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    • tinktay84
    • By tinktay84 10th May 11, 10:25 PM
    • 298Posts
    • 948Thanks
    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
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    • Kayalana99
    • By Kayalana99 5th Aug 18, 10:18 PM
    • 3,430 Posts
    • 6,122 Thanks
    Fingers crossed the house sale goes through for you easily, I heard once that the most stressful thing you'll ever go through is buying and selling a house.

    I hope the fitness side goes well, I saw a post recently of someone in their 80's who was built like a 20 year old male down the gym! I kinda thought I was doing well with it, but I found an old photo from Oct 2017 of the scales and I've dropped 3 in 9 months? Need to get back on least I'm maintaining I guess.

    think it's great that you are helping out. Maybe you could go Business Angel full time
    I'm not sure if it will be my greatest weakness or strength but I tend to dip my finger in too many pies, I would love love to do this if I had the funds!! My Dad (wisely) keeps telling me to focus on something because otherwise I will never get anywhere fritting around...but you never know I might find a way to use it to my advantage or settle down eventually.

    My self-improvement focus is helping though, I seem to have more discipline with myself and forcing myself to do things I would have put off before. I'm actually about 4-5 weeks ahead with my degree, I've got 2 questions left on my essay out of 8 to answer, and it doesn't start again till Oct. Going to use my spare time to focus on honing my skills I've learnt through my studies anyway. Really glad I changed from Business to Computing + Business as the Computing side is really blowing me away. I wish I had done a full Comp one now, but I can't say the Business side hasn't been useful either.

    I've been listening to a few podcasts on 'millionaire' stuff and one thing that I picked up is they said don't set yourself impossible time framed goals, because they say if you say 'I want to lose 2 stone in 4 weeks' your setting yourself up for failure, but if you say I want to lose 2 stone in 6 months, and you do it slowly - most likely you will not only hit your goal, but in a lesser time frame. So I've set myself a realistic goal of being on a 30k wage in 3 years - not impossible in the computing industry by far, then I can use the excess income and spare time to build up side projects in theory.

    If I do find a business idea in the mean time it may get pushed aside, but I think that being my main life goal for now is a great thing to work towards.
    People don't know what they want until you show them.
    • lessonlearned
    • By lessonlearned 9th Aug 18, 9:07 PM
    • 10,412 Posts
    • 65,597 Thanks
    Hello everyone......

    Kaya - nice to read your update. Sounds like the course is going well. A 30k salary is definitely doable. I'm sure you'll crack it.

    Just a quick update. Signed contracts today, aiming to legally complete week commencing 20th August.

    Have just cashed in some of my stocks and shares ISAs. They have earned just over 10 per cent in 10 months.

    I've beaten the banks.......

    They were fairly low risk investments so I'm pleased with the result. I've left a nice little dollop in there for long term growth.

    When I have moved and had a money sort out it is my intention to try buying some slightly higher risk ones but on a monthly basis, setting aside a small sum each month that I don't mind losing.

    So my investment strategy will be some in the highest easy access accounts, some in relatively low risk stocks and shares ISAs and a little flutter on some higher risk investments. Then maybe a small dollop in premium bonds.

    The house purchase is a renovation project which I will sell at some point. I will have a 5 year fixed rate mortgage so my outgoings will be pretty stable for the foreseeable future. I am not going to rush this project, I want to do as much as I can to keep costs down to maximise profits.

    Still not made a decision on BTL because tbh I can't see them giving a higher return than the one my investments made.

    I'm quite happy with what I have achieved so far this year.
    • Listerbelle
    • By Listerbelle 10th Aug 18, 12:19 PM
    • 1,398 Posts
    • 5,487 Thanks
    A very belated catch up from me!

    I'm still living abroad, and still caught up with day-to-day life with two kids (now 8 and 3) and a husband who works long hours and travels a lot for work.

    Our net worth continues to increase, but we are well aware that we should better leverage ourselves if we are to head toward the 10 million figure in our lifetime. (I'm 48)

    Two of our three residential rental properties are nearly paid off. The mortgage on the third has longer to go but that property has always been a net income producer.

    Since becoming a parent of two children, I have become more aware of my environment and our impact on it. I joined a local "Buy Nothing" Facebook group in the hope of occasionally obtaining a few items for our children, which would both save us money and reduce the worldwide demand for tat.

    I was in the middle of Kondoing our home when our younger child was born, but realized that I simply didn't have the energy required to sell the things that I no longer needed. Slowly I gained the confidence to simply give away hundreds upon hundreds of pounds worth of items. I discovered that the more I gave away, the more things would come our way from the group. I very quickly learned to tell my family that a new item is "on loan from the BN group for a couple of months before it goes to the next family".

    Soon enough, I was taking the term "Buy Nothing" very seriously. Do you know what happens when your household has a great income and you realize that you no longer actually need to buy new clothes, shoes, boots, toys....fruit, vegetables, bread?

    For us, several things have occurred:
    * We are obviously improving our bank balance.
    * Our home is less cluttered and feels more peaceful
    * We are much more aware of other people and their needs, and make decisions relating to this.
    * Our children spontaneously offer up their things for another boy/girl/family
    * Environmentally, fewer items go directly from our home to the bin or recycling.
    * Reducing trips to the shops means we have more time for other things or people.

    A year or so ago I mentioned the value of a pound in your hand is actually worth anywhere from 2-12 pounds depending on what you do with it. This is even more apparent to me now.

    I still wish that I had the energy and tenacity to have my own business. While I know that we couldn't make it work for our lifestyle right now, I am slowly forming some realistic and achievable plans.
    Last edited by Listerbelle; 10-08-2018 at 12:21 PM.

    Summer fun: continuing my Buy Nothing, Kondo-ing quest as we hurtle towards multi-generational financial freedom.
    • Kayalana99
    • By Kayalana99 10th Aug 18, 12:42 PM
    • 3,430 Posts
    • 6,122 Thanks
    Still not made a decision on BTL because tbh I can't see them giving a higher return than the one my investments made.

    I'm quite happy with what I have achieved so far this year.
    Originally posted by lessonlearned
    You know me very B2L pro but the goverment is trying to stop house prices rising to 'help people on the market' and it feels they are focusing all their efforts on B2L Landlord's atm.....

    I hate to say it, but I really do believe house prices will drop soon, and personally *right now* I would say wait it out, because the goverment are still 'focused' on LL's.
    People don't know what they want until you show them.
    • lessonlearned
    • By lessonlearned 11th Aug 18, 6:57 AM
    • 10,412 Posts
    • 65,597 Thanks
    Good morning everyone

    Kaya.....good advice there. You are right. I will wait and see.

    Listerbelle -how lovely to hear from you. I love your post, you sound so positive, upbeat and happy. I really resonate with what you have to say about simple living. This is the direction my life has been taking over the last year or so.

    It is truly liberating isn't it. I hardly ever "go shopping" now. I just dont feel the need. I have more than enough clothes, shoes, etc

    The effects of simple living are really quite astonishing. I too have found that the more I give, the more I seem to receive. The universe in balance I guess. . And of course the major benefit is more time.......

    And you are so right.....the 1 in your hand can be worth a lot more that a mere 1. It's how we spend that 1 that counts,

    Because I now live well within my means my modest income more than covers my day to day living. I have been able to take out a small mortgage so that I can buy a nicer property without depleting my capital. The capital can work for me rather than me having to dip into it to fund my retirement. I haven't had to draw down yet to supplement my pension income, instead I am able reinvest my capital and watch it grow.

    I put this down to simple living. I too am very conscious of the impact we make on the environment and try to do my bit to reduce consumption.

    Obviously when I move I will have things I need to buy, but I shall take my time. I wont suddenly go on a mad spending spree and I will continue to declutter and either sell or donate my unwanted treasures.

    Onwards and upwards.
    Last edited by lessonlearned; 11-08-2018 at 6:59 AM.
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