#11. Posted:
-Deano
  • PC Master Race
Status: Offline
Joined: Aug 19, 201013Year Member
Posts: 5,238
Reputation Power: 532
Status: Offline
Joined: Aug 19, 201013Year Member
Posts: 5,238
Reputation Power: 532
Age
26

Country
UK

Qualifications
BSc Software Engineering

Source(s) of Income
Full-time employment

Current Position
Software Engineer (Approx. salary of £40,000)

Net Asset Value
£20,000+ cash, £8,000+ vehicles

Net Debt Value
~£65,000 student loans, ~£5,000 personal loan

A Main Reason Relating to your Wealth
Solely through my employment and saving a portion of my income.

A Main Reason Relating to your Debts
Student loans were to obtain my degree. With how the repayment system works in the UK, I am currently paying off less than the total amount is accruing from interest. After 30 years it gets wiped so I don't really consider it a debt I care to be paying off, just a small amount being deducted from my pay each month. If I continue at my current salary I will only pay off ~£25,000 of the ~£65,000 ignoring any additional interest.

The ~£5,000 personal loan was done to further improve my credit score. I purchased a new motorbike and it worked out better for me to get a personal loan for a large portion of the value of the motorbike than just paying for it outright.


In response to Adam saying how people manage their money, in essence I live "paycheck to paycheck" where, once I have been paid, any money I had left over from the previous month gets transferred into my savings account. I also have a Help to Buy ISA which I pay in £200 monthly regardless.

The reason I do this is because, in general, you don't need every penny of your income to live your normal life. If one month I only pay in my £200 to my ISA and not a single other penny saved then that's fine. Some months I have no money left through other purchases, some months I have £500+ spare because I've done nothing with it. I find it is the most proactive way to save without penny pinching and still being able to "live my life".
#12. Posted:
Maze
  • Summer 2020
Status: Offline
Joined: Nov 24, 201112Year Member
Posts: 13,691
Reputation Power: 40009
Motto: All Time High Monthly Posts achieved in June 2018. jukly forever. #BanC4
Motto: All Time High Monthly Posts achieved in June 2018. jukly forever. #BanC4
Status: Offline
Joined: Nov 24, 201112Year Member
Posts: 13,691
Reputation Power: 40009
Motto: All Time High Monthly Posts achieved in June 2018. jukly forever. #BanC4
Scizor pays me $16,500 every two weeks to play halo 3
#13. Posted:
Johnny
  • Game Night
Status: Offline
Joined: Jul 11, 201112Year Member
Posts: 2,989
Reputation Power: 10450
Motto: #CancelScizor #CancelCent #CancelAudrey
Motto: #CancelScizor #CancelCent #CancelAudrey
Status: Offline
Joined: Jul 11, 201112Year Member
Posts: 2,989
Reputation Power: 10450
Motto: #CancelScizor #CancelCent #CancelAudrey
Age: 24
Country: US
Qualifications: Just a Diploma, some years in retail and 4 years in commission base sales.
Source(s) of Income: Just from my employer
Current Position: Direct Sales Rep, I'm one of the first people service members see when they arrive on base, I mainly help them setup their utility service but 80% of my day is absolutely nothing, the rest is either emails, Zoom meetings, setting up events to drive business and market myself as much as possible.
Net Asset Value: BWHAHAHAHAHAH
Net Debt Value: I'm in the negatives
A Main Reason Relating to your Wealth: I occurred a decent amount of debt that wasn't necessary other than life experiences, somehow I have a high credit score but that doesn't mean much to someone already in debt
A Main Reason Relating to your Debts: Credit cards that were spent on things where I didn't have the actual cash to pay it back within 3-4 months, my car was the biggest debt I occurred along with the repairs to it when I should've just totaled it. That's one of my financial regrets that'll haunt me over the next few years


I'll come back to this post when my grip on my income is tremendously better, I'm not a fan of living this way.
#14. Posted:
kim
  • Administrator
Status: Offline
Joined: Jul 28, 201211Year Member
Posts: 6,300
Reputation Power: 30100
Motto: existence is futile
Motto: existence is futile
Status: Offline
Joined: Jul 28, 201211Year Member
Posts: 6,300
Reputation Power: 30100
Motto: existence is futile
r00t wrote Age: Under 30
Country: US
Qualifications: None
Sources of income: Salary and various "hustles"
Current position: IT Admin
Net Asset Value: Enough
Net Debt Value: $30k margin loan, $20k credit card float at 0% interest

Main Reasons Relating to your Wealth: I live to work while others work to live. I'm good at my job, so my employer pays what I'm worth. I save about 75% of my income. I am more useful to my employer because I act without fear of losing my job. I invest only in the total US stock market index. My hobbies/hustles make money.

A Main Reason Relating to your Debts: I use a margin loan at 1.5% interest to increase equity risk and eliminate cash drag. I carry large credit balances for resale inventory with no interest.

Notes: I quit college because I didn't like it. My parents paid some tuition and were reimbursed double. I had expensive private schooling since age 3 and good upbringing.


Main reason relating to your debts: "stupid cat I picked up in Detroit"
#15. Posted:
Nao
  • Gold Gifter
Status: Offline
Joined: Aug 05, 201310Year Member
Posts: 4,057
Reputation Power: 30362
Motto: Live Your Life How You Want To Live It
Motto: Live Your Life How You Want To Live It
Status: Offline
Joined: Aug 05, 201310Year Member
Posts: 4,057
Reputation Power: 30362
Motto: Live Your Life How You Want To Live It
Im Too Lazy To Type lol So Gonna Keep It Simple

But let's just say I found a penny in my couch and got excited

Im rich now

Get On My Level Pansies
#16. Posted:
Yolo
  • Wise One
Status: Offline
Joined: Jan 13, 201311Year Member
Posts: 540
Reputation Power: 28
Status: Offline
Joined: Jan 13, 201311Year Member
Posts: 540
Reputation Power: 28
Age: 23
Country: US
Qualifications: Bachelor's Degree in Computer Science
Source(s) of Income: investments (Stocks + Crypto mining), Full-time work
Current Position: Software Engineer
Net Asset Value: $8,900
Net Debt Value: £14,000 (for now as long as I can avoid buying one of those new sexy M3s)
A Main Reason Relating to your Wealth: Salary life baby.
A Main Reason Relating to your Debts: University.
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