Millionaire Challenge
Comments
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Where are you all?!
I've not had internet for ages and come on to catch up and I'm the last one that posted!!
Not a lot to update, moved in, internet set up and in my office!! Hubbie painted it white for me, first room of the house (most important things ey !!) We're not planning on doing too much we have these brown carpets upstairs which I hated but they are growing on me and you can tell they have not long been done...why spend 1-2k redoing the carpets when that could be a holiday or towards an investment and the 2 yr plan is to turn this into a B2L and I think brown is quite a good colour as it won't show stains etc...
Going to basically take it easy now as we've spent a lot, and try and save a bit of money together now.
I'm on a bit of a reading binge atm (might have something to do with not having internet ehem) and just finished The Sharp Edge...I love it...it's amazing, changes your way of thinking. One thing he does say is read 10 pages of a motivational book everyday, but it got me thinking that motivational books only get you so far...I want books that are going to get me thinking and educating me.
I've just finished Duncan Bannatyre's 'Anyone can do it' I really recommend it, it's not a motivational book more of his life story - and it's great to really hear how someone has got to where they are. I feel like I've taken a lot from it.
If anyone has any recomndations for me I'd appreciate it, I'm not looking for self-help books but maybe more information/life stories...stuff I can actually take and learn from. I guess I'm looking for ways to get my mind going on what I can do, I believe I've already got the mind set...but I need educating on investments etc for sure. Motivational books really are great and do have a purpose, but I want to be building up my 'human capital' !People don't know what they want until you show them.0 -
I really enjoyed this - and learned from it:
https://www.penguin.co.uk/books/179853/a-pocketful-of-holes-and-dreams/0 -
troglodyte wrote: »I really enjoyed this - and learned from it:
https://www.penguin.co.uk/books/179853/a-pocketful-of-holes-and-dreams/
I loved that book too......so many lessons to be learned from it. The guy was really inspirational.
Well people.....sorry I have been awol....but I've been crazy mad busy. Tonight I have had a steroid injection in my knee so just resting now so a good chance to play catch up.
B.B. yes my investments took a bit of a hammering too but like you say they are picking up again. I have to remind myself not to panic, but to think long term.
Kaya.....glad the house move went well. I think if you intend to let it out in a couple of years then I would stick with the brown carpets. I suppose you could break up the sea of brown with the odd rug but yes it's a good colour for rentals.
Well what have I been up to. First of all the college course is going well, at the minute theres a bit of repetition from my original course but it's good revision practice.....
Secondly my house went on the market on Wednesday. Snap decision so I have been working flat out to get it market ready, had two viewings already and a further one booked for next Tuesday. We seem to be getting plenty of interest and the feedback has been positive so I think we've pitched the asking price about right. If I get it I shall be happy, not a huge profit on this one but enough. It gave my son a leg up and I've lived rent free and mortgage free for 4 years so it's been win-win all round.
Anyway.......Wish me luck.
Not viewed any properties for my onward purchase yet, aiming to make a start in the next couple of days. I am not making any actual money at the moment, in fact it's all spend, spend, spend but I tell myself I have to speculate to accumulate. And I have been very good not buying frivolous stuff (apart from my knee injection :rotfl: ). Worth every penny to be pain free.
I know it should be freely available on the NHS but our GP practice keeps a very tight rein on the purse strings. I would have to be practically crawling in on my belly before they would fund my injections so I just pay myself.
Just another reason why I consider FI. (Financial independence) to be so important. Money might not be able buy good health (although I would argue it can help) but it can at least buy decent medical care......:rotfl:0 -
Its not that I want to retire early, far from it. If I have a day off I feel bored and unproductive (although i know I need days off)0
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As I see it The point to early FI. (Financial Independence) is that it gives you security, freedom and flexibility.
No one on here is saying you have to retire early, it just becomes an option. Another life choice. If you really love what you do for a living then no need to give it up, no matter how much money you have stashed away. Just enjoy.
Most people who retire early don't sit in armchairs, twiddling their thumbs and waiting to meet their Maker, they usually have lots of plans and ideas. Second careers, a business, an all encompassing interest or hobby, volunteering, putting something back into their local neighbourhoods, mentoring, guiding and teaching youngsters, travelling, writing, going back into education. The possibilities are endless.
And more importantly, if you reach FI early then you have the money, time, health and energy to bring those Plans to fruition.
It's a shame you don't really get the full benefit of your days off.....that you feel bored and unproductive. Maybe you are getting a little stale and need a project, something to get your creative juices flowing.0 -
Datinggirl00 wrote: »Its not that I want to retire early, far from it. If I have a day off I feel bored and unproductive (although i know I need days off)
I always said this, even to the point of taking calls about and from work while sat on a beach while on holiday! Then I was taught a valuable lesson from two more senior managers- that to give your best in difficult roles you need to make sure you do something completely different from your work role on your days off, stop taking work related calls and plan breaks carefully, always have two holidays/ trips away or out planned so that when you get back from one you have another to look forward to.
I found things that I enjoyed, for me it's dogs, walking and gardening with two holidays planned per year- one abroad one in the uk, although we do plan weekends away too in between.
I don't know how old you are datinggirl00 but my 21 year old son now does the same thing- not my thing- but he plans holidays with his mates, so far he's been to Amsterdam with them, Tenerife with me this year and has set himself a goal to go to three different countries each year. So is planning a winter holiday "somewhere warm". Another of his mates has set himself a goal of going to each European Capital City by the time he's 30. He thinks he'll do this by the time he's 26, having collected 7 on long weekend breaks so far this year.
A work colleague plans collecting theatre trips to different UK cities every other month, my wife collects climbing to the top of different UK cathedrals.
Find something you like it doesn't have to cost the earth, and follow it for a while, the great thing about goals is if you have set them you set the pace/ change them as you want.
Save a bit(for your goal- house/ car / holiday), spend a bit (nights out/ weekends away), invest a bit (ISA/ pension/ FI), all work and no play made Jack not just a dull boy but probably took him to an early grave!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!0 -
Save a bit(for your goal- house/ car / holiday), spend a bit (nights out/ weekends away), invest a bit (ISA/ pension/ FI), all work and no play made Jack not just a dull boy but probably took him to an early grave!
I'm getting to this point now, I've realised I keep putting things off on the sake of saving and investing for the future but I do want to enjoy the 'now'
I've worked out the ideal amount to save is £625 a month towards the B2L over next two years, but this would leave us with little towards the holidays etc.
I've made a slightly new plan/adjustment for now, I've paid my £625 up till August (as I moved money from savings) and the extra income will be going back into savings towards our holiday in Oct and I'll deal with the amount we want to pay in per month come Sept, but I'm sort of leaning towards only doing 60 credits next year with my degree. It leaves the option open to finish in two years by taking on 120 credits the year after, but my sort of thinking is I don't want it taking over my life - so by doing 60 credits it allows me to do overtime at work or do a business on the side, or simply enjoy life a bit more with my kids!!
It is difficult to make choices ...as much as I don't like the idea of not finishing my degree for 3 years, I think it would also be better to leave the door open to finding a job role that complements it...which isn't going to happen at 120 credits and I'm fed up off running round like a headless chicken trying to fit everything in.
I got a bit down about money on Monday and may have purchased 4 lotto tickets...I didn't win.People don't know what they want until you show them.0 -
Good morning everyone
Crv1963. What a fantastic post. Such great life advice. Some great ideas for personal goals there too. Goal setting doesn't have to be just about making money, or getting on the housing ladder, or indeed making that first £1m. Personal goals are just as important - maybe more so.
I like John Lennons quote "Time you enjoy wasting, is not wasted time". So true. We need fun, adventure, travel and personal challenges in our lives.
well it's time to review the last month. It's been a good one. I finished the major declutter, spruced up the house and put it on the market. Have had some good interest but no offers yet. Just a waiting game now,, no hurry,
My investments have recovered from the stock market turmoil and are now back at their starting point, so currently at break even so we will just have to take it from there. It's a long game after all.
College course is going well.
I've stopped using Amazon as my personal lending library and haven't bought an EBay "bargain" in weeks.
I have renewed my travel insurance and PHI. Both went up of course. I've cancelled my gym membership, total waste of money. I truly hated going so why bother. I can exercise at home for free. Less hassle and trouble and less time taken.
The money saved on gym fees more than makes up for the increas in PHI premiums. I am keeping PHI because knee surgery will be required at some point. Had a steroid injection the other day and that keeps things ticking along for now.
Other than that no major news. Currently managing to save a third of my income. Hopefully I might be able to increase that over the summer, there are no more major financial outlays planned now until September.
Steady as she goes.....:D0 -
Just done my round up.. net worth currently at around £177k, give or take. Plus around £10k for car, jewellery, art, furniture etc. I haven't had my jewellery valued but I don't think there's anything particularly valuable so I just lump it all together. I don't really count those because if I had to liquidate quickly then I wouldnt get £10k. So I just disregard it.
And I no longer count the £100k given to my sons. That's history now and is no longer part of the equation.
If I counted everything then I would now be at around £287k. Just shy of my initial £300k target.
Actually I would have surpassed it but I've had a jolly spend along the way on holidays, a car and helping The boys are bit more, a wedding contribution for one and vets fees and an emergency car for the other. I would estimate around £40k in all.
Both boys are now well established and don't need my help. So assuming nothing major from now on I should be able to start forging ahead. My first grandchild arrives in July and I'll probably set a small sum in Trust for him.
Someone came for a second viewing yesterday and the EA said a couple of others might be coming back. Looking positive.
Spent most of yesterday trawling through Rightmove. Have drawn up a short list and will start viewing next week.
Right that's about it....time for a cuppa and then cook a nice healthy dinner.
Happy Money-making......0 -
Kayalana99 wrote: »I'm getting to this point now, I've realised I keep putting things off on the sake of saving and investing for the future but I do want to enjoy the 'now'
I've worked out the ideal amount to save is £625 a month towards the B2L over next two years, but this would leave us with little towards the holidays etc.
Hi Kayalana99
I learnt the hard way, it is good to have goals but to be too focused on one thing at the exclusion of other seemingly less important things or believing others are fully signed up to our goals or understand why we are neglecting giving them time while we work away at our goals is a bit of a disaster.
We have to keep the goal in mind but accept we need a bit of flexibility another saying I love "is this going to be a problem in 5 years time? If not forget it, if it is then compromise on it or redefine it".
Holidays are so important to us, to others and to maintaining relationships with others be it partners, children, siblings or parents. Focus on what we have (and keeping it) as well as what we want.
Lessonlearned- great that you've recharged yourself, helped your sons and still on the journey.
My update is been offered a new post in a different team, which I hope will help with my goals of improving our financial security by boosting my pension and the increased income meantime will after the increased travel costs allow us to invest a bit more into Mrs CRV pension and allow us to take a bit more time together as I'd be back onto shifts rather than the M-F, 9-5 :j
It does throw what I had in mind into chaos but I think the longer term security of increased pension is worth it!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!0
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