My quest to have £100k Net Worth by 26

rictus123

Agreed nfl but how about judge me on what i am doing/have done since starting this thread-since 15th of January,2 weeks ago today and not go through my 2,500 posts and go on about what i have done/said in the past. I took on the debt to increase income. Then increased income would pay off debts and a year after taking on the debt i would be in a much better position. That still applies.

newfoundglory

Exactly - and it does still apply - you are earning more than enough money to pay this debt off quickly. But because you haven't, this has left everyone very confused.

BUT if you ever hope to get there you HAVE to be disciplined and ruthless with how efficient you are with your money. And from what we've seen you aren't.

rictus123

Well iv only been on this higher wage since i turned 20, summer 2010. I used savings and the rest in a loan form to spend over £15,000 on tools and equipment. So now i have only had this debts 3 months and i am getting flamed for not having paid it off yet. If i have it cleared in the summer thats 13.5k+interest in 9 months or so? Not that bad going and surely that would show being pretty ruthless with my money? Just give me a little time to prove i will do it and then onto better times.

Derivative

Any thread in which you set a 'goal' IMO is going to attract this kind of attention.

Either it'll be a low goal, and people will poke fun at you not living at subsistence levels, or as in this case, it'll be a high goal and they'll make you feel it's unrealistic, regardless of whether that's actually the case.

darkpool

tbh i don't understand why someone with 3k in his monthly pay packet who lives at home would need to borrow 12k, especially at 23%.

so what do you do for a living rictus? i wouldn't mind 3k net for a 30 hour week.

RenovationMan

Deary me, what a nasty turn this thread has taken since I posted my "Good Luck" message. FWIW, I have also had a lot of negative attention because of the mortgage free challenge I set myself and because of the large overpayments I initially made.

Some people can't stand the thought that others have financial goals and set themselves challenges and they can't stand the thought that someone is doing much better financially than they are. Life is full of people like this, but they never have the balls to say anything like this to your face, they do get brave on anonymous forums though.

atush

Good luck Rictus, and do go over the the debt free board. They will help you get there faster.

markdebby

thought this was meant to be a friendly forum and I don't see why someone should dash someone else's hopes and dreams.
I am glad I don't post often.

Ilya_Ilyich

You do seem to have weird debt issues based on your previous posts and it's something you might need to address. From this thread..
June 2011: Owed £8,250, planning to get debt-free by Jan 2012
October 2011: Owed £7,900, planning to get debt-free by December 2011/Jan 2012
and now
Jan 2012: Owe £12,800, planning to get debt-free by July 2012.

You're 6 months on from your start point in that previous thread and £12,800 worse off than you planned to be. You undershot your target by over £2k a month. Yes there were some holidays and one-off expenses, but you still planned to be debt-free at this point. If you handle your finances responsibly it's a relatively small debt on your wage, but you must be able to see why people are concerned -- if someone on a challenge to clear their debt in 6 months manages to add £4500 to it instead it doesn't inspire much confidence that they'll do better next time round.

rictus123

Ilya_Ilyich wrote: »

You do seem to have weird debt issues based on your previous posts and it's something you might need to address. From this thread..
June 2011: Owed £8,250, planning to get debt-free by Jan 2012
October 2011: Owed £7,900, planning to get debt-free by December 2011/Jan 2012
and now
Jan 2012: Owe £12,800, planning to get debt-free by July 2012.

You're 6 months on from your start point in that previous thread and £12,800 worse off than you planned to be. You undershot your target by over £2k a month. Yes there were some holidays and one-off expenses, but you still planned to be debt-free at this point. If you handle your finances responsibly it's a relatively small debt on your wage, but you must be able to see why people are concerned -- if someone on a challenge to clear their debt in 6 months manages to add £4500 to it instead it doesn't inspire much confidence that they'll do better next time round.

On from that thread i am in a much better position now. I agree it looks worrying but deep down iv changed a fair few things since that thread. Income is up £500 net for a start. I now have 5 figures worth of tools and equipment enabling me to do my job in my own time aswel as 9-5. I no longer have car on finance(was owe £2000 more than car turned out to be worth and costing £240.30 a month)

Look at the top line. Would like to be debt free by July 2012 and gives me a year to save deposit, fees etc and move out. Very doable id still say. There is too many people dragging up the past. So im going to let this username rest, come back in a much stronger position.