My quest to have £100k Net Worth by 26

Moist_von_Lipwig

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!!

Because of the tax bands, that's not entirely true (hopefully)! You get your personal allowance tax free, from that allowance up to £37,400 is taxed at 20% and £37,401 upto £150,000 is taxed at 40% (These are 2011-12 values).

Assuming lots of variables, your tax for 2011-12 should be £10,810 and NI should be £4,068 which means you donated 29% of your income to the crooks in charge:( At least it's sunny today to make you feel better!:cool:

rictus123

Well 5000 leaflets and 2000 business cards will be here at somepoint this week...will have to crack on and get the leaflets out as soon as they arrive....then get more in. Work brings work so even 4 jobs from this 5000 leaflets and 1 job through that 4 and i will be happy. Only really need 2 jobs per 5000 for them to be worthwhile bearing in mind cost + time distributing. Hopefully one day it will be a memory of the start of something good. Onwards and upwards, keep spending to increase income, i am loving it. On such a high right now. Lots of paperwork, work, purchasing goods/materials etc and then more paperwork. Still its keeping me busy and preventing me getting into more debt!!

The debt is coming down quick, just not too keen on the paying back early charges i seem to get unless i pay it off in a lump sum. Once debt free i will check out my credit report and close any accounts not used etc. Phone contract is away to change from £43 a month down to £13 a month. Other than that, im trying to drive a little less due to rising fuel and my car only achieving 23mpg...definitly need a van.

tell_it_how_it_is

Best of luck anyway OP, yet I apologise in advance as, having read through some of the posts on this thread, I can't help but form the impression that you are a bit of a romancer.

rictus123

What do you mean tell it how it is? Appropriate name for you though. One day closer to the business leaflets arriving and getting them out and more work in. Will be busy all day everyday and will look forward to lunchtime Sunday for my time off. Will have a great winter this year if i do get plenty work in before then. Onwards and upwards.

rictus123

Well things have changed again. Dont want to go into the gory details. Need to get as cash rich as possible this year. So will just make the normal payments to debts and anything i can save will be saved. Should manage the £12k in 12 as im at about £2,000 now so its £1,250 a month for the rest of the year to hit the target.

Wouldnt like to say why i need to do this at this current time but once i get the £12k i will start paying the debts down again, maybe even pay in £2k chunks once i hit £12k, so balance goes down to £10k day before every payday. Will still be heading in the right direction so onwards and upwards, i will get there in the next year.

Wobblydeb

Oooooo go on, I'm interested in the gory details!

Decadent_Debtor

Hope everything is ok Rictus. You can never plan these things perfectly, but you have done exactly the right thing by clearly defining where you want to be in a few years time.

It's like any journey, you know where you set off from and you know where you want to go. If there is a bit of traffic in the way or some roadworks then you adapt and take a slightly different route, but you're still heading to the same place. It might take a bit longer but you'll still get there.

All the best mate. Keep us posted.

MoneySpendingExpert2011

rictus123 wrote: »

Well I am taking all the advice on board, thanks so much everyone. I didn't mean I wanted an x5 or simular now. I meant once I have reached a "wealthy" stage I will buy an older one. I would never buy a brand new car as wouldnt be able to bear driving off the forecourt knowing I have just lost 25% etc of my money driving out of an overpriced car dealership.

I know some of you guys are saying don't include mortgage on own home or value of own home but the way I see it is if you have equity in your home it should be included as it means you are worth that difference in ltv compared to someone renting. Obviously debt free in 10 would be great and very realistic I'd think. On a salary of 50k just now for 30 hour week, with my own work on top of this paying down a 100k mortgage shouldn't take long. Then will probably leave that as my buy to let and get forever home. I'm trying not to have the I want it now attitude and remember I will get there eventually. First to do is clear every single penny of debt off by the end of summer if possible so I can save a cash reserve by the end of the year. I will probably save up 16kish before I pay off debts so I'm not left debt free but skint. Will be looking to advertise soon to take on more work. Made 1800 extra this month, long may it continue.

rictus123 wrote: »

Yeh folks, its me again! Keep having this lightbulb moment but enough is enough. Im 19 and earning a good income yet iv not much to show for it so far! So im wanting to be debt free by the time im 20 which is at the end of June! So 7 months for me to clear it all off! Heres my SOA!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1332
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1332

You have done extremely well to nearly treble your salary in just over 1 year, in a trade and a general where most people are struggling to hold down jobs and having had their pays frozen for a few years now. £50k for 30hr week is remarkable, particularly in a remote area like yours (are you still north of Aberdeen?). I am surprised you have not set yourself an even more challenging target, with a take home of about £3k a month (just from the £50k job). I would have thought you would be saving about £2k living at home etc, probably more if you include your income from overtime and your own business.

There is absolutely no doubt that you appear to be exceptionally ambitious and I wish you all the best in your quest. I will be following your thread carefully.

Good luck