January summary

Well the first month of my adventure is over and I am happy with the start I have had earning £77.64. However continuing to earn at this rate means it will take me another 1073 years to complete my challenge and become a millionaire. So over the coming months I have to improve my monthly earnings substantially if I am to become a millionaire in the near future. So I have devised a plan…

Short-term plan 

I have reviewed my spending from 2006 and I quickly realised why I am not already a millionaire, quite simply I spend every penny I earn and some more. So my short term plan is to create myself a budget that focuses on me spending less than I earn. I already know that February is going to be a challenging month for my finances because I am celebrating both my parents birthdays and the girlfriend will expect something for Valentines day. This would normally be one of those months where I borrow a bit on the credit card so the goal is to avoid borrowing anything.

Medium-term plan

I need to focus on developing the website because as more people visit the site then I will start to earn more money from advertising on the site. And as this helps get me closer to my millionaire target the more people that will want to read my blog and thus begins what I will call the ‘millionaire cycle’ proving the theory that money does attract more money.

I will also need to start speculating to accumulate by risking what I have already earnt in investments that can provide good returns. The problem however is that good returns tend to mean that there is more risk involved. I also can’t afford to have money tied up for long periods of time so I will be looking for quick returns which will only add to the amount of risk.

Long- term plan

I am kind of hoping that I’ll never need a long term plan because I would like to be a millionaire soon. So for the time being there isn’t a long term plan.