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

redux

I concur with the mentions of low pension or ISA contributions

If the annual profit is over £50,000, and living expenses relatively modest without a family, I'd say anything over £50,000 would be well placed in a pension, with 40% tax relief

It might seem to be distant, as you can't have your hands on it next month or next year, but if well invested it's growing on your behalf in the background

Band7

@Contro1 your list of finances includes car tax but no income tax or NI.

Band7

silvercue said:

Hi @Contro1

Firstly, congratulations for thinking about your finances and future at such a young age, well done.  

OP is already over 30. Quite late to start thinking about pensions (personal, and state pension)

silvercue said:

 

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.

How much older would you say is the right age to start a pension? You'll have a tough time finding any expert who would advise a 30-something person to wait a bit with their pension investment.

silvercue said:

  Many here scoff at crypto, but it really is one way people have made huge profits.  I 10x my money in 2021.   

It is also one way people have made huge losses

eskbanker

Band7 said:

silvercue said:

Hi @Contro1

Firstly, congratulations for thinking about your finances and future at such a young age, well done.  

OP is already over 30. Quite late to start thinking about pensions (personal, and state pension)

To be fair, OP isn't just starting and refers to two existing pots (including one that's likely to have had rather more than £50/month being paid in) as well as their current one:

Contro1 said:

Pension pot(s)

I have a pension pot that I am planning to add at least £50 per month for the foreseeable while getting topped up 25% on each deposit I make to PensionBee. I am now in control of my own pension(s)  

I currently have two pots, one worth £26,600 and the second unknown currently as it’s being transferred in.

Band7

eskbanker said:

Band7 said:

silvercue said:

Hi @Contro1

Firstly, congratulations for thinking about your finances and future at such a young age, well done.  

OP is already over 30. Quite late to start thinking about pensions (personal, and state pension)

To be fair, OP isn't just starting and refers to two existing pots (including one that's likely to have had rather more than £50/month being paid in) as well as their current one:

Sorry, yes. My comment was more aimed at  @silvercue

silvercue

Band7 said:

silvercue said:

Hi @Contro1

Firstly, congratulations for thinking about your finances and future at such a young age, well done.  

OP is already over 30. Quite late to start thinking about pensions (personal, and state pension)

silvercue said:

 

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.

How much older would you say is the right age to start a pension? You'll have a tough time finding any expert who would advise a 30-something person to wait a bit with their pension investment.

silvercue said:

  Many here scoff at crypto, but it really is one way people have made huge profits.  I 10x my money in 2021.   

It is also one way people have made huge losses

You might be surprised how many people at 30 have not planned for their future 

I am not saying don't contribute to a pension, I am saying IMO focusing more on it when you are older is a better option.  When you are younger money can be better focussed on getting a property, clearing debts, investing yourself etc.  

Of course, people lose money in all sorts of investments, but Bitcoin/Crypto is the best performing asset class in the last 10 years.  By some margin. My best year with stocks was 40% gain.  Dwarfed by the gains I make on crypto and expect to make again this year.  I am already making 40+% APR doing nothing but yield farming.  And this is before I even take into account the BTC 68% price increase YTD.  

Band7

silvercue said:

You might be surprised how many people at 30 have not planned for their future 

A super strategy for paving the way to old age poverty, and for avoiding chances of early retirement

 I am not saying don't contribute to a pension, I am saying IMO focusing more on it when you are older is a better option.  When you are younger money can be better focussed on getting a property, clearing debts, investing yourself etc.  

How much older is older in your view? BTW, I started my pension at the tender age of 18 and didn't need to work beyond 51.

I am not commenting further on crypto - just to say I consider it gambling, not investing.

Contro1

Thank you everyone for your comments. 

Yup I’ve committed a lot more than £50/month to my pension for a very long time. I’m looking at two options really with regards to retiring. 

Buy properties to fund my pension (not within grips at the moment at all..) plus it’ll be more north than I am now. Not something that I want to consider. 

Or; build up my pot(s) now as I’ve combined them and take out as and when needed in the future.

my ultimate goal is to have a free hold property again under my belt, so I do not have to worry.

I’ve set this outrageous challenge for a reason just to better myself in life and in future.

If nothing comes of this IE buying a property etc then at least I can leave a sizeable chunk to my lad. 

everyone who says NI, tax etc I haven’t got much in the way of figures just yet, as I’m waiting on an accountant to help my formulate the best way forward with this, obviously the most tax effective way possible while still paying what I owe, etc.

has been a few changes that I’ve made.

crypto has now got a value of around £980, in play instead of £1530 now, purely because the market is absolutely flat at the moment anyways so decided just to transfer it out.

i have made the choice to withdraw £500 and to fund an FX account.

so the latest figures are;

crypto £980
S&S isa £90
myFX £500
fixed savings £42,000 + £695 in interest pending 
Pension pot (awaiting transfer of pots) only has £26,600 in currently. 

Total assets.

£44,265 excluding pension pot 

so if I’m really looking to push this the way I am this is what I am looking for. 

£4000 in my FX - £3500 left 
S&S isa £4000 - £3910 left 
crypto £2000 - £1020 left 
pension has no end value as I’m still young so will just add what I need into there 

The idea would be to funnel my money into crypto leave it for a week or two and depending on conditions funnel back into my other nests… yes crypto is a gamble but it’s the future (to me anyways).

I will be increasing my spread this week to see where it leads, this will be in pension, crypto and S&S.

I haven’t worked much in the last week and only done the odd and sod jobs.. but this week (from tomorrow) seems to be a lot more active.

Again, thank you, to everyone who has commented. I do work some really awfully strange hours so will update when I can with the money figures.

Contro1

Michael121 said:

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

Yes, I plan to do this.

this week has been a bit slow for me, no I don’t take a week for quotes. What I meant was that because it was slow I sent quotes out as I was quiet. Ie. Ones that I have seen for a few days ago and settled up.

I’ve had 3 accepted so far, all modest I guess and wouldn’t take ages to do but values are important. 

You see I sat behind a desk for 15 years and well, thank Christ for covid really kicked me up my backside to go and learn a trade. Yes unfortunately to have it (twice I may add - and with the unfortunate way the UK handled it) however I now have the knowledge to do stuff that people do not like doing.

People around me are genuinely very happy to pay me the rate I want because I’m a lot cheaper than the 3 guys doing it all the time.

if work drys up I’ll go work on a building site for a month while advertising. I’ve got work all over the place for “gaps” which is lucky. 

Sg28

Contro1 said:

Michael121 said:

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

Yes, I plan to do this.

this week has been a bit slow for me, no I don’t take a week for quotes. What I meant was that because it was slow I sent quotes out as I was quiet. Ie. Ones that I have seen for a few days ago and settled up.

I’ve had 3 accepted so far, all modest I guess and wouldn’t take ages to do but values are important. 

You see I sat behind a desk for 15 years and well, thank Christ for covid really kicked me up my backside to go and learn a trade. Yes unfortunately to have it (twice I may add - and with the unfortunate way the UK handled it) however I now have the knowledge to do stuff that people do not like doing.

People around me are genuinely very happy to pay me the rate I want because I’m a lot cheaper than the 3 guys doing it all the time.

if work drys up I’ll go work on a building site for a month while advertising. I’ve got work all over the place for “gaps” which is lucky. 

What sort of electrical work are you doing? I'd love to £50 an hour. What qualifications have you got/working on?