to be spending more than my incomings at the moment: had a few expenses with the car, service and then a fairly big repair and also a stupid accident which was my fault. Only my pride was hurt. but unfortunately it did cost money.

    Have been working hard on the house, making good steady progress. It's looking good. I decided to bite the bullet and have ordered some new windows. They will make the house warmer and even if replacing windows doesnt add a huge amount of profit it will make the house easier to sell when the time comes. They will be done in October.

    I have now lost almost 3 stones. I feel much fitter and healthier. And of course a perfect excuse for some nice new clothes.. Mainly vintage and chazza shop bargains. I have sold some of my now too big clothes, didn't make a fortune but every little helps. I also sold some old broken gold jewellery. Made 175 for a load of old broken tat. Better than having it sat in a drawer.

    Got valuations for the China and porcelain. As I suspected the market is very poor, it's not really in fashion at the moment, so I'm holding on to it for now. I'm also going to hang on to the coins and stamps and let them increase in value.

    Jewellery, stamps and coins all go in the safe so they don't take up any space. They can sit there and grow..... if I fall on hard times I'll sell, otherwise they can go to my grandson and any other grandchildren. I've boxed up the porcelain and it's in the loft out of the way.

    I hired a skip and a labourer to load it for me and got rid of a load of rubbish. The garden and shed no longer resemble Steptoes Yard and the house feels lighter and brighter and more spacious now that I have got rid of all the clutter and excess furniture.

    Kaya....I too am in the process of overhauling my finances. Have swapped energy suppliers, saving over 200. Did it through compare the market and got the 2 for 1 deal on movies and meals out. I will also be shopping around as various insurances come up for renewal and hopefully switching banks soon.

    Good to see the return of the sunshine..... Muhren I have had some flooding in my garden too. Such a nuisance. It's because I removed the conifer hedge, it has shifted the water table so now I need to set about Improving the drainage.

    There's always something........
    Last edited by lessonlearned; 18-08-2019 at 10:50 AM.
    • Kayalana99
    • By Kayalana99 29th Aug 19, 7:24 PM
    • 3,521 Posts
    • 6,229 Thanks
    Has gone a bit dead on here....been that long since I posted...Amd?! Oops. Ended up going to Paris in the end instead, but I had an amazing time! I really didn't think I would as I'm not very touristy but good food and just walked around and just being away...was fun.

    Congratulations on the weight loss! I'm hoping to join you soon. It's been a long road but I finally feel like I've got my head together (another story) and I can finally start focusing on my goals without being spilt in 10 different directions!

    Still rabbiting on about this B2L rubbish but I have a decision to make. I shouldn't get ahead of myself but I have an interview for next week and I have a good feeling I will get it.

    However do I want it? Well ...

    Option 1 - Stay as I am. Working part time school hours is perfect in a sense. Maybe finish my degree so 2 years before looking again and honing my skills ...basically more free time and could even look at self-employment again with this once I've built up a few skill sets.

    Option 2 - Go full-time at work (if possible, I have asked the question it's not just a case of having the job free there are other barriers due to hours mainly) however I would be travelling to a central city during rush hour, and in cases I was late picking the kids up I have no one to call on locally who could go in my place + it means the kids being in 8 - 6 childcare. (Should mention overall though I'm so happy where I work, get on with everyone and love my job hence my reluctantly to leave ...but it does not work well full-time with kids )

    Option 3 - This job feels like a slight step down, but new experiences new place etc I do feel like I've learnt what I can in my current job so it would be something different to learn at's half the journey away and flexible hours which means I can pick what hours I work within reason. Again 8-6 childcare.

    Option 2 and 3 I reckon I would be left with a similar amount of income left over, which is only about 100-150 more a month for double the hours...however... I have been thinking of downgrading my social life to finally focus fully on my goals for a couple years and if I picked up my camera again I could earn enough through that to get myself off benefits (with the full-time job) and then I would be in the position to go for the B2L....and it really wouldn't actually take that much time to get this all set up and running. More then confident with Option 2 & 3 I would be looking at getting my first B2L around March 2020 (again reason for this date but another story)

    I think it's more opportunity cost. Once I move full-time it would be difficult to step back again and find the hours that I am currently working, plus I do spend a lot of my time learning new things and it may open doors for something bigger if I was to keep using my free time in this way, however full-time means I could be a Landlady within a year, but my kids would be in full-time childcare for most likely the rest of their school years once the jump is made.....although I know quite a few parents these days that have done it from age of 1!

    ETA: Oh and part-time + photography is pointless as I can't earn enough doing photography on the limited days I do work to cover enough income. It only works if I am working full-time as a top-up ...only other option in this sense would be to quit and do photography full-time but I don't want to leave IT.
    Last edited by Kayalana99; 29-08-2019 at 7:27 PM.
    People don't know what they want until you show them.
    • DieLard
    • By DieLard 2nd Sep 19, 11:20 AM
    • 12 Posts
    • 2 Thanks
    My advice would be pick a niche and learn it and stick to it, don't be in a rush though for get rich quick schemes.
    • DieLard
    • By DieLard 2nd Sep 19, 11:22 AM
    • 12 Posts
    • 2 Thanks
    And don't buy into any get rich quick schemes as a side note, most are scams
    • usa1
    • By usa1 25th Sep 19, 12:12 PM
    • 533 Posts
    • 2,747 Thanks
    I have upped my pension contribution to 45% through my employer as this is done through salary sacrifice. I have managed to lower my income tax per month to less than 100.00 yay ....
    It's not the despair, Laura. I can take the despair. It's the hope I can't stand. ~ Brian Stimpson, Clockwise
    • Kayalana99
    • By Kayalana99 27th Sep 19, 5:44 PM
    • 3,521 Posts
    • 6,229 Thanks
    Hey guys really quiet on here!!

    Just a quick one I have a new job! It's the same salary but more hours (so I'm increasing my income by 5k essentially even though full-time salary is same) and better hours. Originally it was a full-time 9-5 job advertised but in end because of their own reasons they offered me 30 hours so I agreed as long as I could do 9-3pm..this means I don't even have to change my current childcare commitments because they was in breakfast club anyway etc 8-4.

    It also means I have more time in the evening and full-time would have cost me another 250 in childcare...yes I get most of that paid back but it means once my business is up and running and I'm earning money to offset the UC that I'm 250 better off.

    I don't really feel like the job has much development potential in an IT POV but it's a small growing company so I guess we'll see.... I think better to be in small companies personally as first in is more likely to get promotions etc...end day I do want to be self-employed eventually anyway. I was a bit worried about working on my own at home all day but I've since realised I can rent a desk in the centre along with other people in same boat so I can have the social aspect as well when it comes down to it.

    Scary leaving my current role as I am happy, a few minor issues I guess (who doesn't) but overall I'm going to miss it but I feel like I'm doing the right thing.

    I moved up about an hour away last year from my family and friends and I kinda wanna go back, so I think I'm just going to chill out a bit at this role as it's the same job title but it's going to be a lot easier then my current role on a technical level, stockpile some spare funds, and keep developing myself with view of going self-employed so I can perhaps move back down.

    Feels like a pipe dream atm but it's more then doable if I can find the time and self-discipline to make it happen.
    Last edited by Kayalana99; 27-09-2019 at 5:46 PM.
    People don't know what they want until you show them.
    • Muhren
    • By Muhren 28th Sep 19, 1:02 PM
    • 1,554 Posts
    • 2,984 Thanks
    I haven't had much to report recently, but I have had my dividends come through for my company shares, which cam to just over 2000, with them being automatically reinvested.

    I have applied for a new job at work this week, hopefully I will at least get an interview. It would be mvoing up a pay grade and would mean I am based slightly closer to home. Will have to wait and see if anything comes of it.

    Edit - had my student loan statement come through today, which has reduced by around 800, leaving 1,900 still to pay.
    Last edited by Muhren; 28-09-2019 at 5:34 PM.
    LBM: Dec 2012 - Debt 38,180/ Now 0.
    DFD - 17/04/2016

    Gambling: The sure way of getting nothing from something.

    • marcmc84
    • By marcmc84 7th Oct 19, 2:18 PM
    • 47 Posts
    • 24 Thanks
    I would love any ideas on how to do this. Ive had a go in the past and buying and selling on. Mainly clothing from busted retails and buying up their stock. Profits were small and gave up on ebay and so gave up with that one as wasnt worth the time or effort. And thats another thing you need it time. So if anyone would like to join forces on some project i would be interested.
    • droopsnoot
    • By droopsnoot 8th Oct 19, 11:30 AM
    • 1,286 Posts
    • 835 Thanks
    ^ There are plenty of threads on here discussing more specific methods of generating income, and it really all comes down to how much time you can put in, and what kind of skills you have.

    I'm in a similar position - I have some time, but no useful ideas that I don't dismiss with "no-one will be interested in that". But when I see some of the things that *do* turn into successes, even short-lived ones, it amazes me that anyone will pay for them. Loom bands? Emoji key-rings? Two examples of things I've found dumped on a fire recently when a craze ended.
    • lessonlearned
    • By lessonlearned 9th Oct 19, 8:14 AM
    • 12,134 Posts
    • 85,044 Thanks
    Good morning everyone.

    Welcome Marc. I've done some buying and selling in the past. I found it a bit hit and miss tbh. I don't bother with eBay anymore either.

    Kay.....congratulations on the new job. Have you started yet. Sounds like it will work better for you around your family commitments and as you say more time too for other projects.Win-win.

    Muhren, well done reducing your student loan. Good luck with the job Interview.

    Well I think both droopsnout and Dielard raise interesting points.....about finding a niche. As some of you know my youngest son has been retraining as an electrician. He now has reached a point where he is being offered work right, left and centre.

    Having worked in construction for most of my life I can see the value of having a marketable skill that cannot be outsourced.

    For example....... being an architectural designer or technician is very nice but increasingly design work is now outsourced. However, you still need bricklayers, roofers, electricians, plasterers, groundworkers, landscapers. One day perhaps more people will build using prefabricated kit houses but even so they will still need to be assembled on site so I can't see the need for trades declining just yet. And of course there will always be a need for the big commercial projects.

    My eldest son is typical of many 30 somethings, both he and his wife are engineers, and as new parents are extremely busy forging ahead in their careers whilst trying to raise their baby. Like many in their position, they are cash rich and time poor.

    He has just paid 4K to have part of his garden landscaped. As he ruefully admitted, a job he is perfectly capable of doing but just didn't have the time. His toddler urgently needed somewhere to play and the garden was unsafe.

    There must be loads of people in this position.

    As many of you know I am currently renovating my house. I have a good team of tradespeople I can call in although I still like to do as much as I can myself. I am constantly being asked for recommendations by friends and acquaintances for good tradespeople. They are in high demand.

    A friend of mine decided to take a course in dry stone walling, just for fun because he wanted to build a dry stone wall in his garden. Now that is definitely a niche and something of a dying art. Whilst he was working on it he was constantly offered work by passers by.

    My advice to anyone who is remotely good with your hands is to learn some practical skills that can be monetised. You don't have to remain a one man band you can upscale most businesses or you can diversify. My son has every intention of upscaling once he has a bit more experience and built up some contacts and already has ideas of how he will be able to diversify his business.

    I'm a bit long in the tooth now and am unlikely to make that magic 1m. I knew from the outset that that was a big ask so when I started this challenge I set myself a target of 300k. I am happy to say that I achieved that although I did give 100k to my sons to set them up with deposits on their houses.

    So what am I up to now......

    Well I'm still up for the challenge but I have scaled back a bit. I'm still happily retired but not really iyswim. I am as busy as ever.

    I was offered a job recently, working back on site selling new builds but tbh I value my time too much. I simply don't want to work for anyone else ever again. I am financially independent and have sufficient income. I do enjoy working, I am really not one to twiddle my thumbs but I like to work on my own terms. I like to call the shots and be my own boss. I like the flexibility of being able to take time off whenever I want to. I still dabble in antiques from time to time and I am still beavering away on the renovation project, still enjoying it.

    I do enjoy rolling up my sleeves and getting stuck in. Not only saving shedloads of money on labour costs but it is a labour of love for me. Yes I could pay someone but I'm happy to carry on working on the house. It keeps me fit and helps me keep the weight off. I've lost almost 3 stones now and feel great. And of course, more profit when I sell.

    Still living simply and frugally, still salting any spare money away. Not travelled much this year, I can't be bothered...... My next big trip is Iceland next year.

    Keep going everyone. Remember the mantra.......

    Persistence Pays Off.

    Good luck.
    Last edited by lessonlearned; 09-10-2019 at 8:23 AM.
    • PoorGuyNextDoor
    • By PoorGuyNextDoor 10th Oct 19, 3:12 PM
    • 152 Posts
    • 381 Thanks
    Hi guys, quiet on here!!
    Iv just about paid off all my debt, 200 a month for the next 3 years and that's me done.
    Im not going to pay it off early as this and my phone contract are the only two things I have that keep my credit rating ticking over.

    Looking to take on more work/projects to provide passive income.
    I cant really up my hours in my main business as it is weather/daylight dependant, winter really hits hard if theres snow/frost/rain(in Scotland, yes there is plenty!!)
    Main business income has varied Turnover/Profit from month to month.
    Im a sole trader. Iv seen months where its 1,200 net profit(my wages basically) upto my best month of 7,985 profit. I have low overheads so i always have a profit/wage there at the end of every month.

    My plan for 2020 is to save ALL of my business income.

    Onto my new projects/passive income...
    My magic number to make for my outgoings is 1,480 PCM so will round it off to 1,500 PCM.
    18,000 a year sounds pretty daunting but its "only" 50 a day/350 a week!!

    So...any ideas how to go about achieving this? Im reasearching daily different options i can explore. If i had the funds avaiable to hand i would look to flip property. Unfortunatly i dont so im restricted to what i can do.

    I can put 3 hours a day Mon-Fri and the whole weekend into whatever i decide to do. I can also put in rainy days where its not possible to work on my main business.

    Long term, beyond 2020 I just want a steady flow of income, get the projects/small businesses earning enough to cover my personal expenses. Allows me to save all my business income and use that capital after a year 24k+ estimated to invest into even more projects/buy a ready established one.

    Its all just a dream at the moment. So im starting now with the idea that come January il be in full flow, know exactly what im doing aswel to make my 50 a day/1,500 pcm.

    I know it wont be easy but im looking for any ideas, even a 10 a day idea will go a long way as thats 20% of the overall goal!! Thanks for reading.
    Can now be found in the Millionaire Challenge thread
    • droopsnoot
    • By droopsnoot 14th Oct 19, 11:03 AM
    • 1,286 Posts
    • 835 Thanks
    So...any ideas how to go about achieving this? Im reasearching daily different options i can explore.
    Originally posted by PoorGuyNextDoor

    Have a browse down this area of the forum for a few pages, there are loads of different income-generating things that people talk about. It's difficult for anyone to advise without knowing what your skills are.
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