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

droopsnoot

Don't get excited about the OPs blog - it hasn't been updated since April 3rd. It's a pity as it sounded like an interesting one, maybe OP will come back at some point and update the thread or blog.

Credit-Crunched

mickaveli2001 wrote: »

Personally, I'd be investing the money into either bullion or property. Agriculture is always good, but those 2 things would be a safe bet. You can procure 1,000,000 in digits but understanding how banking works (whatever you have in the bank isn't really yours, but simply their 'promise-to-pay' you that amount) it could be rendered worthless at any time

Gold excellent idea - needs to be insured, could be stolen, holding costs if kept secure, exposed to volatility of supply and demand

Property - another great idea, CGT, IHT, income tax, non paying tennants, repair, refurb costs, insurances etc.

If you are under the FSCS amount, it is not rendered worthless, but backed by the government. A house could be rendered worthless if burnt to the ground, or severe subsistence, or a prison built next door.

I would advise a balanced portfolio of single company shares, investment funds, some fixed interest securities, property and then some assets such as bullion etc

chronicsaver

All,

sincere apologises that I've not posted in a very very long time. Been very busy with work and have just completely forgotten about the thread. I didn't realise that there would be a lot of interest in it too. Honesty where honesty is due...but at the moment, I'm no where near my target.

As it stands my current savings total in just under a year is: £17,950. (Rough number, i'll get the exact calcs in my next blog). In my Original post, I started off with £10k but unfortunately certain things happened which meant I had to dip into that which set me back a bit.

Whether I hit that million or not, I don't know but why not at least dream, life is too short eh?. Money is still being made from the same means. Stockmarket, pension, matched betting etc. Still trying to find other ways, your help, advice and tips would be incredibly useful.

One thing I'll always remember my dad told me is "If you don't take risks, you'll stay in the same place". Risk is an inherent function in growing wealth.

Thanks,

Chronic

chronicsaver

I think it'll be much better if I do a monthly figures update as opposed to every week. More than happy to answer questions periodically / in between.

chronicsaver

At the moment this is where I've parked a bit of my money - 2 shares:

St Modwen Properties
Worldpay

The first one specialises in the regeneration of brownfield and urban environments. I won't go into the technicals as to why I've invested in them, but from a fundamental point of view land and housing (particularly in the north) are major hot topics of interest at the moment. As such, St Modwen has a big land bank and given that this is going to major demand for this in the near future, it makes sense to get exposure to this company. The government is also doing everything it can to support the sector too.

As for Worldpay they "provide secure payment services for small and large businesses, including payments online, card machines and telephone payments.". Payments processing (given the birth of mobile payments i,e apple) is a big thing / is going to be even bigger in the next few years. In quite a lot of shops I've gone into, they're the major payments processor for that store. As such, despite being expensive, I figured that given we can't stop spending and with the appetite for payments via mobile, the investment case for this company stands. It's also fairly well given the recent volatility in financial markets.

Broken_Biscuits

You have saved £17950 in a year or your net worth is now £17950?

If its the latter and you have assumedly made profits on what you have saved ... Taking a base 2k a month income then your savings rate of your take home pay is going to be around 20% or less??? Hard for me to calculate not knowing how much of your net worth has increased by savings and how much is from return on investment.

But considering you are a man who lives with parents and have next to no overheads, it seems you have spent about around £1500 or so a month. Hard to call that chronic saving!

Where does that leave you for your amended target of 100k in just 2 years? You would need a savings rate of around 170% of your salary.

I would say that it will be next to impossible to achieve unless your investments return at previously unheard of percentages, so what's the new plan and new figure to target and in what time scale?

Kernow666

is this for reall 10k to a million
you need to get in the real world

COOLTRIKERCHICK

Whether this person reached his target or not. They are trying.. So let's cut out the neg vibes and be positive ...

chronicsaver

Broken_Biscuits wrote: »

You have saved £17950 in a year or your net worth is now £17950?

If its the latter and you have assumedly made profits on what you have saved ... Taking a base 2k a month income then your savings rate of your take home pay is going to be around 20% or less??? Hard for me to calculate not knowing how much of your net worth has increased by savings and how much is from return on investment.

But considering you are a man who lives with parents and have next to no overheads, it seems you have spent about around £1500 or so a month. Hard to call that chronic saving!

Where does that leave you for your amended target of 100k in just 2 years? You would need a savings rate of around 170% of your salary.

I would say that it will be next to impossible to achieve unless your investments return at previously unheard of percentages, so what's the new plan and new figure to target and in what time scale?

£17950 saved so far this year. Not my net worth. Read my post from the summer and this morning regarding target. Tbh atm, I don't have a target. Just going to try and get as high as possible. This thread is as much about giving people ideas, and challenging myself (and others) to find ways of earning an extra income.

As I said in my post this morning as well, certain things happened which meant that I had to dip into that figure. Would have been around the £30,000 mark. But oh well things happen.

chronicsaver

Kernow666 wrote: »

is this for reall 10k to a million
you need to get in the real world

Lol this is one of the main reasons I stopped posting here. I don't mind constructive criticism and questioning but the real world is probably a big reason why you're probably living a very average life. Good luck to you sir.