Our savings and investments journey

sunil1234

Lokolo wrote: »

Try and be more active on this forum and you'll soon under the wonder that is bendix (and DiggerUK, and me, and lots of other regulars )

Well I wish I had more time, sorry for not being worthy

I don't dispute the knowledge of some on this forum , but that is no reason for rudeness is it?

Wobblydeb

Well you've all been the best entertainment I've had this evening :beer:

OP, don't mind this lot - are you still around? :wave:

MoneyQueen

Wobblydeb wrote: »

Of course it is an asset in "accounting terms". Do you think that businesses don't include their premises (if they own them) in their accounts?

This is not accounting though, so it's up to you whether you include it or not OP

I am going to follow with interest, as you are very close to my own situation .... decent income coming in, and living well within your means I can really relate to what you are trying to do, and understand how difficult the shift is from comfortably off, to properly wealthy...

I have done the regular saver thing for a few years now - probably started at about your age. Then last year I started a S&S ISA - and am up about 7% at present, despite taking some horrible losses. I have managed to feel okay with the ups and downs on the stock market by putting in my spare monthly cash, NOT the initial savings. It also means you avoid the risk of mis-timing the market by not sticking £100k in all at once

I would also encourage you to think about pensions - and agree with N1AK that you don't want your £1m target to stop you thinking long term. It will actually be easier to reach £1m if you include the pension because of the extra cash your employer and the government (in tax allowances) are putting in

Hi Wobblydeb,

Thanks for your input on this thread. I am not including the house I am living in at the moment just to keep things simple. I am going to look into S&S ISAs. Till now have only saved in Cash ISAs but may not take big risks initially. I am also thinking of investing regularly rather than in lump sums so as to balance risk.

As I said earlier, I do have a pension with my current employer and I am adding the maximum I can in that. I just will not include the pension amount in my calculations for this challenge as this is my personal challenge and I want to have control of things. I am not sure if I can decide where I want to invest for my company pension so best to leave it out of all calculations. DH doesn't have a company pension so we may have to look into that.

MoneyQueen

VT82 wrote: »

I'm going to disagree and say this isn't a good ambition. Why concentrate on how much money you'll have when you are 40, rather than how happy you'll be at 40, or how happy you'll be over a lifetime?

Your narrow goal might make you less happy. Even though you don't explicitly say it, you give the impression that you would consider not having kids because it might impede your millionaire goal.

Excluding your pension means you might be less wealthy over your lifetime, as you will turn down free money, just because you won't have it at age 40. That's just pointless.

If you are not including your house as an asset, you risk not moving to a better house as it will swallow up your cash, even though it might make you happier, and be a better home for your kids. Ignoring the argument over whether or not you should include it in your personal wealth (I include the equity in mine in my net wealth), it's something worth spending money on.

I think you should try and maximise your interest, not because it will make a big difference to your wealth (it will have almost no impact on how much money you have 'at the end', compared to how much you earn), but just to get satisfaction from doing that. But don't aim for getting satisfaction by seeing a big number on a spreadsheet. That's not happiness.

Hi VT82,

Welcome to this thread and thanks for your input. Just to clarify, I never said I will not be happy or I am not happy just because I am not a millionaire yet. This is a savings and investments board and I think my thread is relevant to this board. I don't need to talk about non financial things that make me happy on this board.

As I said, we would want to have kids at some point but both of us are not ready for it yet. and this has nothing to do with finances. Though I would prefer working less when we have kids (not because childcare is expensive but because I would want to spend time with them)

As I said earlier, I have a very good company pension and I am contributing the maximum I can to it. I am just not including it in the calculations for this challenge.

I am currently happy in the house I am living in (and it's big enough for when we have kids) and unless we move to another city, I don't have any plans to move to another house. But this may change in future. I am just not including the house value in the calculations for this challenge.

This challenge is just for keeping both of us on track. I won't be any less happy if we don't reach the million mark at the end of the challenge. But it would mean we have achieved something and we have more than we had when we started and hopefully have learnt new things along the way.

Please do keep visiting this thread.

MQ

MoneyQueen

malik999 wrote: »

Its actually not really as daft as it sounds. I see nothing in any of her work/posts that she is doing this. From her subject line of becoming a Millionnaire i was expecting to read about home online business she has setup and other revenue streams she is looking at such as investments, other work, rental income, etc etc
She is not going to make £1m by calculating she spends £17 on car parts and £20 at the hairdressers.
My 'serious' advice/experience is to get her to concentrate on increasing that £4646.
I find the advice on this forum is always about cutting back, buy cheap food, don't buy newspapers etc few people ever talk about increasing income to aid investments.

Hi Malik,

Thats great advice. The first thing that I have done is to move into a new job last week which even though is not paying me much more than I was earning earlier, but I am getting an opportunity to learn new things which I can use to get a higher paying job in the future.

For me this is just a start of the challenge and I don't have a concrete plan yet.

I am looking into investments at the moment but would enter the market when I know what I am doing.

As I said earlier, I am going to spend some time every week on MB.

Another area that we are looking into is to buy property overseas. DH is an Indian and can hold property in India. But we still need to check the tax implications of that considering he is a UK resident.

I will keep on updating the thread regularly.

Any other advice is highly appreciated.:T

Wobblydeb

MoneyQueen wrote: »

I am looking into investments at the moment but would enter the market when I know what I am doing.

As I said earlier, I am going to spend some time every week on MB.

What is MB?

GavB79

Matched Betting. Laying bets to ensure a positive return regardless of the outcome. See the gambling board.

rictus123

Well....any ideas how you can increase your already good income of £4.5k a month?

Having had a quick look into in, it seems starting up on your own is the only way to get rich. You may manage it part time but its the way to make money.