Ideas for saving 100-200k!

jimjames

mlc2009 wrote: »

yes there is some confusion and I apologise. Instead of my brothers and sister signing up, they used my account as some form of advice rather than signing up themselves. I work in the adult industry running video websites, you've probably seen a few so my income is always fluctuating

Seems this year though it's risen very fast as I have created more and more websites

which ones do you run? I'd heard it was rather tough out there at the moment for launching adult sites

Cleaver

jimjames wrote: »

which ones do you run? I'd heard it was rather tough out there at the moment for launching adult sites

I've heard that it's hard times at the moment for the adult industry.

mlc2009

Cleaver wrote: »

I've heard that it's hard times at the moment for the adult industry.

Well It's good money at the moment but yes the adult industry is suffering due to the rise of illegal tubes ( illegal tubes are websites that put full length videos on that paysite owners own, so they loose revenue )

I run legal gay tubes ( more money in gay market ) which have 2 minute promotional clips from paysites, so therefore I earn a commission every time someone signs up to their site from mine

I don't own any of the big tubes like tube8, redtube etc they are illegal tubes, but they earn millions per year

middlepuss

mlc, if you're earning at that sort of rate and generating that much surplus cash you can afford to go for some higher risk investments.

Since you are obviously a 50% taxpayer a SIPP is a must. Invested in something at the go-go end of the investment spectrum - emerging markets, technology, etc.

And of course £10,200 every year into a stocks and shares ISA invested in emerging markets perhaps.

And your extensive and well off siblings will presumably be investing their surplus earnings similarly.

A good pool of savings is useful to fall back on since you work in an industry that has lots of ups and downs.

mlc2009

middlepuss wrote: »

mlc, if you're earning at that sort of rate and generating that much surplus cash you can afford to go for some higher risk investments.

Since you are obviously a 50% taxpayer a SIPP is a must. Invested in something at the go-go end of the investment spectrum - emerging markets, technology, etc.

And of course £10,200 every year into a stocks and shares ISA invested in emerging markets perhaps.

And your extensive and well off siblings will presumably be investing their surplus earnings similarly.

A good pool of savings is useful to fall back on since you work in an industry that has lots of ups and downs.

Thanks for this advice, now my bank offers all that, I think the bank offers pension with aegon or something, is this a good idea?

Cleaver

mlc2009 wrote: »

Thanks for this advice, now my bank offers all that, I think the bank offers pension with aegon or something, is this a good idea?

No, never buy any product off your bank.

As middlepuss has said you're higher rate taxpayer and presumably you've set up as a limited company - did you get an accountant to help you out with this or do it yourself?

Cleaver

middlepuss wrote: »

A good pool of savings is useful to fall back on since you work in an industry that has lots of ups and downs.

Some of the industry is still up and coming.

mlc2009

Cleaver wrote: »

No, never buy any product off your bank.

As middlepuss has said you're higher rate taxpayer and presumably you've set up as a limited company - did you get an accountant to help you out with this or do it yourself?

I'm not a limited company yet, I've thought about it but not made a decision yet. I like being a sole trader and being able to draw out money when I need it

Cleaver

mlc2009 wrote: »

I'm not a limited company yet, I've thought about it but not made a decision yet. I like being a sole trader and being able to draw out money when I need it

You have an income of quarter of a million and you're set up as a sole trader? That's an interesting decision. Is the £250,000 figure gross or net of tax?

mlc2009

Cleaver wrote: »

You have an income of quarter of a million and you're set up as a sole trader? That's an interesting decision. Is the £250,000 figure gross or net of tax?

It's gross. Yeah a few people have said I should become a limited company, but I've only started hitting these numbers the past year, the reason why I have a lot of savings is because I didn't have any real outgoings in the past years, so I let it build up