Wednesday, March 12, 2014

How I plan to make a million pounds in ten years

13th March 2014

I am a young old man aged 31 turning 32 on 19 October 2014.

I have decided to document my ascend to millionaire status. I am as sure as I am typing that it will happen. I moved to UK from Zimbabwe with nothing. The main reason I came was to be with my wife whom I legally married on 3 July 2013. I arrived in UK on 29 November. Before I left, I borrowed a friend of mine $1400 at an interest of 10% fortnightly to be able  to pay for my visa application and travel ticket. I paid it back in about 5 months with interest and grillings :). My wife helped me especially the first part of my stay, she was very supportive. Tip your hats!!! ;)

I stayed with a dear friend for about 2 and a half months after which I got a job that paid a basic salary of 12,084 pounds before tax a year. The first pay check i received was 850 pounds.

Here is how i used it:

Rent and deposit       510
Debt repayment        200
Mountain bike            70
Charity                       70
Total                        850

I had moved into a single room in Reading. The room cost me 340 and with a 340 deposit worked out to 680 (sorry no pound sign on my computer but everything else is working). I negotiated to spread the rent over two months hence it was 340 x 3 = 1,020. Meaning I would pay the months rent plus half the deposit which would work out to 510. The debt repayment was for money borrowed by my wife. She was stressed today because she has no transport money to go to work so she is sleeping over at work to be able to go through the period. I offered her my remaining 70 but she refused it she feels its inappropriate following the conversation we had.

I bought a bike today! Yeah! Now I can save about 864 per year that is the opportunity cost of going on the train. The daily fare to work was 3. This year im targeting to save about 6120 quid which is $9180. Above that I would like to make an extra 13,600 quid. The total income i will make and be able to save will be 9,146 + 10,212 = 19,358. The next year (2015) I would like to double it to 38,716 then the following year (2016) double it again to 77,432.

What remains will be seven years. I bet you would be laughing at me if you had read this before it happened but this is how i plan to snowball:

Year 4: 154,864
Year 5: 309,728
Year 6: 619,456
Year 7: 1,238,912
Year 8: 2,477,824
Year 9: 4,955,648
Year 10: 9,911,296

I am confident that I will become a billionaire in my lifetime using simple concepts that i will disclose later

I have listed a calculator on Ebay. It is a financial calculator that can fetch me about 20 pounds so hope that gets bought sooner rather than later.

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