£1 Million Challenge

Where It All Began

When I lost my job in the furniture industry, like most people, I started to apply for jobs in the same industry. Playing it safe I suppose. But deep down hating every minute of the job, the pay, the hours spent commuting and the limited lifestyle and future ahead of me.

It was during an interview that I was told, "Something tells me you really don't want this job", and he was right.

It was time for a change. A real change. A real life.

I'd spent years investing in the stock market on the side. This had helped me build a little nest egg and I realised this was the best way to grow money.

So I got my pennies together and had enough to invest £40,000 in my investment account and leave enough in my account to cover me for the rest of the year. 

This would give me time to build my profits and work full time on the stock market.

I would also need to find other sources of income that could fit around my day job in order to pay bills so I could reinvest my stock market profits each year. See the Make Money page for the best I've found.

So how much could I possibly make?

The £1 Million Plan

My plan. Turn £40,000 into £1 million in 11 years.

Using a simple strategy I'm investing in shares from anywhere from a week to 3 months. Selling and buying back on calculated dips in the price if I believe a share has further to go.

I'm looking to make returns of 35% each year, which is a tall order but achievable.

Hopefully my earnings will be completely, or at least mostly, tax free, using Capital Gains allowances, Isa allowances and using tax free trading platforms once I've reached my tax free allowance.

Below is the full plan towards the £1 million.

  • 1st Year Starting Fund  = £40,000 ~ Profit = £14,000
  • 2nd Year Starting Fund = £54,000 ~ Profit = £18,900
  • 3rd Year Starting Fund = £72,900 ~ Profit = £25,515
  • 4th Year Starting Fund = £98,415 ~ Profit = £34,445
  • 5th Year Starting Fund = £132,860 ~ Profit = £46,501
  • 6th Year Starting Fund = £179,361 ~ Profit = £62,776
  • 7th Year Starting Fund = £242,137 ~ Profit = £84,747
  • 8th Year Starting Fund = £326,884 ~ Profit = £114,409
  • 9th Year Starting Fund = £441,293 ~ Profit = £154,452
  • 10th Year Starting Fund = £595,745 ~ Profit = £208,510
  • 11th Year Starting Fund = £804,255 ~ Profit = £281,489

11 Year Target = £1,085,744

Keep track of my progress below. Updated monthly or see my latest blog here.

If you're interested in trading for yourself, go to my trading guide for how to get started.

Multiple Streams Of Income

An important factor in keeping this plan on track will be building my other sources of income.

I've already started to build some of these and I have a feeling that these multiple streams of income could bring me to my £1 million target within 5 years. Totally outperforming my share trading income.

£1m Challenge Progress Tracker

Year Target = £14,000 

  • March 2017 (Month 1) Profit = £1,427.74
  • April 2017 (Month 2) Profit = £769.98
  • May 2017 (Month 3) Profit = £1,055.35
  • June 2017 (Month 4) Profit = £630.82
  • July 2017 (Month 5) Profit = £214.00
  • August 2017 (Month 6) Profit = £1158.92
  • Sept. 2017 (Month 7) Profit = £326.17

2017 Total so far = £5,582.98