We want to be wealthy! A thread to share ideas on how to achieve financial independence

[ilyana]

I asked a question in another forum about how to get wealthier and improve my lifestyle and financial situation in my late thirties, and I got some really helpful advice.

Several posters were keen to set up a thread to talk about topics we don't get taught about at school, such as investing in stocks and shares, lucrative side gig ideas, and air miles on credit cards, and so here we are!

This is a positive thread about encouraging other women to aim high and reach their goals, so please only contribute with positive, relevant advice. Of course, questions are very welcome too!

Are the interests rates the same on both?

Yes indeed (interest rates same)

@stars345

I think moneysavingexpert has some very good advice/support on paying off debt.

For £700 a month, it might be a case of "breaking it down" rather than "one side hustle" (unless you can do something with a high hourly rate).

So say:

• some cutting costs
• some ebaying extra stuff
• an extra shift of a second job, or making up hours at main jobs

It might not hit £700 the first month and take time to build up, but just keep at it.

Thank you for replying. We are both still part time due to childcare. We have 1 year until the youngest goes to school.

As for my skills, I don't have specific qualifications that I could use. I'm good at admin and organising, I read a lot and did very well with English at school, but that's it.
I'm already on prolific and top cash back, but of course that doesn't bring in £20 a month let alone £700!

@stars345 I think you need to consider one of you doing FT and having no childcare costs providing this doesn’t take the FT person into the next tax bracket and that you are reasonably sure that job is stable. Have you looked at any tax credits you are due? Are you claiming CB? The other parent should then use their time to create an income stream from home. You could become a remote PA, buy and sell online, babysit in the evenings, qualify as a registered childminder, provide wrap around care for school age children, drop ship or something else entirely.

@Fretfulmum.. What are you asset class's and what three stocks.

@Drenchend my portfolio has a mixture of property, shares, funds, fine art, crypto, premium bonds or my rainy day fund. I don’t keep cash savings in my bank account.
The stocks are irrelevant now (Visa and Microsoft ) as the gains happened over the last 15 years or so with compounding.

Thank you!.. Yes I imagined it would be irrelevant but I was being nosey.

Also my main downfall is popping to the shops.I am hoping to crack this really soon.
I'm hoping dh will go he is really strict with it.

But it sounds silly but it's almost a good way for me to get out and I enjoy it!
But it's a killer.

I have a couple of things:

Virgin credit card- everything gets paid for via the card and it’s paid off in full. You get bonus points for shopping through shops away. Last holiday it made £2k savings (and meant we could do it)

work discount scheme- always check on there. Mine even has money off at supermarkets

never buy online without googling for a discount code

insurance - never auto renew and try to pay in full, it costs less in the long run

hello fresh: saves on over shopping, waste and meal planning. Has replaced take always which means it’s cheaper

fixed term mortgage - yes it’s a gamble but 5 years knowing your payments will stay the same is great. Also overpay if you can. Interest rates for savings are usually lower than mortgages so the return is better

Good morning!
Interesting reading through all the posts here on finance / investment. Going to come back to a few of these (thank you Save function!). A couple of helpful YouTube videos if I may share (I'm not sure if this is in violation of MN... hope it's okay to signpost / I have no affiliation etc. I'm new to MN and still learning the ropes so grateful for feedback on sharing.)... - For folk that would find reframing / mindset / reflection helpful... If the first thing you think of in the am relates to the same challenges you were thinking about yesterday then this might be worth a cuppa and a listen. Happy Sunday.

Following, on mat leave and want to take the year off but down to statutory pay and final 3 months will be no pay at all!

Try to offer your services on TaskRabbit as an admin/personal PA/general helper.

I'm feeling a bit down in the dumps today and sorry for myself, as I'm having a bad few days with my health. I feel like I need to get motivated again and look at finding a decent side gig...I've been sitting here for hours and could have been earning money!

Anyone know of any writing/content-related side hustles that don't pay terribly? I used to do freelance content writing where I'd be given a brief and would have to write an article of 500 words, or whatever. I enjoyed that a lot, but the sites I used to work for have closed now.

I'm a very fast worker, and so I can make decent money from the kind of work that pays per word or per article rather than per hour, and I want to try to take advantage of that if I can.

DS(21) has just set up as self employed. As I'm old I set him up with a folder and poly pockets for receipts and expenses. But,as hes young he pays with his phone and gets digital train tickets etc. Can anyone recommend a good app that he can use to kerp track of things,?

@ilyana have you looked at proofreading/copy editing? My friend has just started doing this. She loves it. It’s a great side hustle as you can do it wherever, whenever, and once you’re in the community you can pick up work by word of mouth recommendations quite easily.

I don’t know if you speak another language but if you do, corporate translation is also a very good side gig. Another friend of mine makes very good money translating legal contracts and machinery manuals from her second language into English. Apparently it’s very in demand in the corporate world, and not many translators want to do it as it’s quite dull, so there’s plenty of work to be had if you have the skills. I’ve thought about it myself as I’m bilingual, but I don’t think I could spend my evenings writing about fork lift trucks 😄

I have, actually! I've done it before and was very good at it. Haven't been able to find much work lately, though. I had a regular client for a year or so who was a friend of a friend, and when that dried up, I was busy with other stuff, so didn't really look for more. How did your friend find her work? I'd really appreciate it if you could PM me any info at all!

I do speak French, Spanish and an eastern European language. I've done translation work before, but found it was also drying up due to AI and machine translation. I would happily spend my evenings writing about anything if it got me some extra cash. I feel like I'm just wasting my life right now anyway, as I can't really have a social life...I might as well try to get rich!

@EnidSpyton I'd also love a PM about how your friend got into this line of work. I'm a wizard at proofreading and do it for free for family members with businesses, but would have no idea how to make a good hourly rate out of it.

Hi @CaptainJ , I actually am into this kind of thing. I've watched The Secret (watch it if you haven't - it's on Amazon). I find this kind of American with their word salad really difficult to listen to though <runs and hides> 😂

And you're absolutely fine posting links like that. Please do more

What would 30,000 Avios translate to?

@PerfectYear321 a super saver return short haul in econ is 9000 avios. Business is 18000. You’ll have to pay a nominal £1 for the flight per traveller. More advise re avios upthread.

I've discovered Nischa on YouTube - anyone else a fan? She's a young woman who works in investment banking and has a lot of videos about how to accrue wealth. She's aiming to become a millionaire by 32. Very inspirational! I wish there had been this kind of thing when I was in my early twenties and totally clueless!

1. Renegotiate all utilities/tariffs. Fit meter for gas, electricity, water.
2. UPCYCLE (glass jars, tins, clothes especially woollens and cashmere)
3. Only home cooked meals. Packed lunch (in thermos tupperware if hot).
4. No coffees/tea takeaways - a thermos goes a long way.
5. Bake bread (even if frozen later it tastes better than the bakery one)
6. Barter
7. Hand me downs for kids and possibly adults
8. Food shopping at the markets (£1 a bowl beats any supermarket), no plastic and exhausting enough to only go once a fortnight or less.
9. LISA with HG (if direct debit - no dealing fees), Stocks&Shares ISA with investengine (free dealing), Junior Tock & Shares with Fidelity (free dealing)

10. Talent monetisation (self publishing books, paintings /crafts via Etsy or own website) 12. Self housekeeping 13. DIY (save extortionate call out charges, handymen etc) - few things can't be done by amateurs nowadays thanks to youtube, a drill and toolbox from hardware store. 14. Library 15. Scrutinize invoices, payment demands, charges 16. TFL instead of taxi, or better-walk 17. Anything not conducive to longevity and healthy lifestyle is out - alcohol, tobacco, indulgences. 18. No car if living in urban areas. 19. 5 types of pasta + 5 types of grain + 5 types of lentils + 5 types of beans makes plenty of meal options for under £1 20. Staycations

While £1 saved is £1 earned, to live rather comfortably requires serious dedication, luck and USP (unique selling point) to say the least.

Another income stream is tutoring. As I’m now on the point of retiring I’m planning to increase the amount of tutoring I do as it’s easy income for me and fits in with my lifestyle. @EnidSpyton I’d also love a PM about proofreading please.