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

dealyboy

@Contro1 ... I think you are able to edit your posts after you have made a certain number ... I'm not sure of that number but it's not very high. Look out for a cogwheel in the top right hand corner of a post.

... so you are mitigating the risk  and are going to be posting updates 

As I think you know, you are getting the best available advice on these forum boards and people are on your side.

bostonerimus

Contro1 said:

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 

Well good luck then. You have embarked on a strategy that has too many risky elements, IMO, driven by some arbitrary goal amount. You could do well or crash and burn. I advocate a steadier, lower risk approach that has worked well for me and allowed me to retire in my early 50s, but personal finances are just that - personal.

Contro1

bostonerimus said:

Contro1 said:

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 

Well good luck then. You have embarked on a strategy that has too many risky elements, IMO, driven by some arbitrary goal amount. You could do well or crash and burn. I advocate a steadier, lower risk approach that has worked well for me and allowed me to retire in my early 50s, but personal finances are just that - personal.

If I fail; I get it but as long as I add additionally to my fixed savings I should be good. I’m still at least going for a 6.74% this year regardless. If more then happy days. I will update as soon as I have any news. 

Reaper

I like John's plan the best. Risk your money instead of his and take a cut of any profits!

ColdIron

mooneysaver said:

Agree with the posters above. Your allocation to crypto and fx trading needs to be a lot higher to make the returns you want.

I'd stop the pension contributions and funnel those into John's fx trading scheme and dump half the full lump sum into crypto when it matures.

Agree, what could possibly go wrong?

Contro1 said:

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

Have we seen you before?

plumb1_2

So you are earning appropriately £8000 per month, so £5000 left after tax, NI and living expenses.  and plan to only put £66 into your pension and isa.

penners324

If it's for a house deposit, stop the fx trading and crypto stuff and put that money on the 3.30 at Epsom, you'll get better returns.

sevenhills

It's the thousands that are getting less than 4% in a fixed savings account and then investing/gambling in crypto that confuses me.
A global stock market tracker would be more appropriate.

wmb194

sevenhills said:

It's the thousands that are getting less than 4% in a fixed savings account and then investing/gambling in crypto that confuses me.
A global stock market tracker would be more appropriate.

Yes. It's a barbell approach to investing so it's nothing new, but by the sounds of the amounts involved the extreme risk end also doesn't appear to add up to much so probably won't make much of a difference even if it pays off and has a much higher likelihood of actually being a drag on the portfolio through losses.

https://www.investopedia.com/articles/investing/013114/barbell-investment-strategy.asp

jimjames

Contro1 said:

Investment strategy for 23/24

• loan repayments from friend. 

she is paying back per month £40, of a £2,500 loan that I lent her. She currently has £2460 to pay back. This will fund the S&S isa  

This line stood out to me. Loan repayments where there friend has made 1 payment of £40 towards £2500. That's a long way to go before it's paid off and much in life could change in that time. Are they paying interest on that loan and do you have an agreement in writing?