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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 194
    • Broken Biscuits
    • By Broken Biscuits 26th Mar 18, 11:27 AM
    • 348 Posts
    • 664 Thanks
    Broken Biscuits
    Hello everyone,

    A very mixed bag so far for 2018 for me. I!!!8217;m taking a beating on the investments front but managed to negotiate a near 10% pay rise after about 6 months of putting together a case to my bosses of why I!!!8217;m valuable to them. The company is going through a patch where there are losses and redundancies are being made, so it!!!8217;s a massive pay rise under the circumstances and makes me feel like my job must be safe (why give me a boost just to give me a higher redundancy package) ... I!!!8217;m a little surprised about the pay to be honest, I thought that I was fighting a losing battle but they just gave me the good news a couple of weeks ago.

    Networth has dropped back to below what at was end of 2017 and a further 3k or so and sits about 162k. I stuck to the plan and used cash and some p2p to top up falling funds so in theory *when* it goes back up I will be in a better position as I now own more even if it!!!8217;s currently worth a little less. It was really easy to sell my p2p (fixed income so no losses to sell) when the markets were falling, so it!!!8217;s nice to know the strategy worked and my mental resolve was as I thought it would be... as in I stuck to the plan and bought more rather than panic selling.

    On the p2p front one of the platforms I use is currently in administration. I can!!!8217;t access my money and there!!!8217;s always the chance I will lose some or all of it. The positive thing is that because of the timing of it all I pulled out about 80% just before this happened. No inside knowledge, just that the markets dropped and my plan was always to use p2p to top up when this happened. It just happened to fall just before the administration issues.

    So im about 3k down (at it!!!8217;s worse it was about 5k but it!!!8217;s risen a little) But the strange thing is that I feel richer as a result.some families/individuals would be devastated by a loss like this but I!!!8217;ve got myself in a position where I can lose 5k and just carry on regardless. Not sure if that makes sense to feel richer after a loss, but that is how I feel.

    Anyway the pay rise kicks in End of April . I!!!8217;m going to stick with the 50% savings rate which will give me a nice little boost to my day to day spending, but will increase the amount I!!!8217;m putting away too and hopefully get me to financial independence sooner.

    Hope everyone with money in the market hasn!!!8217;t taken too big a hit.

    Keep up the good fight.
    • Kayalana99
    • By Kayalana99 27th Mar 18, 9:46 AM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    I can see a P2P going into administration having a knock on effect as others will now be pulling money out of fear.

    Sorry to hear of the loss, but I guess it sounds like whilst it's a loss on paper, it's going to bounce back again.

    Should be getting the house keys this week, I have so many plans. I've got a few thousand to one side for sorting the house out and bits we need, and for the first real time ever, I've got a proper investment fund which is sitting on nearly 7k + will have 400 a month deposited in it from May.

    Going to do everything on a three way spilt, so any excess income will be done 400 investment / 400 savings (holidays/house improvments etc) / 400 general spending etc. So we will be living well below our means, but if everything goes to plan we'll be 2 years from our first B2L and any extra income will be added to them pots again 3 ways. To be fair I kept thinking we need house prices to rise to do it, but if they do drop then it will be a good time to buy and sure I can find a way round the red tape....tbh it's just something that crossed my mind but I'd think we would be eligble for quite a substantional loan given our excess income which we could invest now and pay back monthly (that said it makes it complicated because say we took out a 20k 'personal' loan, and tried to buy a B2L they aren't going to let us I assume...and it would be against the terms and conds I guess of the loan although could perhaps go through my Dad) and we coud move forward faster.... going to wait till things calm down anyway but we could afford the monthly repayments for sure, it would just mean instead of waiting 2 years we'd be getting the money up front. I will have to look into it anyway.

    Planning on taking 120 credits next year which will be difficult as so far I've done 120 on a 60 credit from Sept - May and two smaller 30 credits from Sept - Apr then Apr- Sept but next year it will literally be all 3 running from Sept - June but the kids will both be full time from Sept and we have option of breakfast and after school club + once this year is done, next year is just 60 credits so I can look at getting a full-time day job or starting up a proper business...so I see it as just one more year to go even though it's tech two and I have a feeling next year will be two 30 credits spilt Sept - Apr Apr-Sept again but I might be wrong. Just seems fitting given the modules they are.
    Last edited by Kayalana99; 27-03-2018 at 9:56 AM.
    People don't know what they want until you show them.
    • Kayalana99
    • By Kayalana99 18th Apr 18, 12:13 PM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    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.
    • troglodyte
    • By troglodyte 19th Apr 18, 11:19 AM
    • 632 Posts
    • 3,874 Thanks
    troglodyte
    I really enjoyed this - and learned from it:


    https://www.penguin.co.uk/books/179853/a-pocketful-of-holes-and-dreams/
    • lessonlearned
    • By lessonlearned 19th Apr 18, 8:21 PM
    • 10,260 Posts
    • 64,220 Thanks
    lessonlearned
    Originally posted by troglodyte

    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 ). 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......
    • Datinggirl00
    • By Datinggirl00 19th Apr 18, 8:30 PM
    • 1 Posts
    • 1 Thanks
    Datinggirl00
    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)
    • lessonlearned
    • By lessonlearned 19th Apr 18, 10:58 PM
    • 10,260 Posts
    • 64,220 Thanks
    lessonlearned
    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.
    • crv1963
    • By crv1963 25th Apr 18, 8:46 AM
    • 322 Posts
    • 748 Thanks
    crv1963
    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)
    Originally posted by Datinggirl00


    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!
    • Kayalana99
    • By Kayalana99 25th Apr 18, 11:44 AM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99

    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!
    Originally posted by crv1963
    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.
    • lessonlearned
    • By lessonlearned 28th Apr 18, 10:22 AM
    • 10,260 Posts
    • 64,220 Thanks
    lessonlearned
    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.....
    Last edited by lessonlearned; 28-04-2018 at 10:29 AM.
    • lessonlearned
    • By lessonlearned 29th Apr 18, 3:16 PM
    • 10,260 Posts
    • 64,220 Thanks
    lessonlearned
    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......
    Last edited by lessonlearned; 29-04-2018 at 3:29 PM.
    • crv1963
    • By crv1963 29th Apr 18, 4:19 PM
    • 322 Posts
    • 748 Thanks
    crv1963
    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.
    Originally posted by Kayalana99




    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
    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!
    • Kayalana99
    • By Kayalana99 13th May 18, 2:15 PM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    Thanks for words of wisdom, def going to re-evalute the long term plans for sure. Really needing to find a balance and things have finally settled down.

    Work is pretty intense now, Husband was driving 4 hours a day as his depot that he is now managing wasn't open (this has been on-going since around Sept too...) but his depot is now open, he's moved in, and whilst his driving time is now about 40min each way, he can't leave earlier from work like he did before so literally he walks in at 6pm hands me the keys and I'm out the door.

    So I think it's important now we make most of weekends.... had a really good weekend (appreciate it's not over haha but we've done quite a lot already now in the house/garden for the day) and I think that's the main thing. I'm going to try and relax a bit on the money side as I appreciate I can be a bit OTT and I think I'm still in mindset of having to squrriel money away as we've had a few years of essentially living month to month (but saving just enough that we could have the holidays and when things went wrong) but we are comfortable now - just haven't been living that way...although given we have moved twice in past 12 months so things are finally settling down too!

    Amazing news.... the money I lent from my Grandad has now been essentially wiped on death, which means we keep paying the interest but it means I don't have to worry about it over my head long term... our net worth is looking a lot more heathlier all of a sudden and it means I can focus on long term plans without that 'what if' over my head too.

    Slightly off topic, but I've done some thinking about my short term goals one being to lose weight and another to learn some new skill sets which I'll hopefully be going into long term job wise, and as my degree is clearing up I've set myself till start of Sept to lose two stone and learn a new skill...unf it's a lot harder to quantify learning a new skill, but I'm focused and I know we work better from pain then reward so I've basically made myself a deal.

    If I don't lose two stone by Sept 2nd, I'm going to sell my beloved laptop and buy something cheaper.... I adore it...it's my baby...failure is not an option for sure...but I don't need it anymore unless I went back into my photography.

    I guess it might seem a bit silly, but it's making me question every food decision and I'm on a mission to be ready for Sept...cause Sept is when both kids are in full-time school and if I want a career, the door is open and I want to have more confidence and skill set that I'm ready for the new chapter of my life.

    Wish me luck! 16 weeks and counting to change my life...
    People don't know what they want until you show them.
    • droopsnoot
    • By droopsnoot 14th May 18, 12:33 PM
    • 1,159 Posts
    • 733 Thanks
    droopsnoot
    I'm going to try and relax a bit on the money side as I appreciate I can be a bit OTT and I think I'm still in mindset of having to squrriel money away as we've had a few years of essentially living month to month
    Originally posted by Kayalana99

    It's often very difficult to make the change from keeping a very firm hold on spending, hard to change a habit once you've been putting money away for a very long time. Not easy to get your head around the idea that the balance may be going down but that it's OK.
    • Gemsy81
    • By Gemsy81 14th May 18, 4:22 PM
    • 148 Posts
    • 432 Thanks
    Gemsy81
    I've just discovered this thread, and wow....its so inspiring! You've got me thinking about my millionaire journey now (which feels a looooong way off!).
    • lessonlearned
    • By lessonlearned 16th May 18, 8:03 AM
    • 10,260 Posts
    • 64,220 Thanks
    lessonlearned
    Good morning fellow millionaires to be.

    It's very quiet on here. Hope you are all busy, happy and making lots of money.

    Welcome Gemsy - always nice to see new blood join us.

    Not a great deal to report. House not sold yet, so cant do much in that department.

    College course gong well. Grandchild will be joining us shortly.....watch this space.

    The good news is that my investments have bounced back and are starting to grow again. Phew!!!

    Other than that it's just more of the same, steady as she goes.

    Have fun.
    • AnimalTribe
    • By AnimalTribe 17th May 18, 10:21 AM
    • 112 Posts
    • 1,819 Thanks
    AnimalTribe
    It is indeed very quiet here. I have been reading but not posting much. Now that the good weather is here I have been focusing on the small stuff. I have plants outside the house for sale, and this year I've added some crafts I've made. It's not going to make me a fortune but I love gardening and crafting, so I enjoy it. What small things do other people here do to add to their funds?
    • droopsnoot
    • By droopsnoot 17th May 18, 11:15 AM
    • 1,159 Posts
    • 733 Thanks
    droopsnoot
    I make some small repair parts for a specific model of classic car. If I worked out the hourly rate by dividing the time into the price I feel I can charge, it probably wouldn't be impressive, but I take the view that it's money I wouldn't have had in time where I wasn't doing anything else. And I quite enjoy figuring out a good way to make the items.
    • AnimalTribe
    • By AnimalTribe 17th May 18, 4:46 PM
    • 112 Posts
    • 1,819 Thanks
    AnimalTribe
    Droopsnoot

    Good on you. That's the way I feel, I don't make much but I enjoy gardening/crafting. It sounds like you are very mechanically minded, I wish I was, but I have my OH for that, so I manage. I like the idea that you're keeping classics going. Most of my crafts are made from recycled items and I like that I'm keeping stuff out of landfill.
    • Kayalana99
    • By Kayalana99 23rd May 18, 10:16 AM
    • 3,417 Posts
    • 6,097 Thanks
    Kayalana99
    Found an interesting video the other day, he said you need three things to create wealth.

    High paying skill
    Scalable business
    High return investments

    His point was without 1, 2 and 3 wouldn't work because you need to be earning a decent amount to support yourself + invest in the business. He said if you put everything into a business or investments that's how you go bankrupted, and you also will take less risk. He said it took him 13 businesses to find one that worked for him, and without the income from his high paid skill he would have not been able to try them all to get to where he is.


    Now I don't believe this is that straight forward as a lot of people start a business, but it does make a lot of sense as when I hear about people that are self-made millionaires a lot of them started off with a job/business and used that money to fund the bigger things. Even my Dad for example had his printing business - but what made him 'rich' was the properties he bought using the money from it. (Plus my sort of view is that 'high paid skill' might be a business automatically, you don't need to work for someone else but then his 'scaleable business' is something that you're not exchanging time for money, where as your high risk skill employed or business is time = money)

    I do have some news, but I won't really find out how this is going to play out till mid June so I'll keep it under wraps for now till I know what is happening more.

    Just got this big essay now to get out of the way and I'm going to have so much free time, so will be focusing on building my 'high paid skills' in website design, programming and data managment whilst I have 3 months or so of not a lot to do.
    People don't know what they want until you show them.
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