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  • FIRST POST
    • tinktay84
    • By tinktay84 10th May 11, 10:25 PM
    • 298Posts
    • 948Thanks
    tinktay84
    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 191
    • Muhren
    • By Muhren 30th Dec 17, 8:29 PM
    • 1,521 Posts
    • 2,943 Thanks
    Muhren
    Hope everyone had a good Christmas and have a fruitful 2018 ahead!

    Checking in with a NW of £175K. I am going to set myself an end of year target for 2018 of £200k, which to be honest is going to be a bit of a stretch, but hopefully I can get there if my returns are good.
    LBM: Dec 2012 - Debt £38,180/ Now £0.
    DFD - 17/04/2016

    Gambling: The sure way of getting nothing from something.


    • brila
    • By brila 30th Dec 17, 8:52 PM
    • 111 Posts
    • 406 Thanks
    brila
    Not counting the house we live in, NW is currently £45.4k. Would like to get this to £125k by the end of of 2018. I am going for a two-pronged attack of slashing outgoings (which have crept up since last money goal was met) and increasing income. Looking to max out S&S ISAs, squirrel all those bits and bobs (cashback etc.) away (instead of them being absorbed by general spending account). I have set up the chip app and hope to get the interest rate up to 5%. Will keep reading thread from the start for ideas!
    On a mission.
    • try harder
    • By try harder 30th Dec 17, 9:38 PM
    • 787 Posts
    • 3,039 Thanks
    try harder
    Thank you lessonlearned for your great advice and thanks to everyone else for all the help you give and motivation .Heres hoping for more of the same.Happy New Year to all
    • try harder
    • By try harder 30th Dec 17, 9:40 PM
    • 787 Posts
    • 3,039 Thanks
    try harder
    Net worth is £98,000 including home December 2017
    • 0511034
    • By 0511034 31st Dec 17, 12:32 PM
    • 40 Posts
    • 53 Thanks
    0511034
    Hi All,

    Sorry I haven't posted in a while, it has been a busy month. I'm really glad everyone is doing so well. I hope you all have a wonderful New Years celebrations and LessonLearned I hope you have a wonderful (and well deserved) break!

    A quick update from me I will be changing jobs in mid January, being a lecturer just wasn't for me so I am going back to practice law as a solicitor which is better money and whilst longer hours and more stressful, it is much more inside my comfort zone. My net worth at present is £120,450 but that is mainly equity in my home and a little savings.

    I think New Years for me is a great time to take stock of things and set myself goals for 2018. I saw a few people list goals and statements to live by in 2018 earlier in the thread which is a great idea. For me I plan to do the following:


    • Conduct a full financial check of my outgoings and research areas for cut back and reductions (completion by end of Jan 2018)
    • Research ideas for a second income stream that ideally will be online (so available 24/7) (Target by end of 2018 to have made at least £12,000)
    • Research investment streams - I don't invest any money as I'm too cautious but realise this is the only way I can grow exponentially. (Completion by end of Jan 2018)
    • Learn a new language (End of Dec 2018)
    • Lose weight and tone up (Ongoing)
    • Save 30% of my salary per month (Ongoing)
    As January is going to be a very busy month I am going to start getting prepared now. Thank you for all of your motivations in 2017, I hope you all have a wonderful day and evening and a fantastic start to 2018.

    Raj
    • LuxuryWoman
    • By LuxuryWoman 31st Dec 17, 2:12 PM
    • 127 Posts
    • 392 Thanks
    LuxuryWoman
    On the last day of 2017 NW is 100K give or take a few pounds.
    Plan for the coming year is to get this business off the ground and flying. Current income - zilch.
    The dilemma is where do I find the time to get a paying job when I'm so busy trying to get the business going?

    Good luck for 2018 everybody, I hope my figure is a great deal higher this time next year. I turn 50 in 2018 and I feel that clock ticking, no longer own a home or have salary paying into a pension which is nerve-wracking, but... I think I'd rather live in a tent somewhere than have stayed in my soul destroying, life sucking relationship that made me miserable, poor and on the verge of alcoholism (stress relief)

    If 2017 was about making changes, 2018 is about consolidation.

    Let's do it!
    • lessonlearned
    • By lessonlearned 31st Dec 17, 3:11 PM
    • 10,083 Posts
    • 62,970 Thanks
    lessonlearned
    Some great plans and ideas there.

    I have just been sorting out what clothes I!!!8217;m taking.......6 weeks, 3 seasons and no washing machine. plus all the usual OTC !!!8220;just in case!!!8221;, meds, toiletries etc. Yes I can buy them on board but the shop on the ship would charge the Earth just for a pack of paracetamol or a bottle of sun tan lotion so best to stock up.

    Anyway heres wishing you all a very happy, healthy and prosperous new year.

    Good luck with all your plans.

    I!!!8217;ll catch up with you all at the end of February, unless I get eaten by crocodiles or pirhanas......
    • crv1963
    • By crv1963 1st Jan 18, 1:05 PM
    • 302 Posts
    • 710 Thanks
    crv1963
    Happy New Year to all!


    Rough estimate of current worth-


    House Equity- 85k
    NHS Pension- 340k
    AVC- 6.25k
    Wife Pension Pot- 22k
    Wife Nest Pot- 2.5k
    Cash Savings- c 3k


    Total worth- £458.75k, good grief it looks enormous written down but less debt other than mortgage it's £455k. So our target is to build up £345k over the next 8 years! Then if we meet that and haven't died trying we'll retire totally and aim to slowly save or build up another 200k to reach the million!


    Plan for 2018- take the NHS Pension and us both to have a change in career direction to build a fund each to cover the equivalent of our SP so around at 16k pa need a fund of around 160k to draw on for the 10 year gap between NHS retirement and SP starting. Aim for 2018 is to build 24k pot. This needs to be spread between SIPP, ISA, cash and probably Premium Bonds.

    Good luck to all in their endeavours in 2018!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • minxy-x
    • By minxy-x 4th Jan 18, 7:51 PM
    • 139 Posts
    • 511 Thanks
    minxy-x
    Heeeellllloooooo
    Hey everyone
    I have been MIA for around 4 months, crazy how time fly's!

    I am now sat at home with a stinking cold feeling sorry for myself so though I would log on and catch up!

    LL
    Congrats on your future grandchild!

    Our recent business has gone through and doing really great, have also been re fitting some areas of the building and more to do, so things have been full on.
    Looking into another 2 serious business options at the moment (as in we will go through with both if able) to hopefully go through by the end of the first quarter 2018.

    My product is still in development have been working on packaging concepts now so its all very exciting!

    Well done all, keep going with your dreams, hope 2018 is a great year for you in all aspects!!!
    • lessonlearned
    • By lessonlearned 4th Jan 18, 8:41 PM
    • 10,083 Posts
    • 62,970 Thanks
    lessonlearned
    Well Iím all packed, set off on Saturday. Excited now.....

    See you all when I get back.
    • Broken Biscuits
    • By Broken Biscuits 4th Jan 18, 8:44 PM
    • 348 Posts
    • 664 Thanks
    Broken Biscuits
    Nice to hear everyone is getting on so well, the place where I work is all doom and gloom I have to admit (I have a habit of getting life stories out of people oops lol) so it's nice to come here and here the postives and know it can be done as long as we dare to dream. I have one guy touching 60's telling me my degree will be worthless because computers are going to take over but then I'm doing a computing degree so it's so backwards even if he is right about computers taking over it just would create more jobs in my industry...but there is no getting through to some people.
    Originally posted by Kayalana99
    Just put £2100 into pictet!!!8217;s robotics fund. If the robots take my job in a few years, hopefully the Companies this fund invests in will have done well and i!!!8217;m Less concerned about being laid off. 30% returns each year for the last couple of years. I!!!8217;ve got the majority of my money in pretty vanilla, safety first funds so why not take a few gambles with a small percent of what!!!8217;s left.

    Found another free app.. this one is just a tracker for spending. Pretty basic but has been working for me. It seems if you monitor it, it improves. Filling in my numbers each day this week for everything I spend has seen me save a little more even down to walking home ( 1 hour walk) and saving on the £2 bus fair each night. I don!!!8217;t know if I!!!8217;m ready and awake enough yet to walk in as well as walking home each day. We shall see.

    If I stick to the budget I!!!8217;ve set I will have a 60% savings rate! I!!!8217;m under budget so far in the first week so it will be interesting to see how high I can get this percentage up to.

    Had a count up today and the stock market has been kind. I!!!8217;m now just £200 above what is needed to be considered 1/6th of a millionaire. Bring on 1/5th!!
    Last edited by Broken Biscuits; 06-01-2018 at 2:22 PM.
    • PoorGuyNextDoor
    • By PoorGuyNextDoor 8th Jan 18, 9:15 PM
    • 137 Posts
    • 362 Thanks
    PoorGuyNextDoor
    Happy New Year everyone! Had the first week of the the year without sitting on sites like this too much!

    Iv got my budget down to a tee now, just need The work to come in and il be smashing 2018. All my goals set and plans in place just got to keep motivated and keep working hard at it! Good times ahead I!!!8217;m sure hope most of you are sticking around for 2018 as this is a brilliant thread.
    Can now be found in the Millionaire Challenge thread
    • Kayalana99
    • By Kayalana99 17th Jan 18, 11:08 PM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    Hey guys how is everyone getting on?

    Nothing much going on here, on holiday and can't sleep (must be used to the late nights now) so doing some studying (kind of...Hi!) but it's been really quiet on here lately.

    Any news ?

    Personally once I get back it will be time to really start getting my head down.... we had the house sale, then Xmas rolled shortly after (and a crazy busy period at work I was over worked) and then we had this holiday over our heads financially...don't get me wrong enjoying every min but it will be nice to not have anything 'big' to spend money on for the near future!

    My diet was going well but has gone to pot being on holiday, but so be it I'll be back on it Monday till my birthday in April...got a plan to stick to after all!

    Still behind on the degree but I have an essay due a week today and I'm about 4 weeks behind on that module...I literally have to catch up ASAP...I've always worked well to tight deadlines so wish me luck.... because once I'm sorted with this essay in theory I should be caught up as I'm on track with my other module, then things should really start easing up!

    Hakuna Matata
    People don't know what they want until you show them.
    • Muhren
    • By Muhren 18th Jan 18, 6:28 PM
    • 1,521 Posts
    • 2,943 Thanks
    Muhren
    Well the year hasn't gotten off to a good start financially as I booked a flight to New York off the back of the weekly email, I've never been so really looking forward to it. I have also had a mate come round to price up installing a new bathroom for me, still waiting to hear back but hopefully it won't be too much.

    On the positive money side I received £250 for switching bank account the other day (which all but covered the cost of my flight to NY). Trying to switch again but that isn't going very smoothly so will have to wait and see how that one pans out.

    Other than that not much else to report, just have to keep plodding again and hopefully I will be 1/5th of the way to being a millionaire by the end of the year.
    LBM: Dec 2012 - Debt £38,180/ Now £0.
    DFD - 17/04/2016

    Gambling: The sure way of getting nothing from something.


    • Muhren
    • By Muhren 31st Jan 18, 12:31 AM
    • 1,521 Posts
    • 2,943 Thanks
    Muhren
    Start rapping?
    LBM: Dec 2012 - Debt £38,180/ Now £0.
    DFD - 17/04/2016

    Gambling: The sure way of getting nothing from something.


    • LuxuryWoman
    • By LuxuryWoman 31st Jan 18, 8:20 AM
    • 127 Posts
    • 392 Thanks
    LuxuryWoman
    Morning trainee millionaires,

    I think my business has turned a corner at last! We just had our first 1k week - there is not much profit there yet after advertising and costs but it is enough to make me feel it's worth ploughing on and I shall have a small celebration at the weekend (just Harvester or similar using vouchers!!) I think it is important to mark milestones. One day it will be the Ritz but for now a £8 chicken combo will suffice.

    Not a bad start to the year considering I felt so 'stuck' just a few days ago, I have the impetus now to crack on.

    Good luck everyone, keep on (or maybe try rapping?) Hey, my rap name could be L-Wo, would that work? Wouldn't mind Jay-Z's money tbh.
    • Kayalana99
    • By Kayalana99 2nd Feb 18, 2:03 PM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    Getting really frustrated house hunting. I just have this gut feeling house prices will start to drop soon but I guess you can never really know.

    This area has really good areas and some 'ok' areas but the 'ok' areas are still asking silly amounts for houses. Some 200k houses are basically the same as a 160k house but because they have added an extension they are asking 40k more (and the extension is to make a dining room and not even upstairs bigger so basically just now a small 3 bed with a dining room for 200k)...although a lot is to do with outside appearence as well.

    I just don't think I can bring myself to spend that sort of money on a house unless we are 100% happy, but is it better to buy on hopes house prices go up so you can sell and buy something else in future? Or is it just a bad time to buy and we are better off renting and seeing what happens?
    People don't know what they want until you show them.
    • EricTrustFund
    • By EricTrustFund 3rd Feb 18, 11:13 PM
    • 2 Posts
    • 2 Thanks
    EricTrustFund
    Done!
    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[/URL], 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
    Originally posted by tinktay84
    You will 100% achieve this goal because you've given yourself a whole lot of time. 13 years. I think 10 year is good for everyone. My suggestion to you would be watch shark tank, get pumped up and see what everyday problems you can solve around you. You'll make it. 100%!
    • crv1963
    • By crv1963 4th Feb 18, 11:22 AM
    • 302 Posts
    • 710 Thanks
    crv1963
    Like others on the mission we've had a setback! Starting in January really but the first time in ages that I've been able to sit down for any length of time. We've 3 main pets (I don't count the various fish tanks as that's Mrs CRVs hobby) 2 dogs and 1 elderly cat. First dog had to have an operation in January and it's his paw so healing is ok but very slow and the dressing is changed several times per week -at £34 a go, the second dog is diabetic ongoing costs to feed/ test/ administer insulin twice daily is around £250 pm, a cost we can live with because she's ours and now the cat has been diagnosed with Thyroid problems and is placed on medication for life!!


    Then I have plans with one of my sons to go away for a weeks holiday in April and it looks like he's not going to have the money to pay his share of it, so the Bank of Dad will have to help out! So I've taken a weeks leave from work and am booked in for some shifts in another area of work to try to raise some much needed cash- but we get paid the following month for any extra shifts so work Feb get paid end March to go away beginning of April.


    We plan therefore to go to the Travel Agent a day or two before we can fly and try to book something very last minute. Has anyone here done a similar thing and if so how did it work out?
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ElleWoods
    • By ElleWoods 5th Feb 18, 3:19 PM
    • 391 Posts
    • 656 Thanks
    ElleWoods
    Hey everyone,
    First of all, congrats on your grandchild LL - that's lovely news! A summer baby - you must be so excited!

    Hope everyone here is well and doing great financially.

    I haven't been on this thread in many months but like a lot of people I'm making a new start this year. For the last 18 months I was running a business that didn't make enough profit, so I ended up getting into more and more debt just to survive, and eventually had to face the fact that I was flogging a dead horse. I started applying for jobs a few months ago and thankfully started one at the beginning of January. It's only part-time but it'll be regular income and I'm really enjoying it. I'm still also running the business but slowly winding that down with a view to closing at the end of the financial year in April.

    My priority now is to make improvements to my finances and pay off my debts ASAP. I have four sources of debt and now that I'm working again I'm aiming to snowball them - one is due to end next January but I'm planning on paying off a bit extra each month so that it gets paid off a month early (not much but better than nothing!). Once that's paid off it will free up spare cash to throw at debt no2, which is currently due to end in June 2019. If I can pay that one off a few months early, I can then throw the repayment money from debts 1 & 2 at debt 3, and so on. My aim is to have them all paid off within a maximum of three years, preferably much sooner. If I can do them all by the end of 2019/start of 2020, I'll be super-happy.
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