Personal Finance Blogger Hall of Fame: Patt Flynn

Paying homage to some of the greats of the personal finance blogging world. We look at those that have inspired hundreds and thousands.


Hall of Fame Entry: PAT FLYNN


Why Pat Flynn?

For those of you that don't already know who Pat Flynn is I would urge you to click on the photo or link in the caption and check out his website Smart Passive Income. Whilst he doesn't know this Pat has inspired and motivated me.

Pat Flynn: Picture from smartpassiveincome.com
I discovered Pat through his comments on other personal finance blogs and was delighted to find that he had a podcast series dating back to 2010. It has taken me about a month but I'm now up to date with his first 40 episodes. In the last month I have been taking my finals for University and found it difficult to find the time and motivation to carry on writing for my blog. It was Pat's words on the podcast that helped me to stay the course and produce two pieces of content throughout this difficult period. Thank you Pat. You will never know quite how much you helped. I am sure that it is the same for others as well.

Who is Pat Flynn?

What I like about Pat is that he is clearly just a regular guy like you and me. This comes through strongly in his podcast with recent appearances from his son and regular chatter about his family. He's a family man trying to to the best for his nearest and dearest. 

Like many during the recession he was laid off but unlike many showed courage, determination and entrepreneurship and started out on his own business. Pat already ran a website that helped people to pass the LEED exam (architectural exams). Through a lot of effort he developed and monetised it through affiliate links and selling his own ebook. Pat made an impressive $8000 from the newly monetized site in the FIRST month! The end product looks great.

Another niche site that Pat developed was his Security guard training website. In my opinion this site is a brilliant case study for anyone wishing to start their own niche site. You can follow Pat's progress and development of the site in the Niche Site Duel. Whilst I already have my optimized keyword sorted, I am about to start my own niche site in the coming months and am going to be rereading the development of Securityguardtraininghq.com for guidance.

Pat's blog tracks his progress and also provides many useful tips and insights in the form of video and podcast. However, it is Pat's warmth and openness that shines through in all that he does that makes him and his work so inviting that you've got to keep coming back for more.


Pat, if you ever get to read this, on behalf of all that have come across you, thank you.

Readers, who are your favourite personal finance bloggers? Have you come across Pat Flynn before? What did you learn from him?

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Yakezie Writing Contest

Dear Readers,

I have some great news. Today I was published on Yakezie Personal Finance Forum's Writing Contest. My essay is called 'The Social Outcast Network' and is an original analysis of Social Media and true relationships in today's world.

The publishing of my essay indicates that I have reached the final stage of the competition. I urge you to go and read my essay. Let me know what you think of it in the comments box below the essay. You can also give me a score out of 3 where 3 is the highest. If you want to know more the voting rules are on this link.

I would really appreciate any feedback on the essay so please be as honest as possible. I'm trying to generate interest so any comments are appreciated. If you have made a comment on the essay itself please get in touch by commenting on this post so that I can thank you personally!

Kind Regards,

Ashley

Personal Finance: Back to Basics

Tired of Seeing the Same Personal Finance Blogs?

Looking around the internet today blogging seems to be the 'in-thing' to do. More specifically blogging about ones personal finances seems to be a very popular leisure activity (or in some cases a business). There are literally tens of thousands of different personal finance blogs on the blogosphere. There are so many that it is sometimes hard to decide which ones to follow. Many are just the same as the next one, reproducing existing content.

Decent personal finance blogs have a similar theme to one another. They all outline the same basic principles:
  1. Income must be greater than Outgoings
  2. Make money work for you rather than you work for your money
  3. Prepare for the unexpected
Picture from freedigitalphotos.net

For those that don't know, here follows a quick explanation of each of these basic principles:
  1. You must not be spending more than you earn. This may involve cutting back your expenses or else finding a way to boost your income. It also requires focusing on removing debt that is a strain on your finances.
  2. We've all heard this before. This involves paying yourself first. When you receive your paycheck you must transfer money into a savings account before going off on those shopping sprees. You also need to know what to do with the money saved in order to ensure that you get a good return.
  3. This clearly means insurance and emergency funds. It is sensible to have about 6 months worth of your salary saved up in the form of an emergency fund. As for insurance, and as many of my readers will already know, I have a real problem with insurance. What is the optimal amount?

The Difference

So the question you may all be wondering:

What makes this blog any different?

Well I believe that there are several elements that make this personal finance blog a little different:
  1. I am extremely open and honest with my audience. You've only to look at some of the latest posts to see this. For example Budgeting in a Salary increase, Multimillionaire Road Plan Reviews, and my Share Portfolio: June Update. I try to tell all the numbers to my audience to hold me accountable and to demonstrate that I'm a real guy who makes mistakes. My hope is that when (not ifI'm successful others may learn from my mistakes and successes
  2. I believe that some of my ideas are quite original. For example Renting Versus Buying, Group Theory, and Group Theory in Action: ISA Millionaires
  3. I believe that I have a lot to give in the future. I currently have an idea for a niche site that I am soon to be implementing. Furthermore since I will be working in the finance industry I will be learning and producing more hints, tips and advice for my audience.

Readers, does this make me original enough or do I need to be doing something more to stand out from the crowd?

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

My CFD experiment failure

CFD trading: an honest account of my experiences with CFD trading and what I have learnt from the whole process and what others should know before they embark on such forms of investing.

I'm going to reveal one of my biggest financial failures to date. What I am about to reveal is a true account of how I made my first significant financial loss through stupidity and greed. I share with you hear because I originally set up this blog so that I would be honest and accountable for my financial transactions so that others may learn from my mistakes and successes, equally.

The Beginning of my CFD Experiment Failure

The instrument of my downfall was CFD trading, or Contract for Difference trading. I will delve deeper in to what exactly are CFDs in an upcoming post in the next month or two in series on Financial Products (so watch out for it!). I will try to give a decent explaination here of what CFD trading is. I say 'decent' because if I am truly honest with myself I cannot real off an explanation just like that (I need to use my notes and the internet) which just goes to show how stupid I was to invest. This in turn leads me to my first lesson:

Lesson 1: Don't invest in something that you don't fully understand

How do you decide if you fully understand it? Well you should be able to explain to someone (with no knowledge of the product) exactly why you are making the transaction, and I still cannot do this! Anyway, here goes my attempt (with a little help from Wikipedia):

CFDs are financial contracts between two economic agents (could be companies or people) that state that the seller will pay a difference between the current value of a particular asset (bond prices, share prices, foreign exchange prices) and its value at the time specified within the contract. If this difference is negative then the buyer pays instead tot he seller. So far so good? It all seems simple enough:
  1. Find a company share price that I had been following for a while
  2. Predict its future month share price
  3. Open a CFD contract to say that the value would go up
  4. Have enough money in the account for short term falls
  5. Make a couple hundred quid in a few weeks without much risk or effort

The CFD Transaction

I really like the company Weir Group and have actually held it in my stock portfolio before. In the past it has rose to over 2000 pence. From my value investing I made a nice profit on the share (about 20% in 6 months) and sold the shares to buy into Lonhro. This was back in January and in the meantime Weir Group share price has been hit by the current Eurozone debt crisis falling to 1765 pence. I thought this would be a great time to open up a contract predicting that the share price would hit 2000 again. I reminded myself that I should be greedy when the market was afraid and fearful when the market was greedy and proceeded to make the transaction.

In April 2012 I transferred £450 into a CFD trading account and set my limits so that I'd stand to make about £225 if the share price hit 1995. I also set limits to act as a precaution. I set a lower limit of 1365 so that I could lose almost £400 before the system would automatically close my trade. The share price had not been this low in over a year and I couldn't for the life of my consider that it would do so here.

The Second Big CFD Mistake

The second stupid mistake (after not fully understanding CFDs) was the fact that I did not fully read the small-print of the CFD transaction. This may have been because I was in so much of a rush to complete the transaction before the share prices rocketed back up again. As a result I did not realise that I would be charged £30 straight away for the privilege of risking my own money. Nor did I realise that I would be charge of about 15 pence every day that the contract was open.

Lesson 2: Make sure that you know what all the costs are

The CFD results

The share price went up a little to about 1800 before plummeting down to 1350 in less than two months. As I watched I constantly told myself to be patient and that the price would rise back up soon. I lost all my capital and at the end of the transaction withdrew £5.11 for all my stress and troubles. The great irony is that the contract was ended on 14/06/2012 by the 'stop' that I had put in place and yet the very next day the share price shot up 5% in response to some good banking news. Such is life.

Oddly enough I am not too upset by it all. In fact I am quite relieved that the whole ordeal is over. I did not enjoy the uncertainty of the whole process one bit. I really would never do it again. For someone like myself who really does not know enough about this financial product it really is like gambling. In future I intend to stick to investing in shares for the very long term.

Readers, do you have any similar investing horror stories that you berate yourselves still to this very day? What have you learnt from your experiences?


Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Anything for Free!?

Think free is always good? You might be right but this article will outline why you should take care when hunting for freebees. Any thoughts on the matter please post in the comments section at the end of the post.

This is a quick post to share with you all a little tip that I picked up whist procrastinating on stumbleupon (a site that directs you to random quirky webpages - a must for any committed procrastinator!).

Picture from digitalphotos.net
After searching through articles with the keywords "free" and "money" it soon became clear that if you try hard enough you can actually get most things for free (even this picture!).

Now of course the old saying is true:

There's no such thing as a free lunch!

However, there is such a thing as an extremely cheap lunch! It is true that everything has a cost, nevertheless it is nice to get something for free, especially when trying to be frugal.

Here follows a couple of ways to get something for free via different websites:
  1. Gumtree.com
  2. uk.freecycle.org
  3. Totallyfreestuff.com
  4. Craigslist.org free section
  5. eBay.com free section
  6. Yesall4free.com
So if you're willing to spend long enough searching you can find just about any item that you want (apart from really expensive items of course!) for free.

So what's the catch!?

As I said at the beginning: nothing is truly ever free. Your free transaction may cost you in one of several ways:

  1. Cost of delivery
  2. Hassle of having to pick the item(s) up. This may include hiring a van and hauling the stuff out of someone's house/apartment
  3. You may have to enter a competition. Also you aren't guaranteed the item.
  4. You may have to take the time to fill out a survey or forms and you may have to divulge private information
  5. You may have to try out some online service or sign up to a service that you will later have to pay for

The Moral of the Story:

Simply: nothing in life is ever totally for free. However, if you are willing to jump through all the hoops, take care and spend the time making sure you don't incur any hidden costs then you can definitely pick up a bargain.

Are there any methods of getting something totally for free? I'd always thought that there is always a hidden cost. Correct me if you can in the comments box below.

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Share Portfolio: June Update

My current share portfolio and a brief discussion of it. Please comment if you have an opinion on my analysis. I am young and need a lot of help and guidance as to how to buy and sell stocks.

Reasoning for declaring my positions

In the past I wrote a couple of posts on investing such as Warren Buffett's Stock Formula and on Value Investing. I decided to use these forms of investing to test out these strategies and some of my own ideas. I declared my initial portfolio in a previous post. The previous post laid out my reasoning for each share chosen and why I felt the need to declare my portfolio.


I plan on making this type of article updating my share portfolio a monthly post. I want to declare my modest share portfolio because I want to be honest and accountable to my readers. I am sure that I have made many mistakes. I also want to have an updated record of my share portfolio. Tracking my portfolio monthly should encourage me to focus more carefully on my portfolio. This article does not contain shares that I have bought and sold in the past, only my current portfolio. Please comment on the post using the comments box below. All opinions are encouraged. I hope that this post will become a forum for ideas. All people of varying investor experience should comment. All shares were bought in the UK stock-market but I hope the logic still applies to investors in most economically developed countries.

Current Share Positions

Very little has change since I last declared my portfolio. I still hold all the same shares as can be seen in the table below.

As can be clearly seen in the Profit column (last column) there has been quite a decline in my portfolio in the last 3 months. It has gone from a value of £3580 to £3168.76. That's an overall portfolio loss of £411.24. On the one had this isn't so bad as there have been large recent falls in the UK FTSE 100. However, take a look at the diagram below:
Whilst the FTSE 100 has fallen 7% in the last 3 months my portfolio has fallen a worrying 21%. An explanation for the fall in the FTSE 100 seems to have been because of the Eurozone Crisis and the fact that there seems to be no end in sight. Hence, finance-related stocks have fallen in value, hence the falls in the banks and insurance companies.

Most of the fall in my portfolio came from the fall in Barclays PLC. Previously Barclays was us 32%, and now is up by only 3%. I will look in a future post as to why this may be and as to what I expect the share to do. Interestingly, this drop seems to have been totally unexpected by the majority of the market as shown by the recent shareholder uprising.

Furthermore, I am incredibly disappointed by Aviva. The second largest UK insurers has also experienced a recent shareholder rebellion after the extremely poor results. However, I do receive a healthy dividend from Aviva. I recently recieved £41 in May and should be receiving another set of dividends in the next 6 months.

As I already knew RBS and Lloyds were punts and I won't really know if they were worth it at least for another few years, or at least until the Eurozone crisis is settled once and for all (in my opinion this is when Greece leaves the Euro or else the whole Eurozone becomes much more integrated).

Lonhro was a mistake as I already mention in the previous post. I'm really not sure what to do about it. Do I cut my losses and sell it? Do I hold on and hope that it is a long term future investment in African infrastructure? All-in-all I really don't know what to do about it. Any advice is welcomed.

Future Changes and Aims


  • I need to sell my position in Lonhro. But I want to wait until it is in profit again.
  • Priority in future is to check the financials for myself
  • Ignore tips and news
  • Find more large dividend paying stocks
  • I'm going to post articles in future on each of my current holdings to look more in depth at what I should do
What is good/bad about my portfolio? What else do I need to take into consideration when picking stocks?
If you've got an opinion I want to hear it.

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Budgeting a Salary Increase

Budgeting for the future. This article will give an insight to the reader about how I plan for the future given that I know my income and roughly the area in which I want to live. I you would like a copy of the spreadsheet that I use just click on the picture below.

Motivations for creating a budget

I start my first proper full-job in September. I move to London in August and become an auditor in a large professional services firm. The starting salary is £27,150 and this needs to cover all my spending habits: rent, food, transport, bills and entertainment. This post contains a spreadsheet that outlines my predicted expenses for the coming year. I hope that you can gain an insight into how I plan for the future. You can follow my thought process below. Feel free to comment on anything that you disagree with.


The step-by-step budgeting guide

I started by writing out all the things that I could potentially spend on. As you can see I tried to include everything: Savings, pension contributions, taxes, utility bills, car, transport, food etc. I wrote down my monthly income based on my annual income.

I used an online tax calculator to figure out my tax and national insurance contributions.
I deducted a full company pension contribution of 4% from the net of tax income (£1749.5). I want to maximize this since the company matches whatever contributions that I make.

As for savings, I am aiming to save about 20% of my net of tax and of pension income each month. This will generate about £4000 a year in savings.

Rent will be my biggest expenditure next year. I am sharing with three others and we are looking for places in August. I've estimated a maximum monthly rental budget of £650 a month. I really don't want to be paying any more than this. The next year becomes a real struggle if I have to pay any more than this. I could only know this by creating a budget like this one. If you ever want to know how much to spend on a rental property you must complete a budget such as this one first. Otherwise, you're going in blind and could find yourself in a real mess.

I've recently negotiated a cheaper mobile contract for 12 months. The TV, internet and landline is taken from  a package deal that we will probably use as it is quite cheap at £25 per month.

As for council tax I had to guesstimate. Council tax ranges in bands depending on which area you are in and depending on the street. I pulled up the council tax rates for the general areas that my future housemates and I would be looking at. I took a higher than average estimate of about £2000 and divided that between 4 housemates over 12 months to produce the figure of £42 per month.

Car insurance is about £1000 per year, with petrol and parking at £100 per month since a lot of my travel will be by tube. The tube should cost me exactly £112.2 per month based on the journeys that I should be doing but of course I am trying to plan for other eventualities that could result in me having to pay extra for the tube as I leave the particular zones that I would usually take on a daily commute.

Gas, electricity and water are high-end estimates since we don't know exactly what they will be until we get to the property. I used a comparison website to try to make an accurate estimation (an oxymoron I know!)  and chose one of the mid-to-high end choices so as to overcompensate.

Food I have estimated at £100 per month. This is based on the fact that I have comfortably lived off about £20 per week whilst I was a student for 3 years. Of course this may be a little higher over the coming year.

This leaves me with about £200 per month to spend on going out, entertainment, restaurants, theatres, cabs etc. It actually isn't a lot for London, however it won't be too many years before a pay rise and I need to take the hit now for more enjoyment later.

Is there a better way to budget? Please let me know what you think of this in the comments box below. Alternatively if you just want to chat you can email or tweet me!

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

A Quick Declaration

Photo from freedigitalphotos


Dear Reader,

I feel that I must apologize to you all. Looking back at some of my posts I see that I do not always write as I had originally intended.

Originally I wanted this blog to be about my financial progression and learning. I don't feel that I have interacted enough with my readers. In future I want to write about things in a way that I outline from my own knowledge, write my opinion then encourage yourselves to correct me, or educate me (and other readers).

I want to make this blog more personal to me and to my readers. I really do welcome any guestposts from any readers, even if it's just a few hundred words on any topic (loosely finance related). I want to be able to comment on readers opinions. The only criteria is that it has to be a reasonable standard of English and not promoting anything. Furthermore, if you would like me to try to cover any particular topic then let me know and I will cover it. Just write it in the comments box below.

I also want to try to write a post every three days if I can. This may be a struggle considering that I am off to India and Nepal for one month from mid July until mid August.

Furthermore, I realise that there isn't at the moment a lot of incentive to return to the site other than the content. I am currently trying to revamp the site and create an email list so that we can get more interaction going (and I'll work on improving the content!!!). I want this to eventually be a community that we can be proud of and that helps people.

If you've read this far, please take a few seconds out of your day and let me know your feelings in the comments box below, whatever they may be. Otherwise you can email me at mrmoneybanks@multimillionaireroad.com, or message me on twitter @millionairer0ad.

Kind regards,

Mr. Moneybanks

Diversification Deconstructed

Discussion diversification in depth with an example to help clarify ones understanding of diversification and its benefits.

Several months ago I wrote a guest post for Wealthartisan.com about diversification. I want to take the time to recreate some of those ideas for my readers here at MultimillionaireRoad.

Diversification Defined

I first defined diversification in a recent article. Briefly, diversification means to reduce risk via investing into a variety of assets. Unless the portfolios individual asset components change together, a diversified portfolio will have less risk attached to it than the average of the individual components added together.

Developing Diversification

In the original article over at Wealthartisan I explained exactly what diversification was through the help of an example. I will reproduce a similar example here.

SCENARIO 1: You’re on a game-show and the host offers two choices:
The host tells you that he will flip a coin. If heads you receive £100,000. If tails you leave with nothing. Alternatively, there will be no flip and you can have £45,000 now.

What do you choose?

Some people take the money and run, preferring to have something guaranteed, rather than risk getting nothing. Other people figure that they came with nothing and might as well take the chance to walk away with $100,000.

Let's look a little closer at the maths. Your expected earnings from the coin flip is £50,000 (1/2 X £0 + 1/2 X £100,000). Since this is £5,000 more than the £45,000 a rational person should take the gamble.

SCENARIO 2You’re on a game-show and the host offers two choices:
This time the setup is different. The host tells you that he will flip ten coins. Each coin will be worth £10,000 if it lands on heads. If the coin doesn’t land on heads then you get nothing from that particular coin. However, you do have the other nine coins to rely on.
Alternatively, you can have £45,000 now without any coin flipping, just as in scenario 1.

What do you choose?

This scenario appears different to the first one. Some people reason that with ten chances to get £10,000 you are very unlikely to walk away with nothing so you might as well take the gamble. Other people may disagree and argue that they would still rather have £40,000 guaranteed.

Diversification Discussion

The expected payoff in scenario 2 is no different from scenario 1. You’re still expected to get £50,000 from the gamble in scenario 2 (1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000 + 1/2 X £10,000). Contrary to the maths I am sure that more people are willing to take the gamble in scenario 2 than in scenario 1.

Why does your decision to take the gamble change?

In scenario 2 the risk is spread across 10 different assets rather than risk it all in one flip. Of course your returns may not be as high as the first gamble but then again your losses are not as low. This is the benefit of diversification. It sustains wealth across many different outcomes.

Readers what do you choose to do in each scenario? Does your decision change?

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Multi-Millionaire Road Plan Review (2)


Blueprints:
This article states what I have achieved so far. This article has a lot of links to other articles I have written to demonstrate how the articles interlink to form my plan. Think of these sorts of articles as review and the blueprints to my Multi-Millionaire Road Plan:

Multi-Millionaire Road Quarterly Report:
A difficult time

I wish to extend a big thank you to all my readers. Without your readership, comments, tweets and following I would not find the motivation to keep posting. I hope you will continue to find this site interesting.

Picture from freedigitalphotos
Even though I am a student I have managed to save roughly 20% of my monthly income. This is around £74, not much but better than nothing. Sometimes I am able to save more through frugal living, careful buying and budgeting . This money is taken directly from my current account into a monthly saver earning a meagre 3.5%. At the end of my financial year (July for me - I have time to sort out my financial matters) I will transfer the total sum (which now sits at over £1200) into a trader account to buy more undervalued stocks and shares when the time is right.

I also opened an everyday savers account that holds about £450.

My current share portfolio has taken a bit of a battering. The market as a whole has taken a turn for the worse with the European Debt crisis ongoing. About 600 or so points have been wiped off the FTSE100 since my last report.

If you take a look back at an article back in March, I gave my current financial breakdown. I now wish to update my current asset holdings:

  • £8,219 - Investors Portfolio Fund ICVC - Adventurous
  • £8,070 - FTSE100 Enhanced Kick-out Plan 22 on course to gain a 10.5% return
  • £527.36 - Current Account
  • £1205.78 - Monthly Savings Account
  • £465.95 - Everyday Savings Account
  • £450 - CDF Weir Group
  • £100 - UK Premium Bonds
  • £100 - Building Society
  • £3,494.87 - Online Shares
  • Net Worth: £22,632.96
As you can see my net worth has decreased marginally over the last 3 months. I think that this is quite good going considering the losses in the stockmarket and my strong links to the FTSE100 with my portfolio.

Originally I wrote a post on a Get Rich Plan and am currently in the middle of implementation. Whilst I have a long way to go, I am currently laying the foundations of this plan. I will now go through each section, briefly:

  1. Frugality - Just as I said I'd do in my last review I recently switched to a cheaper supermarket, almost halving my fortnightly shopping budget. I recently slashed my phone contract from £28 a month to £15.50.
  2. Budgeting - all going according to plan so far. I feel like I may try out a new budgeting method but more on that nearer the time.
  3. Saving - I am able to save 20% and above of my monthly income. I need to switch bank account to get a better return on my current account. This I will do in the summer.
  4. Debt - Although I have a credit card (and use it), I have no debt. I want to get a new credit card that offers cashback. I'll be applying for this when I start my job in the summer.
  5. Housing - I currently rent student accommodation. However, I will be looking for cheap accommodation to rent in London in August. For more information on my ideas on Housing read my article: Renting Vs Buying
  6. Investing - on the whole this area of my personal share portfolio is going well. The recent stockmarket dips have affected my portfolio but nothing of major concern at the moment.
  7. Tax - I need to top up my tax free ISAs this summer. Any shares purchased in the future will be in Investment ISA form
  8. Job - my job is all lined up next year with an above national average pay at (£27,150). Living as a young professional living in London has huge opportunities for networking but of course is highly expensive. Thus I expect a high amount of outgoings along with my income in the coming months.
  9. Time and Patience - time will tell ;P
  10. Self-belief - check. I will make it
As you can see, on the whole things are looking good. There is much work to be done but I have time on my side.

I would encourage all of you to do your own financial plan quarterly report. It helps you clarify what you have to do and where you are going.

What's going on in your quarterly review?

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Student Money: Selling an Essay

Wanting to sell old essays? Read on and find out a really quick and easy way to make money by selling old essays on-line.

Picture from freedigitalphotos
Have you ever written an essay for school or college, handed it in, gotten your grade and wandered what you should do with it. I bet every single student has an essay stored somewhere on a hard drive. I myself have just completed University and had plenty of essays lying dormant and unused on my laptop.

Selling old Essays

I used a site called Oboulo.com (ambassador code: 5126d6). Oboulo is a fairly new start up site, currently with 100,000 original essays on subjects such as art, economics, law, literature and many others. They allow anyone to submit an essay on any subject to their site. Oboulo's in-house researchers make sure that your essay exists no where else on the internet and make sure that none of it is plagiarised. It is extremely easy and quick to sign up and submit essays. Make sure to include a bibliography at the end of your essay.

If you want to be strategic then I'd recommend submitting articles over the summer in time for new school and college terms to begin in August.

What can you expect to make?

The actual amount you can expect to make depends on the quality and length of the essay you submit. Currently I have 11 essays up on Oboulo and they are selling for amounts between £1.95 - £2.45. However I have seen some 30 page essays going for £12.45. Oboulo deal in many currencies and send the money to you via a paypal account.

Oboulo pay 50% commission on every essay that they manage to sell for you. However you can make even more money. You can make an additional 10% in revenue per sale by including my ambassador number 5126d6 when you sign up. Including this code earns me a little extra commission but it is mutually beneficial as you will earn extra revenue as well.

Ethics

Some people have complained that there is something ethically wrong with selling an essay to other people. However, Oboulo makes it very clear that these essays are meant to be used for reference purposes only.

I'd recommend that people go and check out this site and decide for themselves what they think of the site.

Please let me know if you end up writing for this site and using my ambassador number (5126d6) at least so that I can thank you.

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Disclaimer

Information on this site is not appropriate for the purposes of making a decision for carrying out a transaction or trade nor does it provide any form of advice (investment, tax or legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments, or products.
Always seek advice of a competent financial advisor with any questions you may have regarding a financial matter