Multi-Millionaire Road Plan Review (1)

Blueprints:
This article states what I have achieved so far. I will aim to have a personal finance review every few months. 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:

So-far-so-good

Firstly, I wish to extend a big thank you to all my readers. In my next post I will be writing about my online progress. I could not keep writing without your readership, comments, tweets and following. I hope you will continue to do so.

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 £900) into a trader account to buy more undervalued stocks and shares when the time is right.

My current share portfolio is healthier than last stated. Barclays PLC in particular has seen a return so far of 40% and I hope to sell at a return of 60%.

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

• £8,800 - Investors Portfolio Fund ICVC - Adventurous
• £8,070 - FTSE100 Enhanced Kick-out Plan 26 on course to gain a 10.5% return
• £1000  - Current Account
• £900    - Monthly Savings Account
• £100    - UK Premium Bonds
• £100    - Building Society
• £4,000 - Online Shares
• Net Worth: £22,970

I have managed to grow my net worth by 10.7% in two and a bit months with investments, savings and a little income. I believe this to be quite an achievement considering I live off a monthly income of £370.

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 - this is something I still need to work on. Sometimes I get a little lazy with my shopping and buy a ready meal, or don't shop at the cheaper stores/supermarkets
2. Budgeting - all going according to plan.
3. Saving - I am able to save 20% and above of my monthly income.
4. Debt - Although I have a credit card (and use it), I have no debt
5. Housing - I currently rent student accommodation. 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. I have much to learn but am making a decent 12% return on my investments so far.
7. Tax - I have topped up my tax free ISAs. 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
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.

To see June's Quarterly Review: Multi-millionaireroad Plan Review (2)

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