Multi-Millionaire Road Plan Review (2)

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?

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.


Mike said...

Great post and site! Just found it! All the best in your efforts and I'll keep an eye on your progress!

Mr. Moneybanks said...

Thanks Mike, really appreciate the feedback.

Vanessa said...

Wow! You seem to be doing quite well (I'm new to your site but it's definitely going into my daily repetoire)

Mr. Moneybanks said...

Appreciated Vanessa. About to have a site revamp to improve the layout so stay tuned for that.

Road signs said...

that's great work i need some more information regarding that.If you have please share with me......

Optimism said...

Self belief and prayer are important. All the best.