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

Contro1

london21 said:

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

I think I need to just remind everyone. 4 years i made this deal to my friend. 

Thank you for the suggestion I will most likely be doing some more research when June comes along. 

Contro1

so had an interesting day today. Not much in trading, but I’ll run through an update for you.

pension bee - £27,044 today

Will be adding a contribution to this shortly. 

Crypto - just took a $25 profit trade but because the alts I’m in are down so £982.91 although I’m swing trading it. 

S&S - £80.01 - 1p profit although a direct debit has gone out to them today for £10.

will be putting £60 in there shortly. 

Atom - still £42,000

FX - £500 - have not started trading just yet. 

Money wise - people are starting to pay now so I can shift money earned around after all bills are paid.

have my insurance coming out in 4 days so preparing for that. Have lots of work over the weekend, 3 tomorrow 2 Saturday and 1 Sunday. Should net me a nice amount, that’s for sure! 

This is my own personal journey. People please understand that I can be very motivated when I want to be; so things are going to be slow for me while I build up some money. 

So my update is. 

FX - goal: £4000 left: £3500
Crypto: goal £2000 left £1,017.09
S&S isa goal £4000 left £3979.99

not an outrageous target if I knuckle down like this. 

shortseller09

Contro1 said:

so had an interesting day today. Not much in trading, but I’ll run through an update for you.

pension bee - £27,044 today

Will be adding a contribution to this shortly. 

Crypto - just took a $25 profit trade but because the alts I’m in are down so £982.91 although I’m swing trading it. 

S&S - £80.01 - 1p profit although a direct debit has gone out to them today for £10.

will be putting £60 in there shortly. 

Atom - still £42,000

FX - £500 - have not started trading just yet. 

Money wise - people are starting to pay now so I can shift money earned around after all bills are paid.

have my insurance coming out in 4 days so preparing for that. Have lots of work over the weekend, 3 tomorrow 2 Saturday and 1 Sunday. Should net me a nice amount, that’s for sure! 

This is my own personal journey. People please understand that I can be very motivated when I want to be; so things are going to be slow for me while I build up some money. 

So my update is. 

FX - goal: £4000 left: £3500
Crypto: goal £2000 left £1,017.09
S&S isa goal £4000 left £3979.99

not an outrageous target if I knuckle down like this. 

I don't think anyone is particularly interested in a daily blog.

grumiofoundation

shortseller09 said:

Contro1 said:

so had an interesting day today. Not much in trading, but I’ll run through an update for you.

pension bee - £27,044 today

Will be adding a contribution to this shortly. 

Crypto - just took a $25 profit trade but because the alts I’m in are down so £982.91 although I’m swing trading it. 

S&S - £80.01 - 1p profit although a direct debit has gone out to them today for £10.

will be putting £60 in there shortly. 

Atom - still £42,000

FX - £500 - have not started trading just yet. 

Money wise - people are starting to pay now so I can shift money earned around after all bills are paid.

have my insurance coming out in 4 days so preparing for that. Have lots of work over the weekend, 3 tomorrow 2 Saturday and 1 Sunday. Should net me a nice amount, that’s for sure! 

This is my own personal journey. People please understand that I can be very motivated when I want to be; so things are going to be slow for me while I build up some money. 

So my update is. 

FX - goal: £4000 left: £3500
Crypto: goal £2000 left £1,017.09
S&S isa goal £4000 left £3979.99

not an outrageous target if I knuckle down like this. 

I don't think anyone is particularly interested in a daily blog.

Nor is it sensible, or possibly not even healthy, to be looking at ones personal wealth in this much detail every day - a 1p profit for example.....

Dh6

As my Dad says, less talking, more action

plumb1_2

Dh6 said:

As my Dad says, less talking, more action

Thought that was Elvis 😊

mooneysaver

Can we get an update on the portfolio please?

Ryan_Holden

I can't help but think this thread reads exactly like the written version of the Instagram and Tik Tok short vidoes where influencers tell you how they became financially independent by 30, how they made $X in X years, or how you can jump on board with their Forex journey by using this code and their coaching.

These videos almost never paint the likely reality that these people are wealthy because people like you pay them, lose, and they move on.

Using Crypto as a part of your financial plan without having dedicated resource or significant deposits is never going to end well. If 2021-2022 showed us anything it's that it's either luck or absolute focus that generates returns.

For £45 an hour work rate, even if you could only work 25 hours a week you'd be earning £59k. I imagine you're a limited company so your accountant can work their magic and even if you lived, paid your own bills and paid a mortgage at £1300 you could probably put away £1.5k-£1.7k a month in savings. Tho IMO that would be better placed IMO paying off your mortgage early (I couldn't see if you actually owned a house).

Millyonare

Next year, Rodders. Next year. Luvly jubbly.

pecunianonolet

I read all 8 pages now. Wow. 

My post might be cynical but here it goes:

1. If you provide updates, can they be please concise and in a language that is understandable and makes good use of punctuation. Reading your updates makes my brain hurt - sorry.

2. Invest in book about Economics and spend your free time reading instead of chasing unicorns. https://amzn.eu/d/h3PuNUM This is the standard textbook used at many University classes of Economics. Earlier versions are fine as the fundamentals haven't changed. Learn about things like the labour market, property market, what an inverted interest yield curve is, inflation and deflation, consumer surplus, marginal cost, transaction cost, just to throw in some terms. 

--> Knowledge is power!

3. Focus, focus, focus, get rid of FX trading, you can also go to a casino instead, probably more fun too. FX trading is for experts and considered extremely risky, especially in an unpredictable global environment we're in. I think FX trading by using CFD's could be an even crazier way of burning money quick if that's your thing. FX trading is a waste of time and effort so leave it to the banks and highly paid investment bankers. You can't win with a few quid against very powerful algorithms moving trillions each day. Focus on 3-4 core elements. Less is more here.

4. The private loan you have going was probably a mistake, but it's set up so stick to your agreement but have things in writing. Your best friend today could be your worst nightmare tomorrow. Maybe help your friend along the way to get it onto their own account, e.g. loan with a bank, 0% balance transfer credit card, etc. income optimisation, so it is no longer in your name. Sharing is caring so use your knowledge to help your friend to walk and manage their own finances.  

5. If you insist staying in crypto, use a monthly fixed sum and participate in dollar cost average investing. Treat it as gamble money! Be sensible and think long term. I lost a 4 figure some in the UST crash. I was greedy about the 20% plus return daily. Not researched well enough about algorithmic stable coins but thought I understood wat I was doing and the risks. I went into HNT very early, should have sold at the peak of $50 and would have made a fair few thousand, held on to them and now it's worth nothing but since I haven't sold I neither realised my loss nor a gain. Time will tell. I learned my lesson!

6. Be your own accountant: Formulate your goal clearly. E.g. in year x I want to buy a property of x value. Now reverse engineer and take into account what you already have and what you need to acquire to fill the gap.

Now apply x% of inflation to your calculation. E.g. a property of 100k value today, with e.g. 5% inflation over the next 12 months means you already need 105k in 12 months to buy the same property, we assume the property value increase/decrease is 0. I would factor market developments in as well so understand the market in your area, do you need £x extra to be able to bid over home report value, what LTV would be beneficial to achieve a better mortgage rate you can comfortably pay in the future and how much room do you leave as a buffer should you have to remortgage in the future to a higher rate. What budget might be needed for immediate home improvements, etc. Factor in tax, overall cost for the transaction, etc. You will have to move at some point and that doesn't come free either, you might need/want new furniture,... you get the point.

Break it down in smaller goals, e.g. monthly savings targets, spending, strategies to improve cash inflows by maintaining or reducing outflows. What is the tax situation so using tools such as ISA's, (drip) feeding regular savers, plan when interest is payable e.g. monthly interest vs. annual interest. Is your tax code right, do you have expenses you can claim to pay less tax e.g. work uniform tax relief, working from home tax relief during Covid, etc. Have you checked credit reference agency reports for any mistakes or things you might have to improve. Having the cash in x years but a bad credit history/ranking could be a problem of getting a good lending agreement.

--> Create a spreadsheet and track monthly developments, celebrate goals reached, find patterns where you could do more, or do things differently

7. What alternative ways do you have after having optimised current savings to generate more income? Would bank switches be an option, could you make some cash using rewards accounts e.g. Halifax, Natwest/RBS, could you sign up to yougov and link accounts and do surveys for £50 every 3 months, maybe sign up to the MSE offer for Swagbucks, do surveys and cash in a £20 bonus from MSE after having earned £10 there (I did it with my and OH account in 4 days with rather little effort for £60 into Paypal).

8. Do something for your pension. Having that house but not being able to put the heating on when you're old or needing a part time job to make ends meet might not be what you want. Maybe check if making additional national insurance contributions makes sense to buy additional years should you be at risk of not achieving the number of years to receive full state pension?

Check and (Re)view the Martin Lewis shows and go through things and check what might be useful. Read the MSE homepage, so much useful info there about so many topics (sometimes a bit hidden so dedicate some time).

8. Live your life!!! Have a beer, meet your friends and family, go on a holiday, eat some good food, go to the cinema, etc. (Lloyds Club account gives you free cinema tickets).

The biggest asset you have, above all and everything is your health, mental and physical! So your health should always come first!