MSE News: Comping success sees MoneySaver win £50k worth of prizes in five years

mjm3346

miss_devil wrote: »

Depends how many hours you work if you earning less that 10k a year you will be on the lower tax band anyway, which is not much tax at all if any. You really think you can average £10,000 a year in prizes? lol I personally don't believe you can make as much as minimum wage from competitions. Oh and if you are averaging 1 comp entry per minute it will take you nearly 17 hours to enter a 1000 to win what? approximately 1win per 1000entries? Whats the odds on that win being worth £100? Maybe long term you can get close but I doubt it. To be putting in 15 hours per week thats 60 a month you need to be making £400 a month? :rotfl: I don't believe it's doable, unless you are very lucky and fluke it :T

If you already have no need to work any prizes you get are just a bonus, you don't need to win any set amount.
All that's required to do better than minimum wage is an average £5.20 for each hour spent entering (assuming if you don't need to work your income is already using all the tax free allowance), at an average of 1 hour a day you only need £36.50 a week.

mjm3346

miss_devil wrote: »

Oh and I forgot to mention you've not included your time and effort of selling, postage of unwanted prizes? Even then you may not get what they are worth.

So really you aren't making anywhere near what you think you are.

I know exactly what I make to the nearest £, don't use rrp to value non cash/voucher prizes and have never sold a prize so no time or expenses there. I don't count time spent playing/posting on the forum as "comping" time.


There are over 130 winners on this thread, most of them have covered themselves for a good number of hours at minimum wage.

https://forums.moneysavingexpert.com/discussion/4393093

Also don't forget this thread is about someone who is averaging £10,000 a year in prizes.

brownhandbag

Would just like to point out that it is possible to work, comp and "contribute to society" without sitting in an office for 35 hours a week. People who win lots can still do other things too, which I think is what mjm3346 is trying to explain? Be lucky xxx

Credit-Crunched

mjm3346 wrote: »

Unless they want to why should anyone "work" if they don't need to?
Also you don't have to play all day on a computer 'comping' there are plenty of other things to do with the leisure time.

Let's clarify the situation.

1) Person with own private pension and other income decides to comp in their spare time, and take no money from the state. That is fine by me, I see it as bit of a waste of time, but hey ho

2) Person on the welfare, decides that instead of looking for work, paying taxes and contributing to society, sits on the computer, comping all day, winning prizes, not declaring them, and enjoying their time. That is plain wrong.

Imagine if everyone adopted the I will work if i WANT to? Society would fall apart.

To quote O W Holmes Jnr

"Taxes are the price we pay for a civilised society"

Some of us step up to the plate, others drain the system.