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

Bmth100

I love reading things like this. Best of luck to you.

On a side note, what do you private tutor? I also private tutor. I'm currently saving for a mortgage deposit, so I am doing 1 hour Mon, Wed, Fri and 1.5 hours Tues, Thurs. I charge £15 p/h, so £90 per week.

If the hours are available you could up your tutoring to hit your target faster.

chronicsaver

Bmth100 wrote: »

I love reading things like this. Best of luck to you.

On a side note, what do you private tutor? I also private tutor. I'm currently saving for a mortgage deposit, so I am doing 1 hour Mon, Wed, Fri and 1.5 hours Tues, Thurs. I charge £15 p/h, so £90 per week.

If the hours are available you could up your tutoring to hit your target faster.

Thanks a lot. Yes, I use to do tutoring, but the individual I was tutoring has long since stopped the lessons. Tbh, I also have very little time for it as I have work and want my weekends!

chronicsaver

Total
£207.60
-£33.60
-£71.40
-£87.90
-£352.50
£27.00
£65.10
£40.50
£169.00
£114.00
£85.00
£250.00
£412.80 Profit

Hi Everyone,

this isn't a summary for the week, but I just wanted to show you the perils of trading markets. I started off the week £300 up alone just on my trading account. I then got hit by the DAX sell off yesterday. As you can see, I lost -£352 in literally half an hour, purely down to my own stupidity and the other big losses is because I was chasing my losses. I cut my loss - if I left it I would have been a £1000 down lol wiping me out for the month. Before you get into this stuff, know the risks and have a sensible strategy. Luckily I'm still up £412.80 profit for the week. If you minus £250 work savings it's about £162.80.

Anyway, this lesson applies to everything in life. Just because you're winning, don't get too comfortable and think you're invincible - learn to accept you'll lose sometimes.

chronicsaver

Hi Everyone, hope you've had a great week so far.

Savings for the week: £480.20
That takes us to £2712.53 Savings for April (excluding work income)

You may be thinking that this week's figure doesn't match up to the total from last week's figure and you'd be right. Only reason is that I've added my pension contribution as well which stands at £147 per month. We're just shy of our £2777.80 target savings for the month but would have smashed it if the German Sell off didn't take so much of my money haha. Anyway, we recovered some of the losses but it was a valuable lesson nonetheless.

So what am I going to do with the savings for the month?

Well I took the money out and invested in 2 stocks the other day.

UDG Health Care - 403 Units
Telford Homes - 464 Units

It'd be long to write down my rationale for both and I doubt most of you would be interested, but I've been impressed with the earnings for these 2 companies of the past few years (based on research). I'm also impressed by the sector potential as well hence for me their good buys. That takes my total stock investment in the market to 3 stocks.

You're probably thinking "You're young, you have time to save the money. I don't I have kids, I have to pay a mortgage etc Whilst I know nothing about the latter 2 and the affect they have on your savings, I do know that you have control over your finances. You'd be surprised how much people spend on unnecessary things. If you've got a bit of spare cash lying around, pay for a service which helps you increase your monthly income. I'm not too sure what's around at the moment, but have a look there are plenty out there once you do a quick google search. This could be from fund management (investing in the market), Tipsters (there are some really profitable ones out there) and those who manage your money on trading. Even if it's just dedicating £500 or so, you'd be surprised how much you can make that grow in a a few months.

Anyway, I hope that helped and if you have any questions, I'm more than happy to answer them. Have a great Bank Holiday weekend!

Broken_Biscuits

surprised to see another good week for you this week. I know nearly everything i own has dropped in value. India has lost the mist. About 10% in value lost and so i topped this one up.

keep up the good work!

what's your net worth looking like now?
on target?

chronicsaver

Broken_Biscuits wrote: »

surprised to see another good week for you this week. I know nearly everything i own has dropped in value. India has lost the mist. About 10% in value lost and so i topped this one up.

keep up the good work!

what's your net worth looking like now?
on target?

Thanks!

Yes, this week was a bad weeks for the markets but I pretty much got saved by two sports trades that pulled in £85 & £114 separately.

And your India lost 10%?!!? This is why I tend to dislike investing in momentum markets because when they fall, they can really tank. A bit like the german market this week.

My current Net worth stands at £14,023.90 which is ok.; It'll be interesting to see how it ends up at the end of this month. If I continue on this way, by the 3 years I'll have about £97,000 which is just £3k short of my target.

esbm

chronicsaver wrote: »

100% Agree. Can't really stress how important it is at this age to save. I also think a lot of young people rush into things too much ie marriage, buying a house (with a small deposit) etc. You have to enjoy yourself though, but not on things that are fleeting/don't give you experiences. Definitely use the Mat leave to find alternative sources.

Marriage is great (obv rushing into it isn't, but if you've met the right person...!) it's the rushing into spending 20k on the day that's the prob! So many friends in debt from expensive weddings.

chronicsaver

esbm wrote: »

Marriage is great (obv rushing into it isn't, but if you've met the right person...!) it's the rushing into spending 20k on the day that's the prob! So many friends in debt from expensive weddings.

haha yh sorry. I meant being financially stable before you got into it!

Broken_Biscuits

chronicsaver wrote: »

Thanks!

Yes, this week was a bad weeks for the markets but I pretty much got saved by two sports trades that pulled in £85 & £114 separately.

And your India lost 10%?!!? This is why I tend to dislike investing in momentum markets because when they fall, they can really tank. A bit like the german market this week.

My current Net worth stands at £14,023.90 which is ok.; It'll be interesting to see how it ends up at the end of this month. If I continue on this way, by the 3 years I'll have about £97,000 which is just £3k short of my target.

hehe, in sure you can find that spare 3k down the back of the sofa or somewhere?

re India: this article i read the other day explains why im in. Not because of what they do today, this week or even next 6 months. Its about the age of their population and therefore their workforce.

https://blog.wealthfront.com/emerging-markets/

India, and brazil to a lesser extent , have so much potential for growth over 20 odd years. What happens to the markets this week isn't very significant to a long term plan.

i don't consider that im chasing quick profit with anything im invested in.

will be 50 in 17 years and that's about the earliest id start drawing down my investments if it all goes to plan. So no panic if something drops 10% today. The opposite in fact. I get the chance to top up at a cheaper price.

Susan1962

Interesting thread. A couple of points (and I hope I haven't doubled up on anything already said!)
1. If you're really keen on saving that much, there's another website I've seen which might be of interest - MrMoneyMustache.com. It's American so not all of it's useful but the guy who writes it retired a millionaire before he was 30. It obviously needs to be read with a view to the different tax/investment/health costs but the main thing is that he advocates radical methods to save money so it might be useful to you? (MSE is obviously far superior!!)
2. You've said a lot about extra income but how hard are you trimming back costs? If this is a major goal for you then maybe it's worth a few years of cutting right back and saving every extra penny.

Sorry if this seems too obvious but hopefully it helps!