Here comes the story of how a successful Betfair trader managed to get himself into a mess by taking his eye off the ball and what he plans to do about it! The past few years have been turbulent to say the very least and I've ended up with a mountain of debt. I woke up and smelt the coffee a few weeks ago and I've been planning what to do about it ever since because for my own sanity I need positive swift action.
If you're wondering what's been going on in the past 2 and half years here's what happened:
- Left my partner of 12 years after finding out she was now gay and had slept with my best friend's wife (hilarious eh, never had that effect on a woman before)
- Moved into rented accommodation whilst still continuing to pay the mortgage/bills on old house
- Success in business (made some money)
- Failure in business (lose made money and more besides)
- Booked an extreme holiday on a whim (Kili)
- Met new woman and fell in love (awww)
- Moved into new partner's house
- Climbed Mount Kilimanjaro (really, I actually did this, unbelievable memories)
- Moved house into rented with new partner as she sold hers
- Had to renovate my old house to sell it, took 2 years to sell, lost thousands on sale price and renovation costs
- Got married
- Close family member died of cancer
- 2 other close family members suffering from cancer
- Bought a new rundown house
- Brother has had complications following a leg amputation, may never walk again
- Renovating house for 4 months whilst living out of bedroom
It's been a hell of a rollercoaster and I am fully aware that this is just life and that I've probably had it a hell of a lot better than plenty of people out there, however it's still been a bit full on. I'm not after sympathy, this is just me telling my story. I actively embrace change because life is constantly evolving and throwing challenges at you, so it's better to roll with it and make it work for yourself than fight against. However, I have no shame in admitting that all of the above left me feeling more emotionally fatigued than I have ever felt in my life. It's been a struggle to function from day to day.
I've spent the past couple of years earning some decent money from trading and matched betting each month but with all of the costs of separating from my ex coupled with various house costs, it's all gone. It's gone with interest on top. The first reality check came a few weeks back when I tried to pay for some shopping on my credit card and it was declined.
As I struggled at times to see through the gloom I did what many people before me have done. I tried to inject pleasure into my life by spending money (on my credit cards), this included weekends away, nice meals and overly generous gifts for others. Spending money on credit to cheer yourself up, is like being depressed about being overweight and eating a chocolate cake to feel good, it works temporarily and then the gloom returns. The first reality check came a few weeks back when I tried to pay for some shopping on my credit card and it was declined. This was not excessive shopping, this was food shopping, these were essentials.
I had also got into the bad habit of gambling rather than trading and went against everything that I know to be right. If I made £800 from trading or matched betting then it would not be uncommon for me to lose £1,000 desperately trying to increase my bankroll. All this did was exacerbate the problem and make sure that my bankroll dwindled, in turn increasing the desperation and the risks I was willing to take.
I've felt like a passenger in my own life watching the financial situation getting worse and hoping above hope that things would improve, the lightbulb moment when I couldn't buy food shopping was what it took for me to feel in control again. Suddenly I feel like I'm in the driving seat and I can get my debts paid off and get back on a level footing as I've so much to look forward to in my newly married life.
At the 31st October 2015 my debts stood at £34,253.34 made up of:
- £8,057.42 – Barclaycard
- £13,935.16 – MBNA
- £9,545.76 – Halifax
- £2,715.00 – Nationwide
I'm not proud of this but it's now time to change things around.
Long story short, I'm in debt and I intend to get out of it and I hope that this public challenge will help some of you along the way. I started this blog many years ago to instill discipline into my burgeoning Betfair trading career. It worked and I eventually turned pro. The intention is now to hold myself publicly accountable and hopefully show how it's possible to focus and make sustainable life changing amounts of money when you apply yourself in the correct manner.
I intend to do this mostly from matched betting as it's something that I've done particularly well at over the past 18 months as generally speaking, it requires a little less brain power than trading, which has been perfect given my head was up my backside a lot of the time 🙂
The target is to make £2,500 of clear profit each and every month, so that's a target of £30,000 between 1st November 2015 and 31st October 2016.
It won't be easy but it's achievable.
Here's where you can follow the Matched Betting Blog
Sit tight, buckle up and enjoy the ride. It'd be nice to hear from you all along the way and I hope you can earn some cash too!
Take care, Steve