My quest to have £100k Net Worth by 26

CKhalvashi

rictus123 wrote: »

No, car is worth about £2500 and is £1500 to insure. Maximum 25mpg.

Could easy get a van that is £1500 and £1000 to insure, saving £1500 plus most likely halving the cost of fuel as wont drive a van for enjoyment,will just use it when i really need it so just for work.

So will actually be better for me to get rid of car than to keep it.

25 MPG?

What the hell are you driving?

The SC does around 28-32, depending on what I’m doing and what mood I’m in, with a 4.3 V8 :eek:

I can get anything upto 50 from the GS and S-Maxes! You’ve just worried me a bit!

rictus123

Impreza WRX. Great fun...not so great on the wallet. Not sure what van to go for, it will most likely be an Astra van or a vw caddy...will research into which is best on fuel. Mileage on vans is so high though.

I maybe did not make it clear, i will be debt free before i move out whether i rent or buy. Well just thought alot of these are vacant so owners have already moved. Or maybe it used to be rented out and they are now trying to sell. Im just in quite a hurry to 1) Move out as soon as i can and 2) Buy as soon as i can-but really what is the rush to buy, would be better saving up plenty and putting down a 25% deposit so i have decent equity right away.

But while saving for that extra 15% to give a 25% deposit i will be paying out on rent. So buying earlier could actually work out cheaper even with a lower deposit.
My plan really is 10% deposit and overpay as much as i am allowed the first 2 or 3 years and build up equity that way. Either way that is a while down the line, i am not debt free yet.

Mot is next weekend then will look into selling car. Not to sure of any other moves i can do to save money, car is my highest expense bar debt.

rockitup

rictus123 wrote: »

I will be phoning around local printers today, my dad has said he will give it a go and do it for me so will let him give me a sample first and see if its decent enough. Most people will just throw it in the bin anyway, its only a minority will read and only a minority of that minority that will actually be interested/keep it. The 250 business cards for postage cost sounds appealing.

Yeh i will ask her as we have the stuff for it Where about is it you are right now? That is really cheap id be getting one every 2 days. Its £60 where i am - Scotland. It works out at £1 a minute.

.

I travel around a fair bit but main residence is in Philippines for last 4 years. Costs a bit more in Thailand and Hong Kong but still affordable... Won't be coming back to UK in a hurry to pay £60 an hour!

If you are getting a decent quantity of flyers done, a local printer place is best (not the high street type, look in your local business phone directory or online)
If your Dad had a Continuous Ink System Kit on his printer it would be okay but using normal cartridges is expensive.

A5 size in black & white or 2 colour ink is cheap enough if you get a decent quantity printed

atush

It will be a lot harder to pay off debt, and to save a deposit once you move out. Just a warning!

rictus123

I know...which is why i will get rid of all debt and make a start to saving the deposit...there probably wont even be propertys i want/withn price at the time anyway they all seem overpriced to me.

rictus123

Still grafting away trying to maximise income while keeping expenses down. Along way to go yet but I'm getting there and headed in the right direction. At current rate will be debt free end of August, will be looking to bring this forward to July at latest...who knows what will happen though. The thought of debt free in 6 months time is very satisfying and making me really eager to keep going. Will be clearing some more debt on payday tomorrow. Will bring outgoings down about 150 a month. Will still use it to put to debts.

ajbell

Found this, its a few years out of date but i'm surprised the figures are so low.


Wealth
The net worth information is based on data from the HMRC for 2004–2005[12] and includes marketable assets including house equity, cash, shares, bonds and investment trusts. These values do not include personal possessions.
Percentile point Wealth to qualify Percentage of total wealth owned by people at and above this level
Top
1% £688,228 21% of total UK wealth
2% £460,179 28% of total UK wealth
5% £270,164 40% of total UK wealth
10% £176,221 53% of total UK wealth
25% £76,098 72% of total UK wealth
50% £35,807 93% of total UK wealthURL="http://en.wikipedia.org/w/index.php?title=Income_in_the_United_Kingdom&action=edit&section=8"][COLOR=#0066cc]edit[/COLOR][/URL

rockitup

ajbell wrote: »

Found this, its a few years out of date but i'm surprised the figures are so low.


Wealth
The net worth information is based on data from the HMRC for 2004–2005[12] and includes marketable assets including house equity, cash, shares, bonds and investment trusts. These values do not include personal possessions.
Percentile point Wealth to qualify Percentage of total wealth owned by people at and above this level
Top
1% £688,228 21% of total UK wealth
2% £460,179 28% of total UK wealth
5% £270,164 40% of total UK wealth
10% £176,221 53% of total UK wealth
25% £76,098 72% of total UK wealth
50% £35,807 93% of total UK wealthURL="http://en.wikipedia.org/w/index.php?title=Income_in_the_United_Kingdom&action=edit&section=8"][COLOR=#0066cc]edit[/COLOR][/URL

I thought the first few lines seemed a bit low even for 7 year old statistics...

Probably changed a bit since the Revenue started having a look around the Offshore Accounts :rotfl::rotfl:

rictus123

Net worth figures are not easy to find online. A survey on the forum would just unearth a lot of pinnocios. Debt free date is august and it can't come quick enough for me. Car will be up for sale by the end of march and will get a van. Leaflets and business cards are coming this week. Maybe advertise in local paper for 3 or 4 months and see if it brings more work.

rictus123

Well debt is down from £13,600+Januarys interest to a Febuary close, including interest, at £11,579.01.
Just over £2,000 paid in Febuary. On track for an August/September debt free date. Finally get my freedom and get the emergency fund growing bigger while saving for house deposit.

Updated spreadsheet. Keeps me heading in right direction.