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

Contro1

pecunianonolet said:

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!

I’m going to keep posting updates as and when I feel like it. This is my own motivational place. Forums free to use. Love reading all the comments. Good and bad. But yes. Me and rodders will be millionaires. I’m sure one day…(that’s sarcasm) 

my goal will be to buy a house and to put a minimum of £666 per month for a total of £8,000 into my savings account(s) and otherwise within this year more would obviously would be more of a benefit for me, but only time will tell.

Thank you so much for your reply, loving it and loved reading it. I’ll start posting updates in better ways and more readable. Been a bit all over the place. Thank you.

okay, so I’ve had a really busy week now and managed to earn what I wanted to and still being able to live. 

Back to college on Monday for about 6 weeks so now I’m back to working Thursday - Sunday each week. Today will be my last working day as I will rest for my start on Monday. 

I’m just waiting for a few more payments to come through into my account before I start splitting up my money a bit. There is no way I need to have just over £1,000.

my crypto has been good and has risen over 8% in the last 4& hours, again I’m not in an actual Bitcoin trade and keeping my money on the side now as I believe there’ll be a retest shortly. Either this weekend or next week.

put in 2 trades on FX now and losing at the moment but can’t win them all.

so here’s my update for now 

Atom - £42,000
S&S - £90.27
FX - £416.56 with £77.30 in trades currently. 

Crypto - £1,042.44 - my alts are performing well.
Pension - £27,139. 2nd pot unknown for now.

My goals. 
FX - goal: £4000 left: £3500
Crypto: goal £2000 left £957.56
S&S isa goal £4000 left £3,909.73

so my spread of money will go toward S&S, crypto and my pension. I will most likely split £200 with three accounts. I have some van repairs to do and some servicing that I want to get out the way.

learned a lot this week because I had some motors to configured and did them on my own, got them all signed off by my mentor as well 😁

I might give swagbucks a go this weekend as I have nothing to do after today. Would be good to earn £60 over 4 days and shove it into one of my accounts..

thanks, hope this was a better way to provide an update! 

DannyCarey

Contro1 said:

Investment strategy for 23/24

Majority of this plan to gain at least another 60k in savings is self managed. I need help to see what the best way moving forward to gain my goal.

Mg appetite to risk is huge, a guy who works in financing does not want me as a client as

- what he is doing I’m doing already.

- his fees outweighs the gains I want.

tldr; I’m planning for my future at 30 year old. 

I am an electrician by trade, I earn £45/hour however when my current college is finished I will be raising to £50/hour. I am literally throwing everything i have in this to get what I need to do. 

This is my yearly investment strategy. This will help keep me motivated, as I’m going through this will be edited to give better understanding how the year will progress. 

I have an appetite that suites very risky investment portfolio and will continue on this tune. This portfolio consists on mainly less risky investments. 

Cryptocurrency 

Bitcoin will be the most riskiest investment that I’ll be involved in.

Currently, as of 01/04/23 I have in Bitcoin and the crypto market £1530. My aim is to increase this with monetary deposits or if market conditions allow to at least £2,000.

For withdrawing the crypto money. I will continue to hold $Nodl and $Shib so my current investment that I can take out now is £1,002. Which means I am required to add £998 of my own funds or as the market rises to get my £2,000 target. 

Fixed rate savings

Fixed rate savings account which is coming to an end on 23rd June 2023 currently has £42,000 locked in with the interest on this investment earning £695 over 6 months. *

When my fixed rate savings account comes to an end I will fix the £42,000 again for 9 months which will give me currently at Atom 3.93% or £1,243.60 (as of 01/04/23).

— will search for a better or more deals when it comes up to renew —

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.

• 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 

- I will add an additional £40 from my working wages to make it up to £80. I have completed this by 05/04/2023.

I will split £200 (at least) per month and split between Pension, S&S and the crypto market in a three way split of approx £66 each way. 

John’s FX plan.

John had discussed a little plan with me where he’ll take 20% of profits earned on his currency trading platform. He says that he “might” - market depending be able to earn £300 per year on £1000 investment. As long as long as I pay him £60 per year.

However on £4,000 he can cash out 4 times a year and John will earn £240 per year in additional income where I will earn just shy of £960 per year with £4000 investments.

The reason why I want to put money into my friend as his trying to go fully self sustainable and have trust in him. As much money I can shove into this account to support my friend I will do it. 

My friend won’t be able to withdraw any money but only trade with money, my risk appetite supports this motive.

Now on FXCM minimum deposits are £500. So I will need to work a little bit more to generate this income so I can deposit. John said that the smallest amount he might be able to make money on is $500. 

Future plans and thoughts 

• No 25% top up as I’m not a first time buyer anymore. The only top up I will get is into my own pension fund.

• Potentially keep £42,000 in fixed savings account take out interest and invest in S&S isa. (Potentially.)

• Potentially a rise in 6.74% on my year in my investments - market conditions allowing. 

So this years goal alone is to have the following in savings. 

• £480 from Friend. 
• £695 from fixed savings 
• £2000 from crypto / market investments 
• Left overs from working wages that I can afford to lose to more than likely to go into cryptocurrency or ISA. 

Total guaranteed 

• £3175

Which will give me a working capital of £45,175.

Providers 

Atom bank - £42,000

Wealthily - S&S - £80 (just started this tax year) 

Kraken - £1,002 in withdraw-able cryptocurrency - if anyone wants to earn an additional $10 when they deposit $10 let me know, works for both of us 

PensionBee - known balance - £26,600 from one pension. Two pensions will be added to the pot unknown balance from the second pot. 

Liveable expenditures that I cannot ignore in this equation

My living expenses are nominal, they include only basic items to live, I am in care of two additional people but recently have scaled back my “investment” into them. I do general food shopping on a by-weekly basis.

• food - £100 every 14 days (give or take)
• Fuel - £100 per month 
• Insurances - £48 per month (for van)
• Vehicle tax - £25 per month 
• Vaping supplies £20 per week 
• Breakdown and repair fund - £35 per week (savings). 
• Phone bill - £10 per month 
• Internet £45 per month - just started moving providers now so will be cheaper 

My average monthly spending is £648 per month.

End goals

Of course this is on the lower end of my investment strategy for now my goal is to have a potential eye watering £130,000 within the next few years. I will need to gain at least another £58,500. 

Which in one year from April to March is not doable at £4875 required per month. 

However; at 48 months with £1,218 invested per month is more than doable this calculation includes investing into my pension pot.

This works out to be £304 per week. 

With finishing college in approx 7 weeks I should be able to “ramp up” my earnings as I am currently splitting my time for college three days a week and work four days a week, bringing me in a total of £500 per week in wages. 

Smaller goals to keep me focused and working life.

Smaller goals will help me keep motivated as this is a huge ask to manage to save this amount of money per year. 

My first goal will probably be the most easiest to reach.

In 23/24 tax year I will do the following. 

I will rise my capital by at least 6.74% within one year. This is excluding risky investments because they are not 100% in hand.

Current: £42,000    

Goal: £8,000

6.74% rise 

Total £50,000 

Can anyone else give me some more pointers? I’m literally splitting my spread as much as I can and as often as I can… 

These "alt coins" are a complete waste of money. Bitcoin is obviously risky but at least it makes sense, Those other two do not. Please off load before you get burned. 

Contro1

Okay,

so here’s a little update from my investment portfolio and a little update of my life. Blogging fun to keep motivated. Everyone should try it.

okay so had some great news today; got told I can work on a new building site, depending which way I want to go, I will most likely stay on this one for a little while so I don’t need to keep doing domestic and have a different variety of work in stock.

I am absolutely stacked for work for the next four days(after Thursday) and had to turn down a few, another person would probably help right about now but it wouldn’t last as still trading new.

now for the updates. 

atom. 

Still have my £42,000! My nest as we will call it for now. 

Crypto  

So I messed up and forgot to do a stop loss on is what it is really, have been swing trading it so I’ve made my money on it.

S&S

just waiting for a last payment to come through and I can split up the way I want to do it but it’s healthy and I’ll continue to add to it to see the numbers grow.

FX 

well, got into two trades on Thursday/Friday, been quite good on P/L I am currently in loss on one trade but it has bounced back quite a lot yesterday/today.

Pension.

last payment from last week to add at least £50 additional to it.

Atom:- £42,000

Crypto:- £1,095.65 at time of writing

S&S:- £90.25 at time of writing 

FX:- two trades on the go, one trade is in loss at 2.30 and one trade is in profit at 5.55 at time of writing.  

I actually made a mistake because I don’t know much about FX, I told you my margin. Not what I had inside. I have £20 in trades only. 

Pension:- £27,139 second pot unknown currently. Looking to add at least £50 to this once last payment has been made. 

That’s all for me. Will report back in a few days. 

eskbanker

Contro1 said:

so here’s a little update from my investment portfolio and a little update of my life. Blogging fun to keep motivated. Everyone should try it.

....but not on this board, which is really primarily focused on sharing information that's useful to others, such as new/changed products, etc, or answering queries about such.

If everyone chose to share 'show and tell' stories on this board, it would get very clogged very quickly, so you'd probably be better doing so on a board such as https://forums.moneysavingexpert.com/categories/how-much-have-you-saved

Contro1

eskbanker said:

Contro1 said:

so here’s a little update from my investment portfolio and a little update of my life. Blogging fun to keep motivated. Everyone should try it.

....but not on this board, which is really primarily focused on sharing information that's useful to others, such as new/changed products, etc, or answering queries about such.

If everyone chose to share 'show and tell' stories on this board, it would get very clogged very quickly, so you'd probably be better doing so on a board such as https://forums.moneysavingexpert.com/categories/how-much-have-you-saved

Mods can move it if they wish. I’m fine with this. This is just another way of investing. 

Ryan_Holden

I still don't understand why you're doing this?

As I said before, if your rate is £45 per hour then you only have to work 25 hours a week to make £59,000 pa. That's roughly half a working week, giving you the other half for college and quote generation.

If you're a limited company and paying dividends plus minimum salary you could easily extract £1.5-£1.7k per month based on that, which not only would outperform your target but would render all the work you're doing with everything else meaningless.

But of course, you'll have costs to cover. Supplies, fuel, maybe a van monthly payment? But surely you bring in more than enough to save rather than gamble. Which is what Crypto and Forex is.

OK if you're doing it for fun, sure. But the whole post seems to be about making up a target which, at your earnings, should be trivial.

The very small amounts you're talking about adding to your pension also don't stack up with these earnings. I can't for the life of me work out why you wouldn't be brimming that since I don't think you have a house or household bills. 

I also echo the sentiment of the above re: making this a blog. It's very unclear as well. If you must blog it, perhaps make an excel with a line chart for each of your ventures so the laymen who are speed reading can appreciate your progress. Just a suggestion.

Contro1

Ryan_Holden said:

I still don't understand why you're doing this?

As I said before, if your rate is £45 per hour then you only have to work 25 hours a week to make £59,000 pa. That's roughly half a working week, giving you the other half for college and quote generation.

If you're a limited company and paying dividends plus minimum salary you could easily extract £1.5-£1.7k per month based on that, which not only would outperform your target but would render all the work you're doing with everything else meaningless.

But of course, you'll have costs to cover. Supplies, fuel, maybe a van monthly payment? But surely you bring in more than enough to save rather than gamble. Which is what Crypto and Forex is.

OK if you're doing it for fun, sure. But the whole post seems to be about making up a target which, at your earnings, should be trivial.

The very small amounts you're talking about adding to your pension also don't stack up with these earnings. I can't for the life of me work out why you wouldn't be brimming that since I don't think you have a house or household bills. 

I also echo the sentiment of the above re: making this a blog. It's very unclear as well. If you must blog it, perhaps make an excel with a line chart for each of your ventures so the laymen who are speed reading can appreciate your progress. Just a suggestion.

Hi! Appreciate the feedback. Thank you very much.

yup, I get all of what you’re saying I think the reason why I’m doing this is if I can see it it. It’s believing sort of thing.

some weeks I can only get 15-20 hours of work where as like this week I’ve got well over 40 hours of work from tomorrow.

however one of the rates of the day is £25/hour but it is guaranteed work.

the small amounts are what I can grow do to grow the accounts and again, like looking at numbers and like making them grow. This is what I’m doing. 

I’ve a house / bills but not as much as you’d think. I have an additional person paying for everything while I continue to save up.

partner puts £50 towards this monthly as well (which will be coming in tomorrow or the next day.) 

gambling is fine; I don’t do fx so someone else can do it and I’ll pay them to; if it works it works. If it doesn’t. I don’t mind.

will look into spreadsheeting and updating once I’ve got everything going. Would make for cool posts I think.

I can see that mods have moved this to a more appropriate place so I will continue to blog this as I go. No updates yet. Will post on Friday once back from work.

Thanks!

Ryan_Holden

Contro1 said:

 I think the reason why I’m doing this is if I can see it it. It’s believing sort of thing.

I don't really understand what you mean there. 

Contro1

Ryan_Holden said:

Contro1 said:

 I think the reason why I’m doing this is if I can see it it. It’s believing sort of thing.

I don't really understand what you mean there. 

Think it’s a bit of an issue with myself; when motivated and working hard towards something I like to watch things grow. The numbers go up means I’m one step closer towards a victory. It’s a way I’ve learned to keep myself motivated. 

Ryan_Holden

So can I ask, what is victory? Achieving 48k in total savings without using your wages?