We're aware that dates on the forum are not currently showing correctly, and that mobile users may see some extra spacing between threads. Please bear with us while we get this fixed.
We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly, and that mobile users may see some extra spacing between threads. Please bear with us while we get this fixed, and see Site Feedback for updates.

£10,000 to £1,000,000 in 6 years - Journey of a Chronic Income booster

chronicsaver
chronicsaver Posts: 113 Forumite
edited 23 May 2015 am31 7:15AM in Boost your income
Hi Everyone,

I'm 24 years of ages, have a decently paying graduate job and have set myself this audacious task of making a £1,000,000 by 30. I plan to document my progress on here so please feel free to ask questions! Currently, I have about £10k in the bank and plan to build it up a variety of ways. I live at home with my parents, so it gives me the flexibility of being able to take on risk. Wish me luck! :beer:

Update: Total extra income / savings (excluding work income) since April: £4202.89 (as of 21/05/2015)
«13456721

Comments

  • chronicsaver
    chronicsaver Posts: 113 Forumite
    edited 1 March 2015 am31 7:48AM
    Let's get the ball rolling!

    This week profits:

    Spreadbetting - £92
    Tutoring (2 hours a week) - £40
    Stocks and Shares ISA - £290 (unrealised) One of my shares rocketed this week!
    Matchbetting - £40
    Work income - £250 (I save £1000 a month from my income)
    Cashback - £37.84 (unrealised)

    Total = £749.84

    I'd call this a fairly mild week tbh, but money is money I guess!
  • asajj
    asajj Posts: 5,125 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Rampant Recycler
    Well not sure what you do for cashback but it requires spending. So rarely a profit.
    Good luck with your task though, not sure whether you will live with your parents forever though ;)
    ally.
  • asajj wrote: »
    Well not sure what you do for cashback but it requires spending. So rarely a profit.
    Good luck with your task though, not sure whether you will live with your parents forever though ;)

    Thanks! I work as a Management Consultant so all my travel, hotel etc is paid for. You've got to pay for it yourself before you can claim it back via the client or company. Henceforth, when I'm booking hotel or travel, I'm not spending my own money in effect but still get the cashback - if that makes sense :D
  • Wizzbang
    Wizzbang Posts: 4,716 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Rampant Recycler
    Thanks! I work as a Management Consultant so all my travel, hotel etc is paid for. You've got to pay for it yourself before you can claim it back via the client or company. Henceforth, when I'm booking hotel or travel, I'm not spending my own money in effect but still get the cashback - if that makes sense :D

    Wise move! I once saw on TV that supermodel Erin O'Connor downgrades all of her hotel rooms to the most basic she can find, even though she gets the money for top class. Savvy lady!
    Minimalist
    Extra income since 01/11/12 £36,546.45

  • asajj
    asajj Posts: 5,125 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Rampant Recycler
    Thanks! I work as a Management Consultant so all my travel, hotel etc is paid for. You've got to pay for it yourself before you can claim it back via the client or company. Henceforth, when I'm booking hotel or travel, I'm not spending my own money in effect but still get the cashback - if that makes sense :D

    Yeh it does :P
    ally.
  • Sugarplum634
    Sugarplum634 Posts: 1,047 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    Is your work income actually savings after deductions and living expenses?

    It's a good aim to have.. but so is owning your own home/renting and living independently from your parents. I'd be doing that first before the rest, if I was you.
    Make £520 a year in 2020 so far (£0 cash £0 AGC)

    (2019,£481.69) (2018, no idea!) ( 2017 £673.20) (2016 £800.97) (2015 £791.42/$312)

    Penny challenge: 21/366 (66.70/671.61)
    NSD 7/150
  • Is your work income actually savings after deductions and living expenses? *

    It's a good aim to have.. but so is owning your own home/renting and living independently from your parents. I'd be doing that first before the rest, if I was you.

    * Thanks, I'll factor that in.

    You've got it the wrong way round IMO. Firstly, I'm hardly ever at home so it makes no financial sense to buy or even rent a house. Secondly, my personal view is that you build a foundation for yourself financially before you start making massive decisions such as buying a house, particularly these days with house prices the way they are in London.

    I've spoken to enough people about this topic, and most have told me of the stress that comes with mortgage payments and rent. Each to their own, but I'm sticking with my guns.
  • COOLTRIKERCHICK
    COOLTRIKERCHICK Posts: 10,510 Forumite
    1,000 Posts Combo Breaker
    edited 1 March 2015 am31 8:05AM
    I agree whats the point in putting the responsibility of a owning your own house around your neck, when at the moment there is no need.


    it sounds as though when you say you live at home, actually its just a 'base' for you.. so I should imagine with travelling with work, and socialising you are not there much ..


    even if you don't reach your target, you have aimed to do something, so have got a focus point in life... the income, and figures you talk about is way above most people to achive.


    I have got a calculator, so 1 million over 6 years? if we broke that down,


    how much would you have to save per year?
    then break that down to how much per month?


    and then how much would you have to earn/save per day??


    would be nice to know lol


    edit... ok if I just worked it out properly for you to have 1 million smack-a-roonies in the bank in 6 years, you will need to earn/make a after tax profit of £456.62 a day..


    and if you want to have a 100k in the bank in 6 years you would need to earn /make after tax a profit of £45.62


    and if people want to have 10k in 6 years then the figure would be just £4.56 per day.
    Work to live= not live to work
  • I agree whats the point in putting the responsibility of a owning your own house around your neck, when at the moment there is no need.


    it sounds as though when you say you live at home, actually its just a 'base' for you.. so I should imagine with travelling with work, and socialising you are not there much ..


    even if you don't reach your target, you have aimed to do something, so have got a focus point in life... the income, and figures you talk about is way above most people to achive.


    I have got a calculator, so 1 million over 6 years? if we broke that down,


    how much would you have to save per year?
    then break that down to how much per month?


    and then how much would you have to earn/save per day??


    would be nice to know lol


    edit... ok if I just worked it out properly for you to have 1 million smack-a-roonies in the bank in 6 years, you will need to earn/make a after tax profit of £456.62 a day..


    and if you want to have a 100k in the bank in 6 years you would need to earn /make after tax a profit of £45.62


    and if people want to have 10k in 6 years then the figure would be just £4.56 per day.

    Haha thanks. Like I said, it's an audacious task but life's too short. Going to have to think differently about how I'm going to make it.
  • COOLTRIKERCHICK
    COOLTRIKERCHICK Posts: 10,510 Forumite
    1,000 Posts Combo Breaker
    Haha thanks. Like I said, it's an audacious task but life's too short. Going to have to think differently about how I'm going to make it.


    don't forget, it get easier as it goes one, as don't forget money makes money.. I know interest rates are crap at the moment, but whatever money you earn/save will make you some sort of return..and the more money you got the more you earn..


    it took me umpteen years to get out of debt and save to buy a smallholding, ok we are back to square one now, with debt and trying to save to do the place up, so now I just go back to step one again..


    we took our eye off the ball, and got ourselves in a comfort zone, and didn't actively try and save/earn extra money.


    I never done match betting etc, I did look at it umpteen years ago, but I don't think I was in the right mindset for it to sink in, so any tips or help would be fab..
    Work to live= not live to work
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.