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

motorguy

chronicsaver wrote: »

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.

All joking aside, thats !!!! poor for someone supposedly aiming for the big time, and living with your parents with no outgoings.

chronicsaver wrote: »

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,

But you've have stayed in the same place - living at home with mum and dad?

chronicsaver

motorguy wrote: »

All joking aside, thats !!!! poor for someone supposedly aiming for the big time, and living with your parents with no outgoings.



But you've have stayed in the same place - living at home with mum and dad?

lol considering I started off with 0 in September 2014 that for me is good and read back a few posts, I said it would have been a lot bigger if certain thing didn't happen but oh well.

What has living with my mum and dad got to do with that quote? Thanks for your kind words anyway.

All jokes aside: you sound like another clueless poster, expected better from someone posting on a money saving website since 2004.

motorguy

chronicsaver wrote: »

What has living with my mum and dad got to do with that quote? Thanks for your kind words anyway.

Because you've no real world outgoings. Not terribly to hard saving money if you're no rent / mortgage, or bills to pay and mum and dad to pay for a new TV or fix the fridge when it breaks.

chronicsaver wrote: »

All jokes aside: you sound like another clueless poster, expected better from someone posting on a money saving website since 2004.

Clueless? How?

I'm not the one whos a dreamer.

Far more chance of getting somewhere if you set your stretch but achievable targets, set yourself a plan on how you're going to achieve it and significant milestones for yourself to achieve along the way.

Maybe that way you wouldnt just dream of success.

chronicsaver

Well hello...I hope you've all had a great month - mine's been, well ok...work going meh...and external savings going a bit meh too, not as good as I'd like it but there you go. Breakdown below:

External gains from trading, and risk free matched betting £125.
Pension with full employer contribution: £339
Personal saving from income: £1000 (always more as I hardly spend)
Total Savings for January: £1464

I'm quite disappointed with that actually, particularly on the trading side of things. Got really busy at work so unfortunately couldn't place as many as I would have liked, but there you go - grateful to get something in. At the moment stock markets are going a bit haywire....

If you want to learn more about risk free matched betting use this link: http://www.savethestudent.org/make-money/what-is-matched-betting.html

Regarding trading, just inbox me and i'll link you some books.

Chronic

chronicsaver

motorguy wrote: »

Because you've no real world outgoings. Not terribly to hard saving money if you're no rent / mortgage, or bills to pay and mum and dad to pay for a new TV or fix the fridge when it breaks.



Clueless? How?

I'm not the one whos a dreamer.

Far more chance of getting somewhere if you set your stretch but achievable targets, set yourself a plan on how you're going to achieve it and significant milestones for yourself to achieve along the way.

Maybe that way you wouldnt just dream of success.

Firstly, who told you i don't help my parents out? I'm not going to justify myself on the internet to someone i don't know, but trust me I help my parents out enough financially. Quote you mentioned has absolutely nothing to do with living at home with my parents. I'll explain seeing as you're a bit slow: if you don't risk your money, you won't get anywhere far financially. I can tell you've never taken any of those steps.

Secondly, you are clueless. Read the whole thread again, you'll see i've been very honest with myself and have said multiple times that it'll be difficult target to achieve.

motorguy

chronicsaver wrote: »

Well hello...I hope you've all had a great month - mine's been, well ok...work going meh...and external savings going a bit meh too, not as good as I'd like it but there you go. Breakdown below:

External gains from trading, and risk free matched betting £125.
Pension with full employer contribution: £339
Personal saving from income: £1000 (always more as I hardly spend)
Total Savings for January: £1464

I'm quite disappointed with that actually, particularly on the trading side of things. Got really busy at work so unfortunately couldn't place as many as I would have liked, but there you go - grateful to get something in. At the moment stock markets are going a bit haywire....

So the pension came out of your gross pay, and your £1,000 a month savings comes from not having rent / mortgage or a house to run.

chronicsaver wrote: »

If you want to learn more about risk free matched betting use this link: http://www.savethestudent.org/make-money/what-is-matched-betting.html

Regarding trading, just inbox me and i'll link you some books.

Chronic

To make £30 a week at it like you've done this month?

No, you're ok. Honest.

motorguy

chronicsaver wrote: »

Firstly, who told you i don't help my parents out? I'm not going to justify myself on the internet to someone i don't know, but trust me I help my parents out enough financially. Quote you mentioned has absolutely nothing to do with living at home with my parents. I'll explain seeing as you're a bit slow: if you don't risk your money, you won't get anywhere far financially. I can tell you've never taken any of those steps.

Your ability to save has EVERYTHING to do with living with your parents. Try pricing out a one or two bed apartment that you'd want to live in, then factor in heating, council tax, electric, groceries, and you can kiss goodbye to your £1,000 a month saving.

chronicsaver wrote: »

Secondly, you are clueless. Read the whole thread again, you'll see i've been very honest with myself and have said multiple times that it'll be difficult target to achieve.

What? Wildy unrealistic headline figures, unsustainable savings plan (unless you're planning on living at home for the next 10 years) and get rich quick schemes.

motorguy

chronicsaver wrote: »

if you don't risk your money, you won't get anywhere far financially. I can tell you've never taken any of those steps.

And how have you risked your money? Matched betting and a bit of shares buying and selling?

And wheres the risk? Is your mum going to throw you out?

Dont get me wrong - its really quite commendable that you're saving money as many dont - i just think your target is unachievable and how you're doing it is unsustainable.

motorguy

chronicsaver wrote: »

but trust me I help my parents out enough financially.

Yes, all children think that. The reality is always somewhat different.

adindas

In my opinion if you have money for deposit, investing in property will gave more return & less risky.

The people who bought their house about 3-5 years ago, have seen their property values have increased by at least 25. Some people even have 50%. especially the one living in London.

Is there any investment you know ever match this return??