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

Band7

What happens to your plan if you are unfortunate enough to not be able to work for one reason or another?

Contro1

Band7 said:

What happens to your plan if you are unfortunate enough to not be able to work for one reason or another?

The way I see it is I’m adding to my fixed amount each time it matures. The profits or interest from investments will go into that fixed amount. 

I’ll either fix twice a year or once per year each going back into the nest I have built myself. 

That nest will not be used in risky investments. 

eskbanker

Contro1 said:

Band7 said:

What happens to your plan if you are unfortunate enough to not be able to work for one reason or another?

The way I see it is I’m adding to my fixed amount each time it matures. The profits or interest from investments will go into that fixed amount. 

I’ll either fix twice a year or once per year each going back into the nest I have built myself. 

That nest will not be used in risky investments. 

That doesn't actually answer the question, but since you've brought up the subject of the fixed rate savings pot, you do realise that keeping that in cash deposit form is pretty much guaranteed to lose real-terms value to inflation over the long term?  It's still quite difficult to unpick what you're really aiming for - there's always a trade-off between short term and long term money, but keeping a sizeable pot in cash savings (without any obvious use identified) while making so little provision for the long term (beyond a largely token gesture to fund a pension) seems misguided....

Band7

Contro1 said:

Band7 said:

What happens to your plan if you are unfortunate enough to not be able to work for one reason or another?

The way I see it is I’m adding to my fixed amount each time it matures. The profits or interest from investments will go into that fixed amount. 

I’ll either fix twice a year or once per year each going back into the nest I have built myself. 

That nest will not be used in risky investments. 

What I mean is what happens if you are physically unable to work, e.g. due to illness or accident. What will you live off?

Fphelp123

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. 

I’m confused you say you’re 30 but say you sat behind a desk for 15 years but Covid (3 years ago) made you retrain. So were you working an office job at the age of 12? 

bostonerimus

Fphelp123 said:

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. 

I’m confused you say you’re 30 but say you sat behind a desk for 15 years but Covid (3 years ago) made you retrain. So were you working an office job at the age of 12? 

Don't waste time worrying. If the OP is a troll leave them alone, if not still leave them alone to lose money on crypto and FX as they are ignoring lots of sensible advice.

Contro1

No one is ignoring sensible advice.

i have a long history within computers. No office job, I’m done with that.

i do have some updates as I have made some mistakes.

crypto - £983 I don’t have much in Bitcoin if anything waiting for alt season. 

I made a mistake with my S&S isa as I had £80 not £90.

so that £80 has lost 0.16% and it’s now worth £79.87. 

One of my pension pots has gone up to £27,300. 

£500 into the forex market now. No activity we’ve been setting up.

still Have my fixed atom £42,000.

work wise has been OK so far. Waiting on some parts to be delivered to finish off one job.

finished off another job Monday, 2 on Tuesday and one yesterday. 

My earnings are a little off at the moment because I’ve not had anyone pay just yet. Easter has killed people.

got a cracking 2 day job coming up on Friday. so I’m very happy with that. 

Just as an fyi for everyone. We’re  trading on 0.01 lots on forex so it’s less risky. 

Again; always thankful for the advice from everyone.. 

jimjames

Contro1 said:

bostonerimus said:

This is one of those threads that I have difficulty with. The plan is so bizarre that it might be a troll, but if it is true the red flags are including friends and an overly optimistic attitude to risk and a short term approach. There are plenty of sensible ways to save money and get some return through investments and they tend to be quite boring

again, the loan repayment from the friend it was risky but there finally paying me back 

I refer back to my previous post. "Finally" sounds rather ominous like they've not been paying previously, if that is the case then they could easily stop again.

Contro1 said:

I made a mistake with my S&S isa as I had £80 not £90.
so that £80 has lost 0.16% and it’s now worth £79.87. .

I really can't understand the point of £80 in a S&S ISA but putting money is a scattergun approach of various other things that are much higher amounts. Fund it properly or close it, there seems little point in £80 when you have £40k elsewhere

Contro1

jimjames said:

Contro1 said:

bostonerimus said:

This is one of those threads that I have difficulty with. The plan is so bizarre that it might be a troll, but if it is true the red flags are including friends and an overly optimistic attitude to risk and a short term approach. There are plenty of sensible ways to save money and get some return through investments and they tend to be quite boring

again, the loan repayment from the friend it was risky but there finally paying me back 

I refer back to my previous post. "Finally" sounds rather ominous like they've not been paying previously, if that is the case then they could easily stop again.

Contro1 said:

I made a mistake with my S&S isa as I had £80 not £90.
so that £80 has lost 0.16% and it’s now worth £79.87. .

I really can't understand the point of £80 in a S&S ISA but putting money is a scattergun approach of various other things that are much higher amounts. Fund it properly or close it, there seems little point in £80 when you have £40k elsewhere

I can’t remember if I said in this post but had a short agreement with my friend, she’s doing good now. It is what it is at the end of the day. 

Yes, I guess little point for you. I like to see numbers either grow or decline.

im working towards something, this is my way forward. Filling accounts up as I go along..

london21

Not a fan of FX trading or bitcoin.

If you are serious about investing your money for a decent return, do your research and do things properly.

You are better off putting your money in a decent interest paying account than Crypto and Fx trading because a lot of people lose their money.

Also I will be careful with lending friends and family money you are not willing to lose.

I am also in my 30s and what I am invested in are 
property 
Vanguard global index funds
Barclays 1 year ISA fixed savings account paying 3.2%
Santander eSaver account paying 3.2%
Workplace pension contribute £420 pm higher rate tax payer