Calling those with a "high" level of savings/investments! (£50,000+)

tara747

citizenkitten wrote: »

very impressive, hope you dont mind me asking but the money on ebay did you make just for selling things you already had or did you do some buying to sell?

Mostly stuff I already have!

Thrugelmir

YoungBusinessman wrote: »

A rough budget showed expenses of no more than £1200 for average month for both of us including car, van bike all insurance fuel etc. So a few months in 2013 we could have a £3800 surplus. I do agree il be here more than I am letting on...this forums are good

Make hay while the sun shines. As life is a roller coaster full of ups and downs. So never assume that tomorrow will be like today.

YoungBusinessman

Well Internet gets switched on in new house on 4th of January and il be back on a daily basis...for now I can't wait until the 15th of January the amount I am owe comes down from 6,figure to 5(£100k mortgage and first payment comes off)

This time next year I'm going to force myself into a much stronger, capital richer position.

citizenkitten

tara747 wrote: »

Mostly stuff I already have!

wow! incentive for me to get rid of stuff in my flat!

YBM - isnt living without the internet weird?

I am just currently moving bank accounts but there will be a lot of change in the new year. i need to change where i have my savings as i am just not getting the best out of them.

Shark

A tip for the future, as your wages/income increase, try to keep your spending static. If you only need £1200 a month to get by now, if your salary doubles does not mean you have to spend £2400 a month to get by, this is the downfall of a lot of society who feel they have to increase spending in proportion to salary.

Save 50% of your income and in 10 years you can work part time let your investments make up the rest of you wages. Save 75% and in 10 year you can be retired and financially independent forever.

uzubairu

Shark wrote: »

A tip for the future, as your wages/income increase, try to keep your spending static. If you only need £1200 a month to get by now, if your salary doubles does not mean you have to spend £2400 a month to get by, this is the downfall of a lot of society who feel they have to increase spending in proportion to salary.

Very good advice.

When we bought our current home in 2006, we took out a £113,000 mortgage.
We took out a fixed rate mortgage and devised a household budget that was manageable and at a stretch could be financed on one income.
Over the past 6.5 years, we've not spent our pay rises and most of our overtime, because an MSE lifestyle has resulted in us maintaining the household budget at 2006/2007 levels.

The extra income has been directed to the mortgage and it current stands at £13,000.

We still go on holiday (one year we went abroad 3 times including 2 trips to the USA) because we include a monthly payment towards holidays and depending on bargains available we can often get more than one holiday funded per year.
It is really important to have treats and enjoy yourselves a little.

In August 2010 the OH was facing the possibility of redundancy (mortgage was at £68,000), but the security of having monthly outgoings that could be comfortably financed on just my income (due to overpayments) was a great relief.
Luckily, he was able to move to another department within the organisation.
It also spurred us on to get the mortgage paid off ASAP, hence the further reductions so far.

Once mortgage is paid off by next summer, we intend to look at other opportunities to make our money work for us, and also to address the work/life balance a bit more.

YoungBusinessman

Some fantastic posts, I'm taking it all in! It is indeed weird with no internet. I can get on through iPhone but it takes ages to load, type anything and navigate about the forums. Roll on Friday, hopefully the Internet is on for a Friday night in on my much missed laptop!! As far as salary percentages go, aiming for continuous £3,000 net income PCM with outgoings of £600 a month including mortgage(for my half share everything), once van included in make it £750 a month spends plus my £500 a month debt repayments through business I will have a £1,750 surplus. Over a year that mounts up to a total of £21,000! Fantastic amount if I say so myself, and £1,000 over my sub total aim to be saved for 2013.

And that's not to say income wont be more than £3000, expenses won't be less than £750, I will be selling motorbike to get an extra low 4 figure sum in the coffers...2013 looking like its going to be a fantastic year so far and it's only 2 days in.

Insert_Username_2

My first post and subscribed. I am in a somewhat similar position (albeit with higher living costs, thanks London) and a less monthly income. However, I am on a mission to save and buy a house asap - my rent + house deposit saving > potential mortgage payments.

Will be checking in here regularly. Gl!

Herbyme

dtsazza wrote: »

The one and only thing that separated my responsible self from my spendthrift self was attitude. As soon as you realise it's not necessary to spend 100% of your income - you're saving by default. In the long term interest rates, yields and AMCs etc. matter a fair bit; but for the first few years, for the first £50k, what matters more than anything else is simply setting the capital aside.

You are so right. And I so wish I'd realised that earlier! But, like you, I have realised it, after throwing a lot of money down the drain. :eek: Now I wish I could teach it to my kids!

YoungBusinessman

Good luck to you too, the more the merrier in a quest to more or less beat the banks.