*****New Football Thread*****
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I just want to highlight one thing about pension if going full-time trading and you have to compensate.
In Sweden the minimum guaranteed pension as a citizen no matter how much or how little you have worked is around £800 and the maximum if you have not been working your whole life is around @1100.So my point is if starting up with this journey look into that and then decide how to proceed with investment.
Cheers
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@Adam Yep!
The pension pot has always worried me as well because there's so much money in pensions that if governments need a quick injection into the economy etc... they can let you get at some now tax free, where a mass of people will release some funds...
Or change the allowances.
I used to put some of my trading income into my ISA of course now I am not withdrawing any and even if I did I would have taken out a huge £5 this last month from my automated trading.
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@Shannon-Townsend if only mate. Pitty about the FHG but can' win em all I uppose
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@Ben-Dobie enjoyed a nice green on O1.5 here, fitted my stratagy perfectly as value at kick off so waited 15 mins for slightly bigger odds, wish they were all as easy as this one.
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@Ryan said in *****New Football Thread*****:
the issue with pension money is if you personally put it in then thats money you've been taxed on going into a vehicle that you get taxed on again - yes I know you can get a lump out tax free and then also get a top up from employer or government on entry but Stocks and Shares ISAs are all tax free which is something I try to utilise to the fullest.
I feel like this needs to be highlighted a thousand times!
I think of pensions as being taxed on the way out (as you pay tax on the income you draw from it down the road), whereas ISAs are normally taxed on the way in, because you would normally pay income tax on the money you earn before contributing to the ISA.
Sports trading income is not taxed (except by Betfair themselves if you're making enough
), so if that's the money you're using to contribute to the ISA, you get to grow a pot of money fully tax-free end to end! -
@Ryan said in *****New Football Thread*****:
@Patrik-Mellqvist I wouldn't want to touch a loan at 2% a month! Scary that!
My plan....
I put away a portion of my income for saving and another portion for investments every month. I had one pot in my bank which I focused on filling first which had the goal of if I couldn't work for a year I would be able to cover the bills of the house.
I also made sure I have healthcare cover and also insurances to cover me.
Then I have my investments in a stocks and shares ISA as well as a pension, I can get hold of the money in my isa within a few days if I need to.
I'd take 2% on my mortgage!
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@Akiva-Anderson said in *****New Football Thread*****:
@Richard-Latimer said in *****New Football Thread*****:
@Akiva-Anderson I was trying to work this out for a friend the other day as we always talk about my head being in the clouds
Do you not pay betfair premium charge yet? Surely this impacts?
No, nowhere near it yet. Used to be you had to make £250k. I used Betfair well before I started trading, when I was a gambler! Probably lost about £50k over the years. So I have to make £300k before I pay the premium charge. Unless it’s changed?
The premium charge will either decrease or disappear in the future. However, for this to happen, Betfair needs a competitor.
@Akiva-Anderson don't know why but I thought the threshold was less than that so good to know.
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@Greg-Mitchell said in *****New Football Thread*****:
@Akiva-Anderson This is very interesting and I have been trying to set myself something similar and get more disciplined, couple of questions if you don't mind.
To make 10% per day from a starting bank of £100, what stakes/liability have you started off with and do you intend on sticking with the same stake %?
Do you intend on stopping for the day once you have hit. the 10%?
If you have a few losing days on the trot, and you are behind your target do you try and recover that or stick to the 10% of whatever your balance is?
It's not 10% a day, it is 10% per week. If I'm watching the game I'll use 10%, if not, I'll use 5%. The most losses I've had in 3 in a row. I still use 10% of my starting bank. It isn't unusual to go on a 15 trade winning streak. I was on 21 trade winning streak that unfortunately ended this week. I haven't needed to top up my bankroll for a long time
As for stopping when I reach my target. Not really. If it's a daily target then I might, especially if I'm trading in the Brazil league. No point wiping out all days profit in a game I'm not interested in. If I hit my weekly target early then I just keep going (hence the reason I'm three weeks in front).
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@Patrik-Mellqvist I wouldn't want to touch a loan at 2% a month! Scary that!
My plan....
I put away a portion of my income for saving and another portion for investments every month. I had one pot in my bank which I focused on filling first which had the goal of if I couldn't work for a year I would be able to cover the bills of the house.
I also made sure I have healthcare cover and also insurances to cover me.
Then I have my investments in a stocks and shares ISA as well as a pension, I can get hold of the money in my isa within a few days if I need to.
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@Chris-King 100%!!! There's so many different things that are fees etc... which are all just taxes in reality.
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@mick-mcmahon Interesting, what did you take from this?
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@Akiva-Anderson This is very interesting and I have been trying to set myself something similar and get more disciplined, couple of questions if you don't mind.
To make 10% per day from a starting bank of £100, what stakes/liability have you started off with and do you intend on sticking with the same stake %?
Do you intend on stopping for the day once you have hit. the 10%?
If you have a few losing days on the trot, and you are behind your target do you try and recover that or stick to the 10% of whatever your balance is?
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@Richard-Latimer said in *****New Football Thread*****:
@Akiva-Anderson I was trying to work this out for a friend the other day as we always talk about my head being in the clouds
Do you not pay betfair premium charge yet? Surely this impacts?
No, nowhere near it yet. Used to be you had to make £250k. I used Betfair well before I started trading, when I was a gambler! Probably lost about £50k over the years. So I have to make £300k before I pay the premium charge. Unless it’s changed?
The premium charge will either decrease or disappear in the future. However, for this to happen, Betfair needs a competitor.
le jeu avant tout
Am Yisrael Chai
When you got skin in the game, you stay in the game
But you don’t get a win unless you play in the game... -
Hello again - I just want to add one last thing about owning physical gold coins and having them in a deposit safe with an insurance contract.
This is an optimal way for independent economic sports trading life - because it has one extra function and that is you can not get a loan in the bank when you make tax-free money from trading as the bank would never have you as a customer with reference as independent gambler/sport-trader.
So if you for some reason need to take a loan you can not go to the bank - but if you like me have over one year of income invested in Gold Coins (not bars) you can take a loan at the pawn shop on your assets.
Is not a cheap loan, but is manageable and in my country, the monthly interest is 2%.I don't know any reason why anyone would like to take a loan - but life can be unpredictable sometimes you might have been sick for a longer period and not been able to trade and you might not have been saving for insurance or put aside money for this life-changing situations as an independent economical trader.
Then is a good thing to have physical Gold Coins as assets for more reasons than one.
That is the reason I also added Ryan's name to this reply because I would like to hear if he plans for such a situation and put aside a special account or money - for example vacation break or sickness period.Cheers
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@Akiva-Anderson I was trying to work this out for a friend the other day as we always talk about my head being in the clouds
Do you not pay betfair premium charge yet? Surely this impacts?
Trading Spreadsheet linked below
https://www.dropbox.com/scl/fi/3gnk1vku1krkoyfcq37y6/Trading-Bible.xlsx?rlkey=01eqhp8u73s61iy2s814sqfll&dl=0 -
@Akiva-Anderson I'm finally on the right track myself. I've often considered I'd like to try and do a Maria turning 3k into 100k by the end of 12 months but I think I'll need to draw so it won't happen!
Good luck with yours mate
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@Akiva-Anderson Yeah I’ve had similar, and nicely put. To be honest nowadays i don’t draw too much attention from others to my trading.
