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 Post subject: FlyingPig's $100,000 Challenge for 2015
PostPosted: Sun May 24, 2015 12:49 am 

Joined: Sat Apr 04, 2015 5:48 am
Posts: 6
I recently wrote up on my financial mess in this post -
Debt Free & on Track to Save $100,000 by Dec 2015 - http://www.getrichslowly.org/forum/viewtopic.php?f=12&t=82123

As already stated, I am saving up to $100,00 by December 2015. After this I will revisit where I am in January and look at investing anything over $100,000 mark. So basically the $100,000 will act as a "buffer" to spring board me onto the next phase of my financial ambitions!

Previous Financial Position (April 4 2015)
- $0.00 DEBT
- $39,000.00 in retirement Fund
- $1,944.83 Cash & Online Expenses Account
- $45,003.94 Savings Account 1
- $406.26 Savings Account 2
- $558.50 Savings Account 3
- $2,300.00 in Emergency Fund
- $3,205.00 - Value of Shares (penny stocks) that I bought for $45,000 :puke: ;( ;( ;( ;( ;(
- $4,700.00 - Share Trading Account. Day Trading, not investment account

Current Financial Position (24 May 2015)
- $700.00 DEBT - (a friend reminded me about his money I hadn't paid back...ohh dear!
- $41,062.70 in retirement Fund
- $2,172.14 Cash & Online Expenses Account
- $66,131.85 Savings Account 1
- $427.3 Savings Account 2
- $578.50 Savings Account 3
- $65.27 in Emergency Fund - Down as I recently had to move house after failing to renew lease...greedy landlord :(
- $2,205.00 - Value of Shares (penny stocks) that I bought for $45,000 :puke: ;( ;( ;( ;( ;(
Sold some shares and recouped $805 that I am yet to get. Been busy, haven't got a chance to cash in the cheque. This money will be used to pay off a $700 debt that I had forgotten about :(
- $4,200.00 - Share Trading Account. Day Trading, not investment account.
Lost $500 trading shares. Nothing major, I will bounce back!

2015 Monthly Savings Target
I am looking at saving a total of $8,000 each month..fingers crossed :)
June - $74,131,.85
July - $82,131.85
August - $90,131.85
September - $98,131.85
October - $106,131.85
November - $114,131.85
December - $122,131.85


Last edited by flyingpig on Sat Jul 04, 2015 3:27 pm, edited 1 time in total.

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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Tue May 26, 2015 6:50 am 

Joined: Mon Sep 22, 2014 2:11 pm
Posts: 81
I'm curious, why do you want to keep so much in your savings account? You could invest that money and still have it available to you in a few days time if something came up. Even better, you could invest most of that, and still leave yourself a comfortable cushion in that savings account, but your investments would be earning (hopefully) quite a bit better than the savings account interest that you're getting.

Ahh, and the penny stocks. Ouch. Live and learn though, right?

***I only wish I could see that much money in my accounts, you are doing AWFULLY well!


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Thu Jul 02, 2015 3:58 am 

Joined: Sat Apr 04, 2015 5:48 am
Posts: 6
Current Financial Position (2 July 2015)
- $0.00 DEBT :rofl:
- $850.00 Holding liquid Cash for everyday expenses, etc
- $43,720.79 in retirement Fund
- $14.93 Cash & Online Expenses Account
- $65,569.91 Savings Account 1
- $427.3 Savings Account 2
- $10,478.43 Savings Account 3 (Moved some money from Savings Account 1 to this Account)
- $2,070.89 in Emergency Fund - Down again. Personal emergency :(
- $0.00 - Value of Shares (penny stocks) that I bought for $45,000. Cut my losses and sold for a loss, need to offset against large profit on house sale. Keeping taxes at a minimum
- $3,836.00 - Share Trading Account. Day Trading, not investment account.
Lost $150.00 trading shares. Nothing major, I will bounce back!

Total - $83,247.46 (Does not include retirement fund as I cannot liquidate until 60 years of age :mrgreen: )

2015 Monthly Savings Target
I am looking at saving a total of $8,000 each month..fingers crossed :)
June - $74,131,.85 (Actual - $79,396.53)
July - $82,131.85
August - $90,131.85
September - $98,131.85
October - $106,131.85
November - $114,131.85
December - $122,131.85

July Plan:
Diversify Savings as follows;
Savings Account 1 - $35,000
Savings Account 2 - $5,000
Savings Account 3 - $35,000
Maintain no more than $50,000 in any given account


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Thu Jul 02, 2015 9:21 am 

Joined: Fri May 04, 2007 8:14 pm
Posts: 2105
flyingpig wrote:
Maintain no more than $50,000 in any given account

Why?


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Sat Jul 04, 2015 8:39 am 

Joined: Fri Jul 03, 2015 7:18 pm
Posts: 9
Seems somewhat odd to me: three savings accounts with such wildly different amounts in them, and a drained "emergency fund" separate from them. My guess is that each of them is earmarked for something specific that you've not mentioned ("sinking funds" or "reserves"), or that you're not clear yet what you want to do in the future.

The snarky part of me leans to the latter, given penny stocks, ongoing losses by day-trading, and $8000/month into a savings account. $128k net worth, increasing by $8k/mo after all taxes. Rather unusual situation. Are you a high earner with low overhead? Maybe following my path to invest into municipal bonds and dividend stocks would serve you too -- $48k plus 4.5 more years at $8k/mo take-home yields $1500/mo at 4%.

If you've not already done so, get clear on what you want your future to look like. Sharpen your focus. You have better places you can put your money, once you decide you want to put your money to work well for you.

-- jrb3


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Sat Jul 04, 2015 2:48 pm 

Joined: Sat Apr 04, 2015 5:48 am
Posts: 6
VinTek wrote:
flyingpig wrote:
Maintain no more than $50,000 in any given account

Why?


Diversification


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Sat Jul 04, 2015 2:50 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 2105
flyingpig wrote:
VinTek wrote:
flyingpig wrote:
Maintain no more than $50,000 in any given account

Why?


Diversification

For what purpose? The https://www.fdic.gov/deposit/deposits/ covers your for up to $250K. These are just savings accounts, right?


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Sat Jul 04, 2015 3:07 pm 

Joined: Sat Apr 04, 2015 5:48 am
Posts: 6
jrb3 wrote:
Seems somewhat odd to me: three savings accounts with such wildly different amounts in them, and a drained "emergency fund" separate from them. My guess is that each of them is earmarked for something specific that you've not mentioned ("sinking funds" or "reserves"), or that you're not clear yet what you want to do in the future.

The snarky part of me leans to the latter, given penny stocks, ongoing losses by day-trading, and $8000/month into a savings account. $128k net worth, increasing by $8k/mo after all taxes. Rather unusual situation. Are you a high earner with low overhead? Maybe following my path to invest into municipal bonds and dividend stocks would serve you too -- $48k plus 4.5 more years at $8k/mo take-home yields $1500/mo at 4%.

If you've not already done so, get clear on what you want your future to look like. Sharpen your focus. You have better places you can put your money, once you decide you want to put your money to work well for you.

-- jrb3

I haven't really "focused" as such on the emergency fund as yet. Once I hit my $100,000 target I plan on ramping that up. I am only about 20k away from target ;)

3 Accounts - I initially started with a target of 100k but found it hard mentally to achieve. Thus decided on smaller 50k accounts. So hit 50k in one, move to next. Grow it to 50k,etc. Each will be used for different investment paths.
Just so we are clear, I am in no rush.
As already stated, I am saving up to $100,00 by December 2015. After this I will revisit where I am in January and look at investing anything over $100,000 mark. So basically the $100,000 will act as a "buffer" to spring board me onto the next phase of my financial ambitions!

Day Trading - these are not losses as such but rather "burning commissions" as I horn my skills. I have made consistent profits with small size. If I used size my account would be way up! This account should start seeing growth in the next couple of months as I increase position sizes. Trading is not a quick path to riches. It takes time.

Earning - yes I earn a fair chunk every month.

Bonds - I have no intention to hold my cash in any bond/equities investment long term. After previous experiences I have learnt that cash is king. I lack patience and thus my focus on day trading. I close all positions at the end of the trading session.

Future Plans - Most of the savings you see are intended for property investment long term.

I am in no rush to invest now so the small interest I get from the banks is ok. Doesn't even bother me to be honest.


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Sat Jul 04, 2015 3:17 pm 

Joined: Sat Apr 04, 2015 5:48 am
Posts: 6
[/quote]
For what purpose? The https://www.fdic.gov/deposit/deposits/ covers your for up to $250K. These are just savings accounts, right?[/quote]

Two Banks:
Bank 1
- Acc 1
- Acc 2

Bank 2
- Acc 3


Nothing surprising.


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Sun Jul 05, 2015 7:48 am 

Joined: Fri May 04, 2007 8:14 pm
Posts: 2105
flyingpig wrote:
VinTek wrote:
For what purpose? The https://www.fdic.gov/deposit/deposits/ covers your for up to $250K. These are just savings accounts, right?


Two Banks:
Bank 1
- Acc 1
- Acc 2

Bank 2
- Acc 3


Nothing surprising.

But it doesn't answer my question. What is the point of the diversity? Why limit accounts arbitrarily to $50K when you're protected up to $250K?


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 Post subject: Re: FlyingPig's $100,000 Savings Challenge for 2015
PostPosted: Tue Jul 07, 2015 11:26 am 

Joined: Wed Mar 26, 2008 1:35 pm
Posts: 501
Location: USA
flyingpig wrote:
jrb3 wrote:
Seems somewhat odd to me: three savings accounts with such wildly different amounts in them, and a drained "emergency fund" separate from them. My guess is that each of them is earmarked for something specific that you've not mentioned ("sinking funds" or "reserves"), or that you're not clear yet what you want to do in the future.

The snarky part of me leans to the latter, given penny stocks, ongoing losses by day-trading, and $8000/month into a savings account. $128k net worth, increasing by $8k/mo after all taxes. Rather unusual situation. Are you a high earner with low overhead? Maybe following my path to invest into municipal bonds and dividend stocks would serve you too -- $48k plus 4.5 more years at $8k/mo take-home yields $1500/mo at 4%.

If you've not already done so, get clear on what you want your future to look like. Sharpen your focus. You have better places you can put your money, once you decide you want to put your money to work well for you.

-- jrb3

I haven't really "focused" as such on the emergency fund as yet. Once I hit my $100,000 target I plan on ramping that up. I am only about 20k away from target ;)

3 Accounts - I initially started with a target of 100k but found it hard mentally to achieve. Thus decided on smaller 50k accounts. So hit 50k in one, move to next. Grow it to 50k,etc. Each will be used for different investment paths.
Just so we are clear, I am in no rush.
As already stated, I am saving up to $100,00 by December 2015. After this I will revisit where I am in January and look at investing anything over $100,000 mark. So basically the $100,000 will act as a "buffer" to spring board me onto the next phase of my financial ambitions!

Day Trading - these are not losses as such but rather "burning commissions" as I horn my skills. I have made consistent profits with small size. If I used size my account would be way up! This account should start seeing growth in the next couple of months as I increase position sizes. Trading is not a quick path to riches. It takes time.

Earning - yes I earn a fair chunk every month.

Bonds - I have no intention to hold my cash in any bond/equities investment long term. After previous experiences I have learnt that cash is king. I lack patience and thus my focus on day trading. I close all positions at the end of the trading session.

Future Plans - Most of the savings you see are intended for property investment long term.

I am in no rush to invest now so the small interest I get from the banks is ok. Doesn't even bother me to be honest.


What you are doing is, at odds with how most on this forum would go about "get rich slowly". All your money is either in very safe but not earning anything savings accounts, or daytrading (extremely volatile/risky). Lack of patience is usually not a good trait for long term investing. Good luck with your ventures.


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