My quest to have £100k Net Worth by 26

Decadent_Debtor

Great to see you back Rictus, and great news on the payment! You will have it cleared in no time at this rate. Good times!

rictus123

I do still allow myself some treats, spend about 30 a week on them. Will only delay my debt free date a few weeks so worth it i think. One thing I lovr buying is lottery tickets. After all if you are not in it. you cant win it. Been looking at a couple houses as motivation...its only a short year away.

Kittenkirst

Was wondering where you had got to Rictus :-) keep up the good work; I enjoy reading your thread as it helps motivate me with my savings goals :0)

rictus123

Such great fun comes at a price, especially with fuel being around 137.9p a litre just now, cant see it being below 130 again. Iv been driving 3 years + now and when i passed im sure it was only just hitting £1 a litre. Wont be long and £1.50 a litre will be normal An older mate has an Audi Q7...can hit as low as 4mpg. So the wrx isnt that bad really!


A van will be getting bought with my self employed income to bring fuel costs down and better for transporting tools and equipment around. Maybe wont buy for another month or two though. Still a long way to go but come some way since starting this thread. Just need to keep going and get the self employed income up as high as my full time job is. Alot of work but definitly worth it and pays off. Contract is up so will be getting rid of £40.99 a month deal and getting sim only deal at £10 - £15 a month, keeping my current phone.

I will be on the thread a little bit more as it does keep me motivated and its good to get everything down. Get good advice and support from guys like you two Onwards and upwards

rictus123

£840.36 closer to being debt free after today

rictus123

Well onwards and upwards. Thought i would pop back in with an update...things are going well, work is slowly but steadly coming in. Due to todays budget i am led to believe i will pay less tax at 20% next financal year...but more at 40%. So i am infact worse off. Dont drink more than once a week and dont smoke so not effected but any changed like that. Fuel will be hitting £2 a litre soon, its a joke. I passed my test 3 and a half years ago and it was massive news of the first £1 a litre at the time.

So long as income >>>> expenses i am heading in the right direction though, right? And the more >> the better?

Taking things a step or two further with business advertising, will be expensive but hopefully the income it generates will make it worthwhile and then some. Looking at saving 25% of my (net)business income long term for reinvestment, will worry about that once debt free though!! Hope everyone is well and net worth is increasing everyday

Moist_von_Lipwig

You can check on the BBC's budget calculator to see how you faired yesterday.

You're right about the number of >>>>'s though - the more of them the merrier!

rictus123

That calculator states i am £177 up the next financal year.....but with fuel and drink rise i really doubt i will see the extra income.

I have had a gross income of £52k this financal year this far...with 1 more pay - on Friday - to complete my tax years income. I am apparently due a rebate so will phone up once i get my P60 and see what they say. According to online calculators its as much as £500.

Next financal year i am going to try and top £65k. Ok its a massive increase on the £53,500ish i will finish at this year but i really think it can be done. Work is steadly increasing, i have more or less everything i need to take on jobs outside my "9 to 5". There is 2 or 3 items i will gradually buy in the next couple of months, will cost no more than £1000 for the 3.

The aim for salary is high at £1250 gross a week but if the work keeps coming in then this can be achieved most weeks. I am loving my work right now and as i get closer and closer to becoming debt free i can start to look at what i could do with the surplus income once its all finally gone.

On the face of it i am doing tremendous, however, noone knows of my debts. I do not tell anyone anything about my finances in real life, they are my business and mine only. I lay it bare on here as its anonymous and keeps the targets noted down for me to work to. The only thing that i am pi**ed off about right now is not actually that i am in debt, is how much tax i pay. For every £1 i make right now 40p is paid straight to hmrc!! Not healthy to think about, i do think the tax should be on wealth and not income. Hope all is well and everyone is getting closer to financal freedom each day

Eco_Miser

rictus123 wrote: »

The only thing that i am pi**ed off about right now is not actually that i am in debt, is how much tax i pay. For every £1 i make right now 40p is paid straight to hmrc!! Not healthy to think about, i do think the tax should be on wealth and not income.

You won't be saying that when you have £100,000+ wealth!

You should consider paying into a pension and getting that 40% back.

rictus123

I dont know if i will be as i will be still earning as much as i possibly can. Been a good weekend, a real eye opener if nothing else. Shown me just what is out there and can be achieved if i am prepared to put the work in. I have another, bigger batch of cards and leaflets getting ordered tomorrow. Do you have to pay to be put in the yellow pages/when is it issued? I realise only a very small minority would use a yellow pages but need to exploit every possible oportunity for work and make the most of it all.

I can get things massively reduced in price through my work so may look to take as much as i can from that and sell it on. Wont be alot of profit in that but it is another oportunity for me to up my income so i will try and make the most of it.

Clocks going forward is terrific news for me and a time of year i look forward to. Now its 8 oclock at night before it gets dark so i can work right up till then, and beyond another hour or so if use appropriate lighting, depends what i am doing. I am making a right go of things and putting everything i have into it. I still have my little break to America to look forward to next month and will make the most of it as could be my last lot of time off until christams if the work is there for me to carry on.

Small steps and hope to be breaking even sometime soon.