£80,000 in 4 years

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  • try_harder
    try_harder Posts: 1,527 Forumite
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    End of week two and £200 went to PBs and £200 went to mortgage OPs .I didnt make as much this week towards my MC but i made a little so ive added that to last weeks money and put it all into my ISA  .I am very happy with the way the first two weeks of the year have gone ,now on to week three 
  • Nurse2047
    Nurse2047 Posts: 375 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Great work, you are making big OPs so will see a big change in your mortgage balance this year 👌
    Nurse striving for financial freedom
  • try_harder
    try_harder Posts: 1,527 Forumite
    First Anniversary First Post Combo Breaker
    Thank you so much MFW2026  .
  • Hi try harder - what is your Millionaire Challenge please? Sorry if you've already said and i've missed it. I have been motivated into listings some things to sell today thanks to reading your posts  :)
    Mortgage Balance
  • savingholmes
    savingholmes Posts: 27,259 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Good luck with the sales. Great op. Good luck on your journey
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • try_harder
    try_harder Posts: 1,527 Forumite
    First Anniversary First Post Combo Breaker
    Thank you STSS and savingholmes

    The MC is my version of doubling a penny every day .This is the way i do it and you could do it for say a year and then take out the money or you could do it the same as me ,i intend to do it until i reach the million although last year i did put the money towards my mortgage but now i am working towards the million .

    This is the way i do it ,you can play along however you wish ..Week 1 sell any items you might have lying around the house etc .Lets say you sell these and make £48 ,you then find something to buy with all or part of the £48 so lets say you buy two things at £24 each ,you then resell those two items for more than £24 each and there you are you have made a profit ..I am quite knowledgeable about jewellery so i would probably use my 2 x £24 to buy jewellery but you would do it buying things that you knew would make you a profit ,even if it is a £10 profit but you must be certain that you will at least get your original money back ..When i have done this a few times and made a hundred pounds profit i put this hundred pounds in to my ISA as you could not continue buying hundreds of items with your profits but best to bank some and just play with one or two hundred ,hope this makes sense STSS

    Anyone want to join in with me ? And spur each other on .You must only use the first weeks money ,the money you made on selling items no longer wanted ,you mustnt use any other money or you may find yourself losing money so just your original first weeks money from unwanted items, its great fun too
  • ooh that is interesting try harder - how do you track what your return is on the isa savings you put to one side for the profits you invest? probably dividing and multiplying amounts i'm assuming but my brain is foggy today.

    I have just listed the items i had intended for selling today - now the sun has peeked out which meant i could take the pics needed. I definitely would like to join in but i need to think what i would include in this challenge. The items i'm currently selling are going towards the shortfall in my income. i am low salary and having gone from 3 temporary part-time jobs to 1 permanent full-time job. When this happened i identified decluttering and selling items as a way of improving my home and income. I am pushing myself at saving / overpaying / offset £2,000 per month and have a stretch target above that - £2,000 is more than my income so a big target and a similar figure to your £400 week. 

    So i just need to decide what will be the starting items so as not to impact on my original goals too much - especially as i've not listed anything for a while due to illness so financially am feeling the pinch.

    How do the following weeks work on this - is the first week about getting a starter 'pot' and then the rest of the money made is just from continued buying and selling for bigger returns? trying to figure out how it would be ongoing  :)
    Mortgage Balance
  • try_harder
    try_harder Posts: 1,527 Forumite
    First Anniversary First Post Combo Breaker
    Try not to make it too complicated .£10 would do for your starting point ,maybe save £10 from your food budget or petrol or maybe its a gift from someone .Use this ten pounds only ,you dont need to add any other money than that ten pounds ..You could save say five pounds a week from food for two weeks then start with the ten pounds .You only use that ten and only add what you make from the ten so you dont need to touch any of the other money that you are using for your shortfall ..I dont wory about the returns too much on the ISA ,i am just concentrating on putting the profits in ..You would just continue using small amounts to buy items then resell them at a slightly higher profit so say you had made £120 by week 5 you would put £100 in to the Isa and play with the remaining 20
  • savingholmes
    savingholmes Posts: 27,259 Forumite
    Name Dropper First Anniversary Photogenic First Post
    It's an interesting idea. Will watch with interest. I'm currently just trying to earn money from my clutter - and then hoping to clear my remaining CC debt with it and OP the mortgage...
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • Thank you try harder - i will give it some thought as to where this starter fund can come from and i will then join you on the challenge  :)

    savings i am sure you will be able to clear that debt from sales - just try to keep listing things each week so you are constantly renewing interest.
    Mortgage Balance
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