Millionaire Challenge

tinktay84 · 17 May 2011 at 6:33PM

Just rang the bank to see where I stand with my mortgage as I used to overpay and when we had a bad year last year I took a payment holiday before starting paying a litle extra each month again (approx £12 a month is all)

After verifying my details the customer service agent told me my balance (no shock there as I check online) the shock came when I said can you just check that I am still up to date with payments as I often pay a few days late due to lack of memory!!

Imagine my surprise when he said...oh yes youre around £1000 in credit!!!!

rictus123 · 17 May 2011 at 7:11PM

Im away to work out my net worth now...just going to do my SOA as that tells you. Iv along way to go for my goals, im going to set some short term ones and go from there...Id like to shoot for £100k by 25...realistic?? We shall see

patman99 · 17 May 2011 at 7:45PM

By doubling a 1p, you would reach £1.2m on day 28.

I remember a few years ago me and a mate invested £45 each in a 'business guide' aimed at making a profit from selling computers. We put-it to work and in just 2 days we turned £400 with just one add.
Our best bargain was 2 pallets of 17" CRT monitors which cost us the grand sum of £12.75.
I stuck an advert in my local paper which read " 17 inch monitor, made by ollivetti. No tilt/swivel stand hence only £35.". Within 7 days I shifted 6 of them (making-sure to allow time for each customer to arrive, pay and leave without bumping into the next one. One monitor was duff so went to the tip, My mate had (in fact still has) one, and the last 3 sold within 10 minutes at a computer fair.

All-in-all, we turned £12 into £315 within a week. When I was tidying-up the other day I found the guide again. It brought back some good (and some not so good) memories from a time between 2001 and 2003 when we ran a stall a computer fair.

rictus123 · 17 May 2011 at 7:51PM

Patman what kind of 4X4 you going for? I was thinking of starting a slow saving fund for exactly that...a motor in a fair few years, when insurance is down and i can keep van for work and car for personal and not getting stung a mint on insurance. Really cant wait to get rid of my car thats on finance in 3 months. Handing it back and its a lesson learned!

rictus123 · 17 May 2011 at 8:09PM

SOA reads im at -£6,450...thats being as realistic as i can! However getting rid of card debt and smallest loan(which im on course to do by end of July) plus handing car back will lose £2,650 debt + £5700 on car. Will lose £4,500 car value though so will come down £3,850 to £2,600.....so looks like il be positive come end of year! Great if you ask me, thought it would have been worse!

lvm · 17 May 2011 at 9:57PM

WOW...1p could become £1.2m in 28 days!!! I would soooo love to find someone who has done this (or be able to do this myself then tell everyone about it!)...sounds so easy if it wasn't for HOW to do it.

I love this thread - it makes me feel so optimistic and that even high goals can be achievable!

Good luck everyone with your own goals! x

tinktay84 · 17 May 2011 at 10:06PM

love the story of computer sales Patman thats a great result!

Rictus, having a dumb moment.... SOA?

I agree on the car return front, yes you mmay lose equity but you also lose debt...cars rarely appreciate in value soo as you say, lesson learned.
We have been trying to pick up a car for some time as I have had 10 in 7 years!I tend to buy cheap ones and just use until they give, total cost of 10 cars £4300 and a 32inch tv (yes we swapped a tv for a car) average cost of cars £430 and one of them was a 55 plate astra!
I have been outbid last minute on several on ebay and am at the end of my tether. I have toyed several times with getting one on finance (£4000 ish) but begredge paying so much. Its a bit of a pain though as we have 2 x 2 seater vans and a family of 4.Not tooo bad until you add to the fact we live at the top of a very large hill and a walk to the shop takes 1 hr (which I do maybe 2 times a week at most)

rictus123 · 17 May 2011 at 10:10PM

Statement of affairs, found in one of the stickies threads on debt free wannabe boards. I want to move out and buy my own house asap...considering a cheaper flat than house just so i can move out sooner!!

MikeR71 · 18 May 2011 at 9:21AM

Turning 1p into £1m may not be as difficult as the timescale. It is possible to do it eventually, but in 30 days? That's the hardest part.

I still think the best way to multiply your money is to trade. Find out what it is that people want and pay for. Find out where you can get it cheap and go after it. You can turn 5000 into 10000 this way but as I say, the problem is doing it in 30 days.

Jacka87 · 18 May 2011 at 12:58PM

MikeR71 wrote: »

Turning 1p into £1m may not be as difficult as the timescale. It is possible to do it eventually, but in 30 days? That's the hardest part.

I still think the best way to multiply your money is to trade. Find out what it is that people want and pay for. Find out where you can get it cheap and go after it. You can turn 5000 into 10000 this way but as I say, the problem is doing it in 30 days.

what you talking about, its well easy, after all just spin a rolette wheel 28 times and your there!

I dont actually gamble but a guy I play footy with was betting on Barcelona and Real Madrid pretty much every week, and said he won basically every week (he wasnt using his total winnings for teh next bet tho as this doubling up would require). Obviouslly avoided betting on any particularly tough games but basically they where odds on to win most matches and those where the ones he bet on. When you consider how many games are in a season, one season of betting (correctly of course) and you could have your million!

Sounds easy doesnt it? Suppose thats why so many people get sucked into gambling.

Millionaire Challenge

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