£10,000 to £1,000,000 in 6 years - Journey of a Chronic Income booster
Comments
-
that's a decent saving in a month. Well done.
still massively under your own target though!
you will need to double your efforts to get to the recently re-revised target of 100k in 3 years.
was 1m in 6 years. Then 1m in 10 years. Now 100k in 3 years. Which one are you going to move next? Lower the target or up the saving? Second option please.
.. You can do it!!
just had a little count up myself and ive added 4500 to my net worth in 3 months. Im aiming for 100k in 5 years, so only a little off target. 20k a year target but only the equivalent of 18k there if the next 9 months are the same.
im sure i can squeeze another £2000 from somewhere!?0 -
Broken_Biscuits wrote: »that's a decent saving in a month. Well done.
still massively under your own target though!
you will need to double your efforts to get to the recently re-revised target of 100k in 3 years.
was 1m in 6 years. Then 1m in 10 years. Now 100k in 3 years. Which one are you going to move next? Lower the target or up the saving? Second option please.
.. You can do it!!
just had a little count up myself and ive added 4500 to my net worth in 3 months. Im aiming for 100k in 5 years, so only a little off target. 20k a year target but only the equivalent of 18k there if the next 9 months are the same.
im sure i can squeeze another £2000 from somewhere!?
£1606.10 Just for April alone - we're only 2 weeks into April. If you multiply that by 2 I get £3212.20 forecatsed for this month. If you then multiply that by 12 I get £38,544 in savings a year. Multiplied by 3 £115,632 over the course of 3 years and that doesn't include interest earnt/money from stock market (which could go down of course!). This is all obviously just a forecast and maybe well off. To think I'm not really even trying that hard with it, that's a decent return for me but as you said, I could be doing A LOT more! So for the moment still on track!
And nice work! Keep it up - Retirement coming soon enough!0 -
ah, you kept referring to it as march's money even when i pulled you up on it. So assumed you were working on a pay day to pay day basis.
pay day for most is in a couple of days on 25th.
glad you have joined the rest of us in April now.
being able to time travel would make timing the markets a lot easier though!0 -
Broken_Biscuits wrote: »ah, you kept referring to it as march's money even when i pulled you up on it. So assumed you were working on a pay day to pay day basis.
pay day for most is in a couple of days on 25th.
glad you have joined the rest of us in April now.
being able to time travel would make timing the markets a lot easier though!
You're right! My apologises!0 -
As Promised. Hopefully we can get to our benchmark for the month. As you see with my trading account, I don't trade often - only really trade when I see an opportunity. No opportunity, no trade. Biggest reason why people lose is that they over trade.0 -
You'd prob be interested in mrmoneymustashe.com
Similar to what you're talking aboutLBM Sept 2012 ~£44 Sept 15: £~5233
£10/day May-Sept: £609.04 Oct: £19.255/£300
Sell £1000 challenge £330.64/£5000 -
-
It is. I'm 27 and just beginning to get to grips with this stuff. Unfort on the back foot with 12k of debt left and a baby on the way, but going to use my mat leave to get making money that I'm not earning working.
Too many people (the majority) our sort of age just don't even think about this stuff...LBM Sept 2012 ~£44 Sept 15: £~5233
£10/day May-Sept: £609.04 Oct: £19.255/£300
Sell £1000 challenge £330.64/£5000 -
It is. I'm 27 and just beginning to get to grips with this stuff. Unfort on the back foot with 12k of debt left and a baby on the way, but going to use my mat leave to get making money that I'm not earning working.
Too many people (the majority) our sort of age just don't even think about this stuff...
100% Agree. Can't really stress how important it is at this age to save. I also think a lot of young people rush into things too much ie marriage, buying a house (with a small deposit) etc. You have to enjoy yourself though, but not on things that are fleeting/don't give you experiences. Definitely use the Mat leave to find alternative sources.0 -
Hi everyone,
Hope you've had a great week and that you're enjoying the sun! The month's nearly up and it's been really good in terms of external gains. My total savings for the week = £357.71. (£250 savings a week from work and the rest betfair and IG index - trading). That takes me to £2085.33 in external savings outside of my work income for April. Still have a week to go and only £700 off my overall target a month.
I would post the evidence as I've done in prior posts, but I cba tbh - hopefully you believe me by now!
My IG trading account started off a tiny bit bad this week - lost £44 on FTSE, but then recovered gains on the DAX (made £29, £6 and £91 or so.) and of course betfair has been very kind to me.
I think one of the main reasons I've been able to save so much is because I take risks. However, the key difference being when I make the money I never increase my risks, I keep it the same and consistent. I try to never get too profit happy! And as I've said before, it's all about risk reward!
I'm going to get all the money I've accumulated this month, and probably think about a stock I want to invest in for quite sometime now (Essentra PLC). I've moved my money/saving out of Europe as it's pretty volatile at the moment - a lot going on with Greece etc. Until that calms down, I'm just going to keep the cash.
Any questions/advice - let me know!0
This discussion has been closed.
Categories
- All Categories
- 343K Banking & Borrowing
- 250K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.1K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards