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

chronicsaver

COOLTRIKERCHICK wrote: »

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..

MatchBetting is fairly straightforward. Just start off small with £10 for example. This guide is one of the best out there:

Type SavetheStudent in google and have a look at their matchbetting guide. Sorry, I can't post links!

asajj

There is a sub forum here for Match Betting and other sort of stuff. I'd suggest to read them first before making a decision on it.

droopsnoot

chronicsaver wrote: »

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

Does that carry a tax implication? Normal cashback doesn't because that's just effectively a discount on the purchase price, but this is basically income.

I'm not trying to pour cold water on anything here, just wondered.

I subscribed to a service that basically holds your hand through getting started with Matched Betting - it will provide detailed stuff such as where and what to place for the qualifier and how to cash it out. I won't post it publicly but if anyone wants more detail you can PM me. The board on here looks good, but some threads seem to presume a bit more knowledge than I had/have.

System

£1000 a month equals £230 a year, assuming 52 weeks in the year (depending on what day you save each year).

Good luck with your aim. I love posts like this on MSE and look forward to reading more about how you make your money.

System

droopsnoot wrote: »

Does that carry a tax implication? Normal cashback doesn't because that's just effectively a discount on the purchase price, but this is basically income.

I'm not trying to pour cold water on anything here, just wondered.

I subscribed to a service that basically holds your hand through getting started with Matched Betting - it will provide detailed stuff such as where and what to place for the qualifier and how to cash it out. I won't post it publicly but if anyone wants more detail you can PM me. The board on here looks good, but some threads seem to presume a bit more knowledge than I had/have.

It should do. I was told by HMRC that I had to declare cashback earned on work related items. For example if I buy a laptop and declare that as an expense for work, I then have to declare the cashback I receive as income. I was also told I didn't have to declare if it was for personal purposes (e.g cashback on a pizza hut takeaway).

droopsnoot

Oh, that's good to know. I used to buy stuff for work and sometimes get cashback via Quidco, and made a point of declaring it on my self-assessment. It's nice to know that I didn't over-declare and pay more tax than I needed to.

Jackt90

Nice thread - I hope the best for you.

I am also 24, living with parents, looking to bolster my savings in any way possible. I've got roughly £110k. One of the previous replies mentioned property, this is the route I am going down this year, buying a home for myself, a base. From there, branching out into BTL property. Even if you're not living in the house you could buy and rent, cover your mortgage and potentially make a good return.

One thing you must remember is that if a property increases 5%, it isn't a 5% return on investment. Example, if you put down 15% deposit on £150k house, it goes up in value 5% (£7,500), that's actually a 33.3% return on investment. This is called leverage, of which I'm sure you know all about as you mentioned Speadbetting as one of your income streams.

Just a thought. Keep up the good work.

Happy_Stan

You have £110k at 24? You're doing well.

Jackt90

Happy_Stan wrote: »

You have £110k at 24? You're doing well.

Yeah I guess so. Long story but I started investing in the financial markets back in 2011/12.

chronicsaver

Jackt90 wrote: »

Nice thread - I hope the best for you.

I am also 24, living with parents, looking to bolster my savings in any way possible. I've got roughly £110k. One of the previous replies mentioned property, this is the route I am going down this year, buying a home for myself, a base. From there, branching out into BTL property. Even if you're not living in the house you could buy and rent, cover your mortgage and potentially make a good return.

One thing you must remember is that if a property increases 5%, it isn't a 5% return on investment. Example, if you put down 15% deposit on £150k house, it goes up in value 5% (£7,500), that's actually a 33.3% return on investment. This is called leverage, of which I'm sure you know all about as you mentioned Speadbetting as one of your income streams.

Just a thought. Keep up the good work.

Cheers mate. And yup, understood. Tbh, I just don't want that kind of debt against my name at the moment. House prices, at least in London are flatlining and you can't get a BTL mortgage unless you have had a previous mortgage (correct me if I'm wrong)

You invested at the perfect time btw. 2011/2012 was the year.

And thanks everyone, much appreciated for the support!