My very ambitious way to get £60k in 48 months…

Contro1

Ryan_Holden said:

So can I ask, what is victory? Achieving 48k in total savings without using your wages?

I’ve read this thread out again and I find that I may have some discrepancies on what I have said. Ie it’s slightly confusing. I get that.

no I am using a very large potion of my own wages to fund this, tomorrow I will be doing the money shuffle into accounts once I have finished work and I’ve been paid. 

There is no way I would be able to invest to make that much money in this short space of time.

I’ll do an update on Friday (for my own motivation) on the money shuffle. 

I’ve managed to put quite a bit of money way this week which I’m happy about.

[Deleted User]

I am confused by this thread. Why do you need to save £60000 in 48 months? Are you planning on buying a property? Your budget for day to day life is low. Very little for actually living and enjoying life. Of course wise to save but you also need a purpose to do so. Your name and detailed almost manic postings ring alarm bells with me. Accumulating money just for the sake of it is not healthy in my opinion and using only high risk strategies could lead to disaster. 

Perhaps you need to read ‘ A Christmas Carol’. 😳

Ryan_Holden

So what is victory then, do you want to save £60,000 total, as in, about £15,000 more than you have now, in 48 months?

Or do you want to save an additional £60,000 on top of the approximately £45,000 you have now, in 48 months?

Contro1

[Deleted User] said:

I am confused by this thread. Why do you need to save £60000 in 48 months? Are you planning on buying a property? Your budget for day to day life is low. Very little for actually living and enjoying life. Of course wise to save but you also need a purpose to do so. Your name and detailed almost manic postings ring alarm bells with me. Accumulating money just for the sake of it is not healthy in my opinion and using only high risk strategies could lead to disaster. 

Perhaps you need to read ‘ A Christmas Carol’. 😳

Haha I’ll read it I’m sure. It’s for a property. I didn’t describe it Ryan_Holden said:

So what is victory then, do you want to save £60,000 total, as in, about £15,000 more than you have now, in 48 months?

Or do you want to save an additional £60,000 on top of the approximately £45,000 you have now, in 48 months?

£60k on top of what I already have will buy me a good size property where I live. 

[Deleted User]

It may well make more financial sense to buy a property with a good deposit plus a mortgage. You can then divert some money to building up your pension provision and perhaps a S&S ISA. Hopefully you have also opened a LISA.

Contro1

[Deleted User] said:

It may well make more financial sense to buy a property with a good deposit plus a mortgage. You can then divert some money to building up your pension provision and perhaps a S&S ISA. Hopefully you have also opened a LISA.

Unfortunately not allowed to open up a LISA, will only be for a pension only. I’m not a first time buyer anymore.

however I think with PensionBee I’m getting the same rate 25% on my top ups? 

Nor my partner able to use a LISA because she is over 40 and hasn’t ever brought. The only option would be to save for her future in it; she has decided not to do it.

i really want to stay away from getting a large mortgage if possible, it’s a possibility that’s for sure.. but looking to fully cash buy. I’ve had mortgages. No arrears or anything but just didnt want it; plus my ex wife ruined me credit a bit. 

Ryan_Holden

Riiiiiiiiight OK, so your objective is to save £60,000 extra in 4 years.

Now I understand and that's clearer. Yes, using the methods you have laid down that's very, very ambitious.

The pension contributions also won't help you with a house deposit but they are a very worthwhile part of life planning.

Contro1

Ryan_Holden said:

Riiiiiiiiight OK, so your objective is to save £60,000 extra in 4 years.

Now I understand and that's clearer. Yes, using the methods you have laid down that's very, very ambitious.

The pension contributions also won't help you with a house deposit but they are a very worthwhile part of life planning.

I see the pension as a bit of a fall back, at 54 I can take a little bit out and use it for such things or keep paying into it. 

Had a rough week, works been good that’s for sure. Construction site today has been very good was the only spark on-site which is how I like it really. Don’t need anyone else on site with me as it may take a bit longer but I trust my own work instead of other contractors. 

Apparently I have a gig next week for the actual boss of the company, who knows where this will lead. Domestic work had not dried up at all and demand has been pushing me to the limits a bit, feeling a bit down. Going to go work tomorrow morning then spend time at home for once. Might just help me out.

so the financials.

not such a good week what so ever. Crypto down have not successfully swing trades for a few days because of work and other commitment issues. I’m down..

pensionBee - don’t know how much is in there now on 1st or 2nd pot, this is because I have a “pending balance” coming in. I’ve also shoved another £50 in of my own money to keep up the good fortune. 

FX - 2 trade won, 2 lost. 

S&S isa - I’ve increased the balance into this - I’ve decided to put a bit more in it. 

The figurers

Crypto :- £1,026 at time of writing it was down 7%

FX - I’ve got around £502 in there 

PensionBee - added an extra £50 so have £125 in a known balance. Can’t give the exact because I have a pending balance I assume for the 2nd pot. 

S&S isa - managed to increase my balance to £250 in the last week with a “growth” of 6p again. So £250.06 is what I’ve got in, meaning my money has made me 6p. lol little ones!

Atom: £42,000. My fixed nest egg that I’m trying to increase 

planning to do a bigger money shuffle next week once this construction firm starts paying. 

Goals 

So my goals are the following 

£4000 in my FX - £3498 left 
S&S isa £4000 - £3,749.94 left 
crypto £2000 - £974 left - hopefully will be able to trade up eventually. Terrible week is what it is. 

pension has no end value as I’m still young so will just add what I need into there 

[Deleted User]

You cannot access pension funds at age 54 . At the moment the minimum age is 55 to rising to 57 I believe by 2028.

Contro1

[Deleted User] said:

You cannot access pension funds at age 54 . At the moment the minimum age is 55 to rising to 57 I believe by 2028.

Ah! Thank you very much for that information. On my original pension fact sheet it says 54. So that’s what I went through.