Millionaire Challenge

Muhren · 8 February 2019 at 12:16AM

This thread was on the third page, so needed a bump!

I have now opened my S&S LISA and invested the full £4000 for this tax year, now to wait for the bonus. I have also opened a regular saver and instant access account as well as upping my month contribution into my S&S ISA. This is in light of cancelling my works sharesave.

My remortgage will take place on the 1st March and I will be due £500 cashback, this may well be spent on some work to the front garden that I want to do though.

droopsnoot · 8 February 2019 at 1:15PM

At this time of year I usually do my tax self-assessment just before deadline, then while in "financial" mode, pledge to do something with an S&S ISA in the next month or two. Then, at the very end of March, I hurriedly stick some from a savings account into a cash ISA just to use my allocation, because I've left it too long to do anything about the S&S version.

I wonder if this year will be any different?

Bansky · 8 February 2019 at 1:39PM

droopsnoot wrote: »

At this time of year I usually do my tax self-assessment just before deadline, then while in "financial" mode, pledge to do something with an S&S ISA in the next month or two. Then, at the very end of March, I hurriedly stick some from a savings account into a cash ISA just to use my allocation, because I've left it too long to do anything about the S&S version.

I wonder if this year will be any different?

I'm glad that I'm not the only one

. I'm probably a bit worse actually - I do have about 5K in a S&S ISA, but with all the Brexit hassles I decided it would be better to hold as cash until April, and the interest is minimal!

Thanks for the reminder.

droopsnoot · 8 February 2019 at 2:22PM

I just know that I didn't use the allocation as much as I could have done some years ago, so I'm trying not to miss a year. I can't catch up, of course, but I can make sure I don't compound the error.

GooeyBlob · 9 February 2019 at 2:37PM

Bansky wrote: »

I'm glad that I'm not the only one . I'm probably a bit worse actually - I do have about 5K in a S&S ISA, but with all the Brexit hassles I decided it would be better to hold as cash until April, and the interest is minimal!

Thanks for the reminder.

If you don't want to lose your allowance put the money in a S+S ISA but leave it in as cash, ie uninvested in shares or funds until after the Brexit hassles.

Kayalana99 · 18 February 2019 at 10:15AM

Well just wanted to update a little.

He moved out a little which has been strange as I hate being on my own but love having my own space - but I haven't missed him himself at all so I know I'm doing the right thing!

Money wise is pretty dire but I have made a list of all my business ideas (there is a fair few actually I keep adding to the bloody list but never actually implementing anything) and I'm going to have a lot more spare time so hopefully look into doing one.

Currently starting to focus on my degree a bit more and get organised with it - it's a strange feeling as even though we hardly ever did anything together it's like time is going a lot slower, and I have all this spare time that I don't know what to do with.

My Dad is sitting on some money right now and is pushing the B2L thing, I have suggested buying a house with my sister which he is over the moon about (she's not financially savvy like me so I'd be doing all the running around but I trust her 100% and she would leave me to it so essentially it's a name on the mortgage and obv a spilt of the profits but better keeping the money in the family and she is married, but in event of a divorce anyway, because the money will have been loaned from my Dad it will protect a good chunk of the property meaning) - but being as I am temporarily on universal credits and the whole being married / financial side I'm not in the position to do this right now - annoyingly - however better to get this divorce sorted now and get myself together then have bought the B2L THEN got divorced I guess!!!

I also have the house on the market, I just want a straight spilt. It should leave me with around 17.5k to bank (however, if I don't get what I want for it I may stay here at this point) which I've done some working out and if I move to full-time on a semi-decent wage I can buy again up to around the 130k mark on paper. I know things are changing atm with Brexit and mortgages but it's a goal.

I do believe with a few months of cracking my head down I can move into a developers role at work, just need to stay focused.

lessonlearned · 18 February 2019 at 8:12PM

Good to hear from you, Kay. I often wonder how you are getting on. Divorce is always difficult and painful, even if it is amicable, but you seem to be navigating the choppy waters ok.

I divorced my first husband, it was mutual (we married too young and were simply not on the same wavelength). There were no children to complicate matters but it was still a difficult time.

I never thought I would marry again until 5 years later No 2 came hurtling into my life like a whirlwind ......Resistance was futile!!!

My darling has been dead now for 5 years this year (August) and it is only now that I can begin to even think about the possibility of meeting someone else.

Perhaps history will repeat itself and the 5 year cycle will come into play. :rotfl:

Anyway it sounds like you are picking up the pieces and making good steady progress at rebuilding your life. I have no doubt in my mind that you will go on to achieve great things. You have the right attitude and the commitment and dedication it takes to succeed.

Well I have not done much to increase my wealth recently, just jogging along. I have been concentrating on reclaiming my health which took such a nosedive after my husbands death. I have managed to lose a stone so far and I'm feeling so much better. I am exercising gently, walking and doing yoga. I can feel my energy levels getting back to normal, I am getting fitter and stronger. I have finally cleared some space and have set up a temporary home gym in one of my spare bedrooms. I will convert the shed into a more permanent gym over the summer.

The bathroom is finished and looks beautiful.....5 star boutique hotel
Chic.:D. Ive just started on the kitchen, that will have to be a makeover rather than a refit. Got to keep a tight rein on the budget.

I have been clearing out cupboards, wardrobes etc and now have a pile of stuff ready for the auction house and antique dealers.

It won't take me to millionaire status but it will make a few extra pennies.

lessonlearned · 18 February 2019 at 8:20PM

Re investments......I now have cashed in most of my stock market holdings for now. Maybe I'm being a bit over cautious but I feel safer "keeping my powder dry" until post Brexit.

I still have some gold and jewellery which I shall hang on to. They are part of my "contingency plan" should I ever become desperate.

. Unlike antiques etc they don't take up much space so even if I decide to downsize again when I'm old and decrepit they can still go with me.

dobbiesloan · 2 March 2019 at 8:29PM

tinktay84 wrote: »

My aim is to get to the million mark by the age of 40 (im 27 now)
So how many have ideas to help me :T

Just one, marry Martin Lewis.:rotfl::rotfl::rotfl::rotfl:

lessonlearned · 8 March 2019 at 4:43PM

Hi.....itstherightthingtodo. Well done on the £11k, great stuff.

Interesting post, lots of ideas there. I definitely agree about not letting naysayers get to you. I have zero tolerance for Negative Nellies and Debbie Downers.

I am also careful not to waste money on liabilities. I am trying to focus on building up assets again. Although I do think we need to allow for a little frivolous spending now and again.

Life would be very dull without a few fripperies.

Well February has been and gone, the nights are getting lighter and although we're in the middle of another cold snap, spring is just round the corner. I really enjoyed the warmer weather the other week.

Kitchen is now plastered, just awaiting the handyman to sort out the flooring and then I can get busy with the paint pots. I could employ a decorator but I enjoy sloshing Paint around, I don't really regard it as work. I find it therapeutic and I actually enjoy rolling my sleeves up and getting physical ........it's good exercise. :rotfl: For me diy is a hobby which also saves money and keeps me fit. Triple win. Same with gardening.

I appreciate others might feel differently and prefer to contract out that kind of work but it works for me......but then it's probably easier for me. I am retired with enough passive income so dont have the time constraints of a day job.

Have made a start on the tree planting (well my son did it, I just supervised and kept him fed and watered). It's all coming together now. Budget is holding up quite well, and I am managing to claw back the overspend on the bathroom.

I am also doing well on the getting back to full fitness/losing weight campaign......turning back the years.....:rotfl:

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