Millionaire Challenge

A question about : Millionaire Challenge

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

Best answers:

• I don't think you are mad. I think you can definitely do it if you have the right ideas and work hard.
  My problem is the idea. I am prepared to put in all hours of work but I don't have any ideas.
• Sounds interesting.
  Not quite at the ripe old age of 27 yet, got a couple of years to go, but I have also achieved most of my "main goals" that I have ever set myself.
  decided when I was about 16 at school that I would own my own property at 21 and then a month and a half after turning 21 I got my keys to my new pad! The same day as my last exam at uni, another goal.
  I was wondering what my next challenge should be and decided that rather than being a millionair that I would set a target to retire from my 9-5 style job at the ripe old age of 40, I have since considered 50, a realistic and an achievable target if you like. At retirement I would kick back by starting my own small business, which is what my parents, uncles & aunts and Grandparents have done so I have the background for it.
  However upon hearing your plan I am now intrigued, go for retirement or a million? decisions decisions.
  Just to through a curve ball would you accept success if you won a million on the lottery or premium bonds or something similar?
• Oh just a thought, anybody wanting to accept the millionaires challenge may wish to read "Think & grow Rich" I have unfortunatly never read the full book, as I just get so far through and end up getting distracted with busy life. However it gives a guide on the principles of succeeding in becoming rich or achieving big goals.
  Also reading the "richest man in babylon" would be a good idea too. Infact I think everybody should read the book as its pretty short so their is no real excuses and gives some basic ideas on how to manage money and help yourself become financially better off and enjoy life as well.
• One question for you. Is this challenge for Ј1million cash rich or would it also include any money you have in properties etc?
  The only reason I ask this is because it sometimes makes me wonder when people say 'oh so & so is worth x amount', does this mean they are sitting on that tidy sum in the bank or tied up in properties etc.
  Good luck with the challenge anyway. I always just say to myself that rather than be a millionaire I would just like to live a comfortable lifestyle not worrying about bills & just being able to go to Florida any time I like (my favourite place in the world)
• You need to stay focussed, no distractions. Avoid so called "Financial Advisors" at all costs and any other managed investments, even pensions which, at your age, may be left until much later despite the conventional wisdom. All such schemes are designed to benefit others at your expense and your meagre returns will be eaten away by inflation whilst the managers of them grow rich rather quickly. I would also consider a move to a low tax country.
• I might need to start saving after reading this.
  My Ј1 on the lottery each week just is not going to get me there!
• This is a fantastic thread and right up my street!! I play about with calculators etc and put in if i save between my birthday next month and my 25th, 30th etc how much small sums will become. For example i turn 21 end of next month. Ј250 a month at 3% net interest for 14 years(until im 35) is nearly Ј53k. Just as sort of back up savings. An extra Ј150 a month on that and until my 40th is just over Ј124k. This is along with me wanting to be mortgage free house im buying soon(at about Ј120k) and almost mortgage free on my second home(prob nearer Ј200k)
  Very long term but start now and reap rewards later.
• Firstly WOW! What a positive collection of responses!
  I realised after logging off last night that I hadnt put that I currently have approx Ј20000 debt and a very small 46k mortgage so thought I may get a bit of a hammering for seeming to be showy (IYKWIM)
  So wow again! All of your suggestions etc are brilliant. I too play with calculators and have EVERYTHING on spreadsheets.
  I have a spreadsheet for my bank account and as soon as i withdraw/pay in/debit etc I put it on my spreadsheet so I never go overdrawn(not foolproof as it has happened) so I have a good idea of where I stand
  I also have a sheet on said file that shows monthly bills, monthly income and debts.
  This time last year I had approx 30k of debt so I have seen just how much I can achieve to bring it down below 20k
  I am now upto Ј201 in my savings but this is going to be an elastic Ј201 as I will need to use the Ј200 for a bill at month end but figure 2 weeks in savings is better than 2 weeks in current account
  With regards to assets etc, the rich list only uses public assets (as in things we can see and not private bank accounts) so think property etc will be counted. and with that in mind 3 good houses may well get the million status????
  I have retrained this year as a decorator and currently work 7 days a week.We spend around Ј20 a week on shopping (2 adults 2 children) by going on the market for fruit and veg (Ј10 for bananas,apples,pears,pineapple,tangerines,carrots, potatoes,onions and the occasional pepper etc and Ј10 on whoopsie bread, 2 x 8pt milk,butter etc) we do get tax credits but not much and have normal childcare costs, rent, c/tax etc.
  **for the observant of you, we have a mortgage on a property that we rent out and we subsequently rent a house in a better area which adds Ј200 onto our monthly living costs but we dont smoke, drink, buy designer clothes, buy takeaways,buy branded goods etc so its our luxury
  I do genuinely believe I can do it as I overpay the mortgage on the house we rent out which means I will have it paid of quicker thus having assets.The house is prob valued at around Ј60k in current climate but in 13 yrs who knows??
• Jacka87:
  Just to through a curve ball would you accept success if you won a million on the lottery or premium bonds or something similar? (couldnt quote properly)
  I have probably done the lottery about 5 times in my life, I do feel it would be a bit of a cop out but the challenge is to get to a million so I guess it would count??? I did put euromillions on yesterday and won Ј0 haha
  Between April 2010 and April 2011 I was working 3 jobs and going to college so I am well aware of how hard graft it is.
  I have today had a meeting with an accountant that is going to start doing my accounts and knows of my millionaire challenge. He didnt think I was mad so if the numbers guy doesnt scoff its good news hey?
  I was thinking of blogging but I dont want people assuming im rich or to make myself a target, as another poster said, its ok saying someone is worth such and such an amount but if its all tied up in assets its not like you have the cash to hand over but is it worth risking making yourself a target? I do however hope that it gives other people in debt or with ambition a little encouragement....
• This is a great thread and you arent the only one that would like to retire age 40-50
  A million Ј is not what it used to be and in assets I reckon is definitely an achievable target.
  To have a million saved in the bank by 50 could be tough unless you really drop on a clever idea or work yourself to death for the next 30 years.
  I am currently 27, married, homeowner, working both employed and running a small business. Its great to see your bank balance rise, its almost like a game which makes working more enjoyable.
  I will be more than happy with 250k savings + a nice home by the time im 50.
  I suppose there are a few rules to follow:
  -Dont waste money for the sake of it, its easy to go blowing it all when your having a good period.
  - Save everywhere you can. My wife laughs at me when we go shopping, i wont buy anything that i consider to be overpriced, even if its a matter of pence. Friends call me tight :-D, il re-use a postage stamp if it hasnt been franked.
  - Learn as much as you can in life. The more you know about the world the more money you will save; do your own diy, your own accounting, repair your own cars. One things for sure, you will never be bored.
• This is a great thread!!
  I'd like to do the same but through an idea, be it a business idea, product idea, gap in the market idea and watch it grow into something massive!! that's the plan anyway!!
  It's just finding that idea/gap/product initially!!
• 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)
  Its also knowing that Ј1m isnt what it used to be that makes me think 'why the hell not?!' When you think of it as 3 or 4 properties (mortgage free) it brings home just how achievable it COULD be.
• Well iv had some financial lessons already. Although I turn 20 soon and have a debt free date of march 2012 along with saving 10k in that time. Then its onwards and upwards. I don't think il shoot for million straight away, i could get there on my 50th birthday, I would just have to work out what to put away every year for 30 years. A million won't be that much when I'm 50 but itl still be an amount some and most people will never get near. I'm putting away 450 or so a month into long term savings...eventually I can see me using it to buy a buy to let hopefully no t long after I turn 30. What would u guys do if use wete just 20 to get rich?
• I'm on a price as of July so can make as much as I want within reason...going to try and take home 3k min then next summer shoot for 4k. Not a bad months wage at my young age however there are still many same age on thousands more. Small investments now will be big come the time I'm 30. 1k a month into savings is 120k when I'm 30 without interest rates or inflation or anything coming into it. Shorter term most iv had is 4od so aiming for that by Xmas. Lots of work on so should manage.