Saving 50%salary

Reaper

livilove wrote: »

What about Chinese companies shares, they are growing like so muchhhhhhhh. . .?

Actually not. Over the last year the average fund investing in China dropped -7.7% in value. They had boom years but they have run out of steam recently and there was much debate whether the economy was heading for a "soft landing" or a "hard landing", and most of the signs so far is that it is going to be a hard landing.

Personally I sold out of China some time ago, but if you do decide to invest you could consider the fund I used to use which I think is well run:
http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=QIF55&univ=U
It invests in China and Taiwan.

livilove

Went for retail therapy, winter shopping-picked everything I liked then just before going to check out, returned the duplicate , similar, extra, things, so it was a shopping to meet needs but not craze- it will help to keep cupboard decluttered too.
Packed lunch 90% time.
Isa now 750(-80)
Saving account 300(-200)
Total saving £770

£15 up from the target of £755.
reason: salary increment £20. Next month some bills to pay so it may be down but hopefully no winter shopping so still chance to meet the target.
Woohoo. I am doing all right.
Xmas is coming and there will be hole in this pocket. I will put some jewlery on eBay for double price and see if people will buy it or not.
If I sell it , this will bring the cash that I need to cover Xmas. If no, then does not matter because I myself will have it anyway.
Target date :13/10/2012.

money does not grow on trees, it's money plant .

livilove

I know of a chinese English school new oriental Education and technology group is doing fine. I don't know though how to buy the shares of that school. Anyone with financial bg have an opinion/advice?

livilove

Update after 10 months.

50% saving target intended but just 42% of salary was achieved.
Saving measures taken
Packed lunch
Walking to work
No retail therapy
Cheap holidays, planned myself.

From 6/10/12 to by now planned savings 8525 @ 50% salary saving.
Actual savings

Isa 6500
Holiday pot. (Savings account) 200

Total savings 6700.
1825 less amount than expected. Reasons

£1000 laptop(personal use)
£200 holidays to York .
£300 gifts Xmas.
£325 unplanned home improvements.


Still moving on to achieve the target of living below the means and saving 50% of salary.

Fishingtime

What a great idea saving 50% off your wages so that you can retire early.

So for the next 20 years you scrimp and save, and then you retire and as you only have the same amount of money to spend as you did before you retired,
Then you have to spend the next 20 years scrimping and saving

Sounds like a great plan

psychic_teabag

Have you come upon the http://www.mrmoneymustache.com/ blog ? He's a fan of frugal living, and investing 50% of income to achieve early retirement.

Reaper

livilove wrote: »

£1000 laptop(personal use)

It's a bit late now but did you need to spend that much on a laptop? I find most people use only a fraction of its power. Second hand would be cheaper, or a new Core i3 for £336, or if it is just for spreadsheets, word processing and browsing and you have WiFi connections available then you could buy a brand new Chromebook for around £200-300.

drbraindead

I also hope to retire early! I have a slightly different game plan though.

After I have I saved for a deposit to buy my first house next year, I will then start saving for other houses to buy.

EG: Once I have around 5 properties, I'm sure I could semi retire and live off the rent income as well as other projects.

Houses in the North East are relatively cheap, you can buy houses as cheap as 30k.

Paying off my own mortgage early would also be a good idea.

wannaberichbtch

I also aim to save 50% of my pay monthly, I like the idea of working for 2 days pay instead of one,I think the first year is hardest as you need to adjust your mindset, and it takes imagination and effort to find things you like doing which are no or low cost when you have been brought up in a consumer satured society, but the rewards are defintely worth the effort.

lawriejones1

drbraindead wrote: »

I also hope to retire early! I have a slightly different game plan though.

After I have I saved for a deposit to buy my first house next year, I will then start saving for other houses to buy.

EG: Once I have around 5 properties, I'm sure I could semi retire and live off the rent income as well as other projects.

Houses in the North East are relatively cheap, you can buy houses as cheap as 30k.

Paying off my own mortgage early would also be a good idea.

It won't necessarily work quite that simply I'm afraid, if it was, everyone would be doing it. Becoming a landlord carries with it numerous responsibilities and, the more properties you have, the more expensive it is to be a landlord.

Also, having all of your money tied up in assets like property makes it hard to access - what happens if you ever run into any problems in your life that you need money for?

My view would be to balance your risks and rewards, investing in property, pensions, stocks and shares and traditional, easy access cash accounts.