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

chronicsaver

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.

Can you PM me the name of that service please? Thanks!

Jackt90

I didn't make any money until last year however, it was a long learning curve with many highs and lows along the way.

Kayalana99

chronicsaver wrote: »

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!

You are 100% wrong on needing a mortgage to get a B2L one....correct me if I'm wrong you do need a 25% deposit on a B2L tho!

droopsnoot

chronicsaver wrote: »

Can you PM me the name of that service please? Thanks!

Done, and to the other PM I got. I didn't add a disclaimer about reading everything, betting can be dangerous and so on, figuring you're all sensible enough to realise that.

chronicsaver

This week profits:

Spreadbetting - £32 (unrealised)
Tutoring (2 hours a week) - £40
Stocks and Shares ISA - £50 (unrealised)
Matchbetting - £0
Work income - £250 (I save £1000 a month from my income)
Cashback - £25.00 (unrealised)

Total: £397

I was a bit busy this week at work, henceforth the lack of profits but still decent nonetheless. I could in reality make a lot on matched betting but just cba! Still a few days more of the week left. Here's hoping I can raise some more!

chronicsaver

This week profits:

Spreadbetting - £0
Tutoring (2 hours a week) - 0
Stocks and Shares ISA - £0 (unrealised)
Matchbetting - £85
Work income - £250 (I save £1000 a month from my income)
Cashback - £40 (unrealised)

profit = £375

I've somewhat changed my target. £1,000,000 in 6 years is overly ambitious. And I have now decided that this will be a 10 year goal.

Jackt90

When you say £0 for Spreadbetting - is that an honest figure? Have you not been trading? Can you tell me a little bit more about your trading history?

PS - keep up the good work.

StartAfresh

Well done.
Would be good to see a 'Total so far' figure.

Broken_Biscuits

subscribed to this thread as im genuinely interested to see how you get on and do wish you well, however, running your figures through a compound interest calculator and applying the amount you saved in week 1 (its been a lot less since) you would need to achieve 42% returns on all your savings to hit a million in 6 years. Nothing is impossible but some things are so close to it they may as well be. its unlikely you will be able to achieve 42% return on all your capital, so whats the plan to increasing the amount you save above 750 quid a week?

i have a similar plan. To save 100,000 in 5 years. Gearing from the property i already own will help and i already have a similar amount to my name, so some will be provided by interest and returns. I say a similar plan, as there is only a "0" different in our plans!

chronicsaver

Jackt90 wrote: »

When you say £0 for Spreadbetting - is that an honest figure? Have you not been trading? Can you tell me a little bit more about your trading history?

PS - keep up the good work.

I've been trading for 2 months. I didn't trade last week. Every week so far I've been in profit. This week I'm £50 down, so I'll be sure to post losses as well. I've been pretty much trading euro stoxx and if you know a thing or 2 about trading, it's been rallying for the past 2 months

And thanks, very much appreciated