Millionaire Challenge

patman99 · 16 May 2011 at 10:32PM

Good luck. You will need to earn £930,000 p/a after tax to achieve your goal. You will need something besides your decorating job to achieve your target. £14k for a 3 month contract (assuming this is without materials) = just over £1100 per week. Take-out Tax and NI and you are well on your way.

You can lend on Zopa to generate even more cash, or buy and rent-out more properties.

Btw, good luck with the quote, you'll be quoting against others who will be happy to do the same job at NMW. I have an ex-workmate who started-up doing decorating. He is finding it harder to get work due to the influx of Eastern Europeans.

Vixzta · 16 May 2011 at 10:32PM

Oh, and something I heard recently which I found interesting: If you took just 1p, and multiplied it by 2 every day for 30 days...you'd have over a million pounds! Like the red paper clip story I guess, the idea is just start wherever you are and GO FOR IT! x

rictus123 · 16 May 2011 at 10:49PM

Yep small steps will eventually get you there! Since i have a massive head start on alot of you it should be easier for me....

Debt free by 21 (13 months away) and £10k in savings is my first 2 goals. I have got quite a few goals together recently. One is learn to swim. Did get lessons as a kid but instructor let go in deep end, i sunk fast = panic panic panic and i never went back. Im fine in water aslong as feet can touch the bottom. Else i am stuck. Then theres onto getting onto pricework end of next month. Once on price i can make as much as i want really(withen reason obviously) But i dont see why i cant be on £1000 a week take home in the summer, £700 a week winter.

Can really see me making a sucsess of the start of my journey, im making steps to being debt free and its fantastic, itl be so much better when its putting money to bank in savings and not to fight debt.

I think buy to let will be my answer as i am a builder so can buy somewhere cheap, sort and rent out. I dont like the idea of savings accounts can only just match inflation, thats a joke. So you are gaining 3% of your balance a year...yet inflation means its worth 4% less than new total! Just dont get it but going to read into all aspects of finance and stuff like that, get myself clued up for the future. I can see a very wealthy future for myself, thats the plan anyway!

MikeR71 · 17 May 2011 at 8:53AM

Vixzta:

The Science of Getting Rich. Are you sure this book is by Napoleon Hill?

Kiran · 17 May 2011 at 10:42AM

Vixzta wrote: »

Oh, and something I heard recently which I found interesting: If you took just 1p, and multiplied it by 2 every day for 30 days...you'd have over a million pounds! Like the red paper clip story I guess, the idea is just start wherever you are and GO FOR IT! x

Should that not be £1 not 1p?

I definitely like the sound of this challenge

Jacka87 · 17 May 2011 at 1:04PM

Kiran wrote: »

Should that not be £1 not 1p?

I definitely like the sound of this challenge

£1,073,741,824.00

The amount that you get if take £1 then double it 30 times. Or in other words double it every day for 30 days. A bit more than a million!

£10,737,418.24is what you get if you double 1p 30 times.

Now this has got me thinking!

So if I take 1p and could find a way of doubling it I would have 2p. If I could simply do that 30 times I would have over 10 million quid. So basically what ideas do people have for doubling your money?

I dont think 2-1 at the bookies will cut it tho!

Btw if you start with;

£10 you only need to double it 20 times to get £10m, sounds interesting!

J4mes · 17 May 2011 at 2:00PM

Wow! I've read this website a few times, (for debt advice!) I've always found it the most informative and interesting. While sitting at work on my lunch break, feeling my usual frustrated self- having all these ideas in my head but no time to instigate them. I decide to come on here for the last 5 mins, I'm so glad I did now, this post has really got my moneymojo© back up!!

Thanks tinktay84 for starting this!

I'll be back tonight when I get home with my vital statistics and goals!

James.

Kiran · 17 May 2011 at 3:43PM

Jacka87 wrote: »

£1,073,741,824.00

The amount that you get if take £1 then double it 30 times. Or in other words double it every day for 30 days. A bit more than a million!

£10,737,418.24is what you get if you double 1p 30 times.

Now this has got me thinking!

So if I take 1p and could find a way of doubling it I would have 2p. If I could simply do that 30 times I would have over 10 million quid. So basically what ideas do people have for doubling your money?

I dont think 2-1 at the bookies will cut it tho!

Btw if you start with;

£10 you only need to double it 20 times to get £10m, sounds interesting!

I stand corrected, having now done the maths I am in a bit of shock. Makes you think though, might be worth a gamble- :rotfl:

lincroft1710 · 17 May 2011 at 3:57PM

Vixzta wrote: »

Oh, and something I heard recently which I found interesting: If you took just 1p, and multiplied it by 2 every day for 30 days...you'd have over a million pounds! Like the red paper clip story I guess, the idea is just start wherever you are and GO FOR IT! x

For the first few days this is feasible even if it is £1 not 1p, turning £250K into £500K into £1m is the difficult bit. Of course it is relatively easy to turn £1 into several £1m, but I've never picked the right 6 numbers.

The "One Red Paperclip" became a cause celebre and generated huge publicity and took place in Canada/US. A lot of the swappers seemed to just want to be part of it and some firms got good press from it. It might work a second time, but third, fourth, fifth, sixth etc?

tinktay84 · 17 May 2011 at 5:28PM

again I am in awe at the responses to this thread. What started as a 'throw away' idea a few months ago is now becoming more and more like an achievable goal!

I love the doubling your money for 30 days and agree that at first it should be fairly easy but would I be brave enough to risk 500000??hmmm

Ok so after getting a couple of 'free 1 hr advice' sessions from accountants and financial advisors I have gleamed a little advice that I might use...

Firstly dont pay all your money onto debts first ??!! was my reaction. If you have £50 spare, pay £25 off a high interest debt and put £25 into savings. althoguh savings achieve littel interest at the moment once you have a suitable amount you can use savings to buy low risk low return stocks/bonds. A slow burner yes but it will add to your net worth and less likely to dip into it than a normal savings account

Patman99, I am very fortunate with regards to the contract as I worked at the place in a different role and knew that work was needed before the Manager mentioned it. As he knew I was training up at college he asked me about rates and originally wanted me to just patch up here and there.Another manager asked me to put a proposal together to try and convince the big boss that patch up just wasnt feasible compared to what I could do as a refurb.....I should know in about a week or so...

Also I have been absolutely chocka workwise as I have made sure prices are reasonable(but not cheap) and that work is of high standard. I also find that the (unfair) advantage of being female means work isnt short when it comes to lone females or vulnerable people.
I have worked hard and am still at college making sure I am the best i can be and I think people are cottoning on to 'painters' (not everyone before anyone shouts)that have just decided to turn their hand to it. I know im going to sound a bit high horse ish here but decorating is a craft and as im sure many of you know it always turns into a bigger job than first thought with awkward corners and cutting in and second coats etc.
I have just started doing marble effect painting which can command £1000s per day!!! Hopefully I will become VERY skilled in this but it means I will now be spending what free time I have practising.

So todays steps to millionairedom are that I have signed up to save the change with my bank account where anytime I use my card they round it up to nearest £1 and put the difference in my savings. therefore £19.45 diesel will mean 55p for my savings and so on.

I have also made a few calls regarding work I have on in the next week or so (just confirming dates etc) and have secured another £600ish of work

I have set up a business acount and am now going through all my direct debits etc to make sure everything is split business/personal and that any silly DDs are cancelled

My college tutor has said that as I have now finished all my work requuired for my course I am welcome to practice anything that I think I need to improve on and has suggested taking in some small pieces of plywood and creating different decorative effects so that I can show potential clients the range of things I cover as he knows the money is in the high end specialised effects (marble effect etc). It will also count towards a higher qualification and the added bonus is im saving my paints, electric, tools etc

Millionaire Challenge

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free