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

Contro1

dealyboy said:

Welcome to the forums @Contro1 ... I'm sure you anticipated a degree of cynicism or sarcasm, but money making is the other side of the coin to money saving and I admire your ambition.

Alan Sugar and Richard Branson didn't get to where they are without taking a risk, not to mention Elon Musk. It is your response when things go wrong which will make you a winner, as all three will testify.

Thank you, these are only a few things I should be doing anyways. I’m going all in for the next few years to see what’s what. 

At the same time because money allows I will be able to put in for my pension also, so that’s what I’m doing. 

I’m only funnelling money I can afford to lose after all my expenses have been paid plus I am able to take out as well in majority of schemes. 

Mrs_Z

What I'd do if I were in your position....
I would NOT invest in crypto or suchlike, and would be very very careful 'investing' money with your friend John and his currency trading. Definitely not any more than I'd afford to lose.
You don't say your age, but I take it's 20 something if you are talking about your future 30.  You are in a fantastic position with low housing costs, and learning a trade. So, after finishing the college, I would seek employment in a successful plumbing company (Pimlico Plumbers??) and work a year or two there to get an insight, and from there I'd set up my own company. There's a huge demand for trades people who a) do an excellent quality job b) are reasonably priced and c) do what they say they do and turn up when they say they will.  Build up the business and sell it few years down the line. You'll be quids in.
Take it from me, there is no shortcut to success, even if you are Richard Branson.

Reg_Smeeton

As a comparison it’s taken me 5 and a half years to reach a net worth of c.£70k from a standing start… however a lot of this is only semi-liquid as a lot of it is locked away in my property, pensions, LISA and fixed term savings so a not insignificant amount of that has been through taking advantage of tax relief and bonuses on the LISA etc rather than investment gain itself.

As others have said I think the weakness in your plan is you are too reliant on some iffy get rich quick schemes coming good and it’s too inflexible. You would be better served by fine tuning the basics - focusing on building your income, keeping a tight rein on expenditure and keeping investment costs and taxes low, even if it took you a bit longer to reach your goal.

bostonerimus

I'd take a breath and calm down a bit. Walk away from stuff like crypto and stick to savings and some mainstream equity and bond funds. You are running a marathon rather than a sprint. Also never invest with friends or lend them money, that's a way to lose a friend.

The way to financial freedom is a budget, always spending less than you make and not wasting money and highly speculative investing schemes are an almost sure fire way to waste money. There are some certain gains you can make in the area of taxes when you contribute to a pension and an ISA so use those to the max and try to put 20% of your gross wage into them

You are over complicating things and if you want to have any level of "control" you should keep things as simple as possible.

Contro1

Crypto has been great for me at the moment, I’ve been swing trading from £180 I invested in a fair few months ago after the crash - it works. 

My friend will only have control of the trading im starting small and working my way up 

lohr500

Had to check the date of the OP's post. I thought it might have been 1st of the month.

Contro1

This is something I’ll be working towards very throughly. To the person who thinks I am 20, I am not. I am early 30s! I’ve got a very big mindset. 

If I archive it; what have I lost? Time and a little bit here and there. Who knows. I’ll keep posting my updates. 

enthusiasticsaver

I am sorry but that strategy looks more to be gambling than investing.  It ignores all the major rules of investing in that you should be diversified and well researched.  Cryptocurrency, bitcoin and FX are about as risky as it gets and you have as much  chance of losing £60k as gaining it. Sometimes risks pay off and sometimes they don't as Branson will testify as he is now apparently filing for bankruptcy in the US after his failed space mission. Your friend John may have been doing this for years but he presumably had a safety net of his employers resources if things went wrong. Gambling with your pension sounds crazy to me. If you have a decent job why not invest in a more measured way and save up for the deposit like most others? 

Giving up vaping will save you £1000 over the year. 

I sincerely doubt that anyone in finance is doing what you are planning to do. If they were, as an investor I would be running a mile but I fully accept we are different ends of the attitude to risk spectrum. 

Contro1

Maybe I forgot to point out, my “fixed” savings is staying fixed. Ie I will always have a certain amount of capital to my name. Once I have enough I’ll refix the gains and never take out the inital £42k I have in the savings. However 6 months or even 9 months fixing is a long time and a lot of as you call it “gambling”.I have a small nest now I need to expand on it.

im already working as much as I can to gain funding to improve my position. 

Contro1

I don’t know where the edit button but basically I’ve been doing this for a while but in the last few months this has got a little bit more serious for me for what I’m spreading. 

After I fix for 6 or 9 months I have 6 or 9 months to improve my position.

ie; that £42k was around 32k about 18 or so months ago when interest rates was rubbish… 

so every time I fix; I increase my holdings, I then always have my little nest.