MF by age 40! Then I am buying a Mercedes SLK

Khrisjun

diamondsonly wrote: »

Hi Khrisjun,
I just noticed that when I logged onto FC too. I did bid on two loans but I don't really know what I am doing or what I should be researching when when looking at the companies. Although I have only invested £20 per company I really should look more into what I am investing in. I think there are still some bidding loans but within a month everything will be fixed rate.
Perhaps its time to look at other peer to peer lenders? Ratesetter has come up a few times xx

For me ive now started having a look at propertypartner (Early days yet so dont have too much of an opinion - But have recieved my first months dividends)

The bidding part was always the best part of FC to me as i used to be one of the later people to bid and get a higher than average rate.

Im withdrawing some of the interest/capital payments now anyway as i will be remortgaging in 11 months so need to hit the right LTV

newbie2013

wow. inspirational to read this. to plan to be MF in few years.
How long did it take you to get the SOA together?
I may need to spend a long weekend getting my things in order!
I see some banks have tools you can use to see how short you can reduce your mortgage to, but thought they were for demo purposes.
Did you use a template?

Thanks

newbie2013

great plan!

diamondsonly

Hi Newbie,

Thanks and welcome. It is a rather ambitious plan but as long as I start motivated and focused hopefully we can achieve the goal.

Firstly the overpayment calculator on MSE is fantastic:

http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator

Also I downloaded an excel spreadsheet from MSE:
http://www.moneysavingexpert.com/banking/Budget-planning

As i had done this budget the SOA didn't take as long but the budget itself took a few days to fine tune. I hadn't factored in car maintenance costs, and other annual insurances and expenses at first.

Do you have diary?

Diamonds xx

diamondsonly

I have to transfer £100 for DD school uniform tonight but thankfully its been budgeted for.
I have also booked my next MSc module and used my CC for that £2034 not due until 28th September but only have £950 in the pot for this as the module isnt until December I was planning on booking closer to the time but decided to do it now in case places are filled. I may have to borrow from the £10k business money and gradually pay it back as I put £500 towards MSc each month. Need to tell DH I will need to dip into the £10K

newbie2013

Thanks for the reply and links!
Not sure what you mean by "do you have a diary"?

newbie2013

diamondsonly wrote: »

Hi Newbie,

Thanks and welcome. It is a rather ambitious plan but as long as I start motivated and focused hopefully we can achieve the goal.

Diamonds xx

Indeed - the focus is the hard part, especially with unforseen things like car maintenance etc that crop up - I have just found out I may need to replace the boiler.... best to do it now than in the winter, but that's a huge 2k!

diamondsonly

newbie2013 wrote: »

Thanks for the reply and links!
Not sure what you mean by "do you have a diary"?

Sorry I meant have you started your own MFW thread, like mine and others on here that you read and post on?

Definitely better to replace the boiler now than unexpectedly in winter when its freezing. Although £2k is a massive amount. Maybe use it as motivation for doing your SOA so you can see when you can save some money x

diamondsonly

Just invested my first £150 in shares..ever... quite excited. I picked a FTSE 100 company with cheap shares ...lets hope they begin to perform.

Need to check on FC to see if I have won any bids but a few days let to run I think xx
Can't wait for pay day and my favourite day of the month: money shuffle day

newbie2013

I see, No, I have not started a thread - I try to get info from others' experiences on these forums!