Debts to Assets: What’s my current situation? Goals? & Plans moving forward?

Like most people, I too enjoyed myself in my 20s by living above and over my means! By living an overly expensive lifestyle! Borrowing money, going on holiday, spending money on nights out etc that although I had, I could not always afford to spend

This led to my 30’s! Starting with about £13,000 – £15,000 of debt through a 49.6% APR car loan, to payday loan debt! From Credit Cards to owing family i had it all!

Fast forward 2 years to 32 and I now have around £3,000 of debt left to pay off and with plans to pay that off this year, going into 2022 I’ll be 33 and debt free! Ready to start building for the future

With goals in mind of what I want to do next in terms of money and assets I thought it’s time to resurrect the ‘Debt to Assets’ series and document all the steps I’m taking to create multiple income streams & add more assets to my life

With the birth of my daughter just under 2 years ago, my partner & I moving out, and all the lockdowns I knew it was time to get my life into a position where we didn’t have to worry about the money we had coming in! It was time to work on paying off debt, keeping on top of priority bills & now it’s time to create more income going forward

With around 6 months until the end of the year and me becoming debt free it seems as though now would be a great time to start building a foundation for the start of 2022

Currently I have a great job, and one which I absolutely love doing! work in retail as a Deputy Store Manager with a current basic monthly income of £1333

I actually love this job, I’ve been there for around 7 months now but I would like to progress and get to next management level in store which would come with a starting salary of £2000 post tax per month! A huge increase!

Me and my partner moved out just under a year ago into a housing association home, my partner who looks after our child throughout the week works 2 days a week and is paid minimum wages for the hours worked, on top of that we get £200 roughly in Universal Credit to supplement our wages

What can we expect in this series?

Throughout this series I’ll be going over what income sources I am trying, how much I have invested to start these, and how they are developing!

I’ll be completely transparent on all the money made from these income streams to give you an idea of wether these are something you should be trying out for yourself

Over the coming weeks we’ll be talking about many different streams of income or side hustles including

• Amazon Associates Programme

• Amazon KDP

• Gumroad

• Etsy Stores

• Ebook Sales

• Streaming

• Reselling

• Work & Overtime

• Blogging

There’s 100s if not 1000s of ways to make money both online and offline! In this series of blogs we’ll be looking at these and figuring the right ones for us & our goals

Of course the goals I have & the goals you have will be completely different, the one thing in common will be that these goals take money to achieve & that’s where the blog comes in

So why do I want to create these additional income streams?

With a young child & partner I don’t want to be in a position at any point where we struggle for money

I currently have £0 saved in the bank & have no emergency fund! Something that I do believe everyone should have

With each income source we will discuss the goals for that, and what we expect to make over a period of time while monitoring this throughout the series

Over the next 6 months whilst we work toward building these income streams all the money made from them will be reinvested to help scale and improve each area

In terms of my goals for 2022 & beyond I have currently set out a few of these

Firstly, I would like to create an additional £10,000 in 2022 through the revenue streams we will create over the next 6 months

This breaks down to around £27 per day, or £192, or an additional £833 per month! When broken down this sounds incredibly doable and it will all come down to my determination and motivation to achieve this goal

A further goal to this is around our house, currently we live in a housing association home and recently I have read a lot about ‘right to buy’ or ‘right to acquire’ essentially after 3 years you can apply to buy your home and this is something I would love to be able to do when the time comes!

Not just to own our home but to have something that our daughter will later inherit when the time comes!

With the 2 main goals set we are ready to start this journey!

Over the coming months I’ll be going over each income stream individually and in more detail! Looking at start up costs, what I will need to buy or plan for, how I’ll get started and some goals for each stream of income

Well then keep track of these with a monthly review of all income streams and how they are doing

The first blog which will come will be focused around streaming on twitch and how we could look to use this as a source of income should we be able too

For now, I want to thank everyone for stopping by the blog, taking the time to like, or comment! And for just supporting me in this journey

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Stay Safe, Stay Positive, Stay Motivated ♥️

Published by Drage162

Hi Everyone, I’m Jack, I’m 32 from the UK and welcome to my blog Follow my journey as I travel through different stages in life creating a better future for myself and my family Along the way you can take a look at my weight loss progress including how I’m achieving my goals, my weekly reviews & my future plans I’ll take you through my finances! The good, the bad & the ugly as I work to go from £9500 (as of Feb 2021) in debt with no assets to debt free and something to show for myself I have ups and I have downs, days I feel like I can achieve everything and days where I’m not motivated at all but I’ll document that and look to inspire you guys to achieve your goals too Let’s smash 2021 and make it the year we really take control of our lives and set the foundations for an amazing future ♥️

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