I've already created a few posts already outlining my current situation but i thought i'd create a Progress Thread to motivate myself, remind me of the journey i've been on and hopefully help others along the way.
Since April of this year a lot has changed so i'll create a few separate posts so that it's not one long block of text.
My current financial situation:
Home £320,000 (Joint Mortgage with Wife) We owe more or less the total on the mortgage.
Personal Debt other than house: Approx £50,000. Mostly loans and credit card debt.
Business Debt: Overdraft of £50,000 but stock of £50,000 so more or less break even.
Wife: In full time Employment earning £70,000 a year before tax.
Myself: £60,000 a year before tax.
Aim:
To constantly add more products in our niche which will fulfil more customer needs. This will in turn then provide this:
Home/s £1-3m
Personal Debt: £0
Business Debt: £0
Wife: Does not work or works in my business.
Myself: £520,000 a year after Tax.
Essentially my business will create enough money to make my family financial secure and free to do whatever we want with our time. Travel is a big passion of ours.
Quick Background: In April 2015 i closed my Computer Repair Store which i had opened in 2001. In 2003 i set up an online ecommerce business and i decided to concentrate on this full time from April 2015 onwards.
Since April of this year a lot has changed so i'll create a few separate posts so that it's not one long block of text.
My current financial situation:
Home £320,000 (Joint Mortgage with Wife) We owe more or less the total on the mortgage.
Personal Debt other than house: Approx £50,000. Mostly loans and credit card debt.
Business Debt: Overdraft of £50,000 but stock of £50,000 so more or less break even.
Wife: In full time Employment earning £70,000 a year before tax.
Myself: £60,000 a year before tax.
Aim:
To constantly add more products in our niche which will fulfil more customer needs. This will in turn then provide this:
Home/s £1-3m
Personal Debt: £0
Business Debt: £0
Wife: Does not work or works in my business.
Myself: £520,000 a year after Tax.
Essentially my business will create enough money to make my family financial secure and free to do whatever we want with our time. Travel is a big passion of ours.
Quick Background: In April 2015 i closed my Computer Repair Store which i had opened in 2001. In 2003 i set up an online ecommerce business and i decided to concentrate on this full time from April 2015 onwards.
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