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

chronicsaver

StartAfresh wrote: »

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

For the first 2 weeks of March:

£1521. This hasn't taken into account this week's profits.

chronicsaver

Broken_Biscuits wrote: »

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!

As I said, I've changed my ambition. 6 years was far too ambitious. I've given myself 10 years, which I think is challenging, but doable. Thanks for subscribing though :beer:

chronicsaver

I'm also in the midst of creating a website, so please look out for this!

Broken_Biscuits

chronicsaver wrote: »

As I said, I've changed my ambition. 6 years was far too ambitious. I've given myself 10 years, which I think is challenging, but doable. Thanks for subscribing though :beer:

well that would still be returns of about 16% needed assuming you keep up the £750 a week saving rates (so far its been about half that since week 1) ... So whats the plan to get up there?

chronicsaver

Broken_Biscuits wrote: »

well that would still be returns of about 16% needed assuming you keep up the £750 a week saving rates (so far its been about half that since week 1) ... So whats the plan to get up there?

Currently through sports arbitrage, I'm aiming to earn about £180 a day for 7 days. If I do that over the course of the year, that's £65,280 (not taking into account reinvestment). On top of this I'd be saving £12,000 minimum a year. On top of this I spreadbet (I think it'll be a good year for euro stoxx, so I'm assuming a decent profit this year. Can't put a number on it though).

Also cashback through my job (expenses) is currently £40 a week. I'm on the current project for 12 months so that amounts to £1920 for the year.

As I said before, I haven't really been focussing on the target as I was busy for the previous week. So expect to see an improvement on the £700 or so.

omirix

nice post, me too i want to know how you earn all that money, thanks

yiddo13

Can I ask how you intend to make £180 a day from arbitrage betting? Sorry about the scepticism but I've signed up to just about every betting site going, done all the matched betting sign up offers etc. Finding arb's and then keep milking money from them is not easy, plus you get flagged up after so long by a said bookie and then subsequently get limited/banned from their site as I found out on Bet365. Be intrigued to hear your plan

Broken_Biscuits

sounds like you can afford not to bother with bank accounts and interest. There's about 90k a year you will be pulling in each year for 10 years. 90% of the way there!


making returns of about 3x the average uk wage each year for a decade from gambling might prove a bit tricky, but im sure you have done your research, to know its acheivable?

WG0608

Interesting, I will be keeping an eye on this one.

lushplus4

http://www.hl.co.uk/tools/calculators/regular-savings-calculator


This may help you, good luck !!