100k challenge: To be achieved before August 2013

WorkSavePartayy

Hi everyone thanks for clicking on my thread. As the thread title explains my challenge is to have a net worth of £100,000 by the 29th July 2013. If I achieve this goal I will have enough money for a deposit for my dream house in the UK. This total is ambitious but definitely within reach if I save very hard. I am currently working in Australia and will be until my visa expires in July 2013, I am 21.

I currently have 5k invested in the stock market (lost 10k last year, ouch!) and 4k in cash, I own a car but it is probably worth 10 pence lol:D. No debt. I intend to put all money earned into a saver account which is paying 5.75%.

My main challenge is to find employment when my current contract finishes in about 6 months time. I expect I will be out of work for 4 weeks, any longer would start to hurt my chances of achieving my goal so this will be the most important time of the whole challenge for me!

Hopefully this journal will help me reach my goal, there are so many inspirational posts and people on here I believe with the help and support of you guys anything is possible, In return I hope I can help others achieve their goals.

life_nit

:T good luck

kharne

WorkSavePartayy wrote: »

I currently have 5k invested in the stock market (lost 10k last year, ouch!)

Just out of interest, how? And are they paper losses or realized losses? Good luck with your goal anyway

Lokolo

You're going to have to make better investment decisions if you've lost 66% over a year.

lvm

How exactly are you intending on saving £100k in 18 months? About £5k a month!

Do you have a plan?

rictus123

Unemployed and planning to save £5k a month? I was riddiculed for saying i would save 50% of my salary.

Sparkle21

To be fair, he doesn't say he is unemployed but a contract worker (very different) and if this is in the mining industry then it's probably very lucrative!

Good Luck!

WorkSavePartayy

kharne wrote: »

Just out of interest, how? And are they paper losses or realized losses? Good luck with your goal anyway

It was mainly small cap oil and mining companies that cost me big time. A bit of spread betting too. Lesson learnt though from now on I will only be investing in blue chips but not now as the markets are very volatile.

WorkSavePartayy

kharne wrote: »

Just out of interest, how? And are they paper losses or realized losses? Good luck with your goal anyway

Oh and half is actual loss half is just paper

WorkSavePartayy

Sparkle21 wrote: »

To be fair, he doesn't say he is unemployed but a contract worker (very different) and if this is in the mining industry then it's probably very lucrative!

Good Luck!

Yep sparkle you've got it. I work in the mining sector so the salaries are good. There is no doubt this will be tough but my outgoings are very low which gives me an advantage. My rent is only £200pm as I share a house but more importantly I am away at camp for 4 weeks at a time and during this time I have no outgoings. On my week off I just have petrol costs, food and a bit of spends so I think I can save the 100k.

amistupid

WorkSavePartayy wrote: »

It was mainly small cap oil and mining companies that cost me big time..

Unlucky old chap I've just made 73% paper profit on one in the last six weeks.