Hi guys ! I'm new to the forum - I listened to the millionaire Fastlane audio book and realised

[Zac_UK]

Hi Guys,

I'm 38 from the UK, in 2019 I decided I wanted to be a millionaire before I reached the age of 40, luckily I'd already made some reasonably good decisions earlier on. Whilst I was working as an engineer in R&D in 2014 I set up my own company with 2 colleagues designing electronics and software for clients developing new products and technology. We did ok and made some good money, I eventually left my job and worked on my own business. I then set up another business with another partner building electronic control systems for industrial machines and electric vehicle lithium ion battery test systems, again we did ok but we were doing most of the work.

The problem was that these weren't scalable businesses, as a design consultancy we were the business and hiring highly experienced engineers to do our work for us would have taken most of the profits, we outsourced some PCB assembly and bits and bobs to get some leverage but not the best model.

I started investing in Rental properties in 2018, buying under market value, fixing them up, re-financing and renting them out. This was a good place to invest my modest money from the other businesses.

I've now got 13 houses, most of these are normal rentals but 2 I've only just bought and I'm refurbishing them to be holiday lets. These houses are all on buy to let mortgages so I don't own them outright. More recently I've been doing some consulting work on batteries for Electric Vehicles, but still have the other businesses and do projects through those as and when.

Listening to the millionaire Fastlane I realised that I was what MJ described as a money chaser, who has various businesses chasing money rather than focusing on one. It takes a lot of effort keeping on top of the 4 businesses I have (and other projects and patents, and doing a PhD), and I do feel sometimes that I'm running round a lot and not getting anywhere. This made me think really its my property business that has built me the most net worth so I should focus on this more.

I've realised I got comfortable and took my foot off the accelerator pedal, I had a good look at my financial situation and found that I'm worth about £700,000 (basically my property equity minus all debts etc...) and that if I leave my property portfolio to appreciate in value and don't do anything else it will be 3 more years before I'm a millionaire (missing my 40 year age target)

So I thought I'd join the forum to increase my momentum and try to accelerate my gains.

Sorry for the war and peace intro but that's my situation.

 

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[MJ DeMarco]

Exituni opvsu Bedj hsiev vu jewi epuvjis ipvsiqsipias jisi op vji vsipdjit hivvoph tvagg fupi.

£700,000

Vjev't piesmz $1N ATF og zua xepv vu veli e tjusvdav, tu emnutv vjisi!

 

[Zac_UK]

Exituni opvsu Bedj hsiev vu jewi epuvjis ipvsiqsipias jisi op vji vsipdjit hivvoph tvagg fupi.



Vjev't piesmz $1N ATF og zua xepv vu veli e tjusvdav, tu emnutv vjisi!

Vjeplt NK, cz vji xez Ovt exituni vjev zuas jisi up zuas gusan. O’wi motvipif vu e gix ug zuas opviswoixt epf zua emxezt tez zua dep ci guapf up vji gusan cav vu ci jupitv O vjuahjv “zie sohjv” ji’t katv tezoph vjev.

O civ Sucisv Lozutelo jet piwis iwip muhhif opvu jot gusan.