When my divorce went through two and a half years ago, by the time the house was sold and the debts were paid I came out of our 21-year marriage with the equivalent of just over two week’s wages. I’m seem to remember I bought Christmas presents with that cash.
So, the upshot is my savings currently amount to diddly squat.
Man, for complicated family reasons, has not worked for a while and so his savings also amount to nothing.
In order for us to buy a home of our own, we are going to need a deposit (quite a hefty one in this financial climate), money for surveys and legal feels etc. We will also need a car. I currently have a company car and, if I am successful at finding a new career that means I can quit my current job, I’m pretty sure the company will want it back!
I estimate we need a pot of cash of about £50,000.
Our current earnings are more or less completely swallowed up by the day to day bills so we need to find additional sources of income to generate this pot of money.
In addition, we are going to need a regular income to pay the bills, live our lives etc, etc and as £50,000 is a nice round sum, this is what we are going to aim for.
According to my self-set deadline (my 50th birthday) we have three years and four months to raise the deposit money AND generate new sources of incomes that amount to £50,000pa, while I am still holding down a full time, demanding job.
I like a challenge.
There are a couple of rules:
1. We cannot use our current income to put in the cash pot (we need it for day-to-day stuff). It must be additional income over and above what we receive now
2. Any income generated over and above our current incomes must be used to finance our long-term plan (no nicking a few quid for a holiday, nice dinner, emergency bill or new Xbox game!!)
3. Proper records must be kept so when the taxman comes calling, we can fend him off (or afford to pay him). I need to download an idiot’s guide to book-keeping.
So the question is, what skills do we have that we can utilise to carve out a new career (while still keeping hold of the old one)?
Let the challenge begin.