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

Sg28

£50 an hour as an electrician? Is that the going rate? If so Im in the wrong job!!

Assuming thats gross and 8 hours a days 5 days a week thats £5,714.42 net a month. 

Just put 4k a month into a savings account youve got 60k in 15 months and its not even ambitious. 

MarcoM

you quote earnings of 50 pounds an hour yet the figure you quote for working 4 days a week does not seem to match that. 
What would your annual' wage be full time after expenses once you qualify? your expenses do not seem to include insurances, diesel, membership of relevant body and tool expenditure which I would guess for an electrician could be quite high.

george4064

Guys, it’s Easter holidays. It’ll pass over!

Contro1

MarcoM said:

you quote earnings of 50 pounds an hour yet the figure you quote for working 4 days a week does not seem to match that. 
What would your annual' wage be full time after expenses once you qualify? your expenses do not seem to include insurances, diesel, membership of relevant body and tool expenditure which I would guess for an electrician could be quite high.

You are right, however at the moment I am only on £45, I’m actually considered very cheap for my area that I am in.

It depends on many factors at the moment. This week has been a quote week as a catch up. Next week will be a working week as quotes get accepted. 

plumb1_2

Never heard of a tradesman taking every other week off to do quotes.
Most do quotes after their working day on the tools or during the day when they have a gap between jobs. Especially when starting off building a business up.

Working for only 6 months of the year you’ll still earn over £45k, and still only pay £66 into your pension.

eskbanker

Contro1 said:
This week has been a quote week as a catch up. Next week will be a working week as quotes get accepted. 

As above, if you plan better then you may make a much more significant impact on your finances, i.e. if you focus heavily on revenue-earning activities that maximise your income then that's likely to deliver a more substantial improvement to your situation than deciding what to do with the money once you have it.

So, rather than stating income in terms of an hourly rate, what's your projected monthly/annual income and is that as good as it should be (recognising college commitments)?  Are you operating as an employee, or sole trader, or limited company?

DietIrnBru

This plan reads very much like a Tik Tok / Instagram feed meets a bloke I met in a pub. I’d wager you’re a better tradesman than you are currency trader - you never hear about the amateurs who lose a lot. Also never lend cash to a friend - or invest in a friends business - quagmire if ever there was one. 

Use your skills and contacts to renovate a house - more wholesome, more socially useful and you’d make cash along the way. 

silvercue

Hi @Contro1

Firstly, congratulations for thinking about your finances and future at such a young age, well done.  I am sure you have a good spreadsheet, if not, make sure you build one!   Mine has helped me enormously.

I have not read all of the comments, I can imagine they are quite varied.  I have a couple though.

Don't rely on friends.  Sorry, money and friends seem fine for a while but so often end in tears.

Pension planning is great.,  IMHO it is better to focus more on it when you get older.  (lots of people here will not agree with this, but IMO paying too much in too young means you are throwing money down the drain because of the cost of money/inflation over 37 years and relying on their investments beating that. And it is a long way off.

You say your appetite for risk is huge. but the bulk of you plan is a savings account.  That is fine, but it really is not hugely risky investing.  Many here scoff at crypto, but it really is one way people have made huge profits.  I 10x my money in 2021.  You are not doing that with stocks, Index trackers, funds or savings.  Yes, it is risky, but if you want big gains you take big risks.  Crypto is still, by far my biggest investment.  And BTW, there are many ways to make passive income at much higher rates than interest rates yield farming many cryptos.  I am getting money for nothing every week.  I am not advising you invest more in crypto or do any of that BTW, I am just saying your description as hugely risky investor is anything but.

Good luck to you.  What I genuinely think is that anyone who plans and puts lots of effort into their finances will get good results most of the time.

but - please don't put your life on hold while you try to make it.  Live a little too.  Eat nice food, have a beer.  Enjoy what you have now too.

Dh6

The merchants are full of tradesman who charge 60 70 80 quid an hour, trouble is they’re working 5 hours per week. 

I’m a small business owner and my advice would be to go back to square one and do some meaningful research into asset allocation, diversification, active v passive strategies, pension v isa etc etc. 

Then come back here for any further hints and tips. I did this 4 years ago and I’m amazed what I've learned and how my investment journey is going.

Best of luck.

Michael121

If your making £45 an hour, forget everything else, work 12 hours a day 6 days a week and milk it whilst you can.