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

chronicsaver

Susan1962 wrote: »

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!

Apologises for my delayed response Susan.

1) I've seen the website before - it's given me a lot of great ideas actually.

2) I do need to trim back costs a bit. Atm, I'm currently reassessing a lot of my costs and thinking of ways I can cut back without compromising the fun in my life

chronicsaver

Hi All,

Hope you've had a great week and that you exercised your civic duties in the form of a ballot.

I've had an absolutely horrendous week savings wise. I've only managed to chalk up £210.31 By my standards that is horrendous. The only good thing I can say though is that I've got an unrealised gain on my stocks of £387 so here's hoping for some more upside on that front in the coming weeks and months ahead. So yh not a great start to the month tbh.I basically made some major losses on the DAX sell off £360 or so in total. I eventually brought those losses back otherwise without them i would have been £600 odd up in savings for the week.

Other than that things are going well

chronicsaver

Hi Everyone,

Hope you're having a lovely week. My Profit/savings for the week: £742.39 (excludes work income). Marginally better than last week but not overly, but still happy with it. Mixture of financial trading and matched betting. Also regular £250 from work savings and a refund which I've decided to put into savings. My stock portfolio is currently @ +£639 but I'm going to let it run till i hit my target profit which is around £2000.

We've still got a day left so I guess I can still improve the figure, but I've got a work charity day which i'm running tomorrow so probably won't have time to trade the markets. Still significantly below my target as well, but we'll try and get it up before the end of the month!

I'm going to try and up my savings for the week as well because I think I can. I always have quite bit left over at the end of the month as well.

Any questions, let me know

chronicsaver

Just in case some of you think I'm lying...

There is a -£164 loss on the other side just cba to printscreen it all.

atm for the month and a half I'm up in savings of about £3335.44. Please note this excludes my work income.

If anyone wants to try spreadbetting / trading please learn it. While highly risky, if done correctly you can be very profitable.

Broken_Biscuits

another good week.
well done.

out of interest, is your job in any way linked to the finance/investment sector?
mine isn't. In fact most of the people in my team havnt even signed up to the work pension though for just 1.5% contribution there is a fairly generous contribution from work. Free money being ignored by the masses!

i'm still quite wary of spread betting. I like the knowledge that with my investments, the worst that can happen is i lose what i put in. Now that would be pretty extreme. But with SB you can lose more than you invest. its working for you, but im sticking with a balanced portfolio.

chronicsaver

Broken_Biscuits wrote: »

another good week.
well done.

out of interest, is your job in any way linked to the finance/investment sector?
mine isn't. In fact most of the people in my team havnt even signed up to the work pension though for just 1.5% contribution there is a fairly generous contribution from work. Free money being ignored by the masses!

i'm still quite wary of spread betting. I like the knowledge that with my investments, the worst that can happen is i lose what i put in. Now that would be pretty extreme. But with SB you can lose more than you invest. its working for you, but im sticking with a balanced portfolio.

Thanks a lot brokenBiscuit and good to hear from you again!

Why don't you encourage your team to sign up? As you say - it's free money!

My job is kind of linked to the financial sector. I work for one of the Big 4 accounting firms, but I work within the Management Consultancy function. The firm I work for is under the bracket of Financial Services but I don't really deal with FS clients. If that makes sense :S

And it's about what works for you! If you're happy with your current portfolio then stick to it. Don't play with what you don't understand. And as you say, SB can be very risky if you lose you're rag with it.

Broken_Biscuits

one girl was paying the standard 1% into her pension. After a chat with me she upped it to 2.5% to get the company pay in of an extra 6%.

the next month her car broke and she was moaning about how she had to find the money knowing she a few quid less in her pay packet on top of this.

I would say people are not thankful generally when it comes to financial advice from friends.
if you helped someone make a profit they would most likely go away thinking something like "yes, you showed me how/where/why but i actually did it. Im making this money". While if they make a loss its more like " you did this to me. Its your fault!"

if people ask me what im doing. Im happy to talk about it. But usually wouldn't encourage people to follow my lead.

there's no helping some people!!

Broken_Biscuits

chronicsaver wrote: »

Don't play with what you don't understand. And as you say, SB can be very risky if you lose you're rag with it.

That's pretty obvious not to mess with what you don't understand. I would say there are a quite a few things i have looked into over the last few months, do fully understand them but still didn't invest.

risk tolerance is more of a factor than lack if knowledge. But also we as individuals only have so much capital. You cant invest in everything even if you wanted to. Then i guess if you got to a point where you had more capital than you ever needed... Why bother investing at all? You don't need the extra interest/ risk.

this

http://www.propertymoose.co.uk/

is the closest i got to investing in something alternative lately. But stopped myself. Its very new, but i like the idea and the people behind it.
will wait a year or so, see how it pans out. Ive done quite a bit of research on it... Happy with ratesetter at the moment but will need to diversify a bit more down the line.

[Deleted User]

Just subscribing to this thread and thank-you and good luck with you're quest.

chronicsaver

Deleted_User wrote: »

Just subscribing to this thread and thank-you and good luck with you're quest.

Thanks a lot