Like all things you have to weigh up the risks and make the decision which suits you and your family. What's right for some would be wrong for others and I, like others, can only offer an opinion. So here goes...!
I think full time APing (from choice) works in two scenarios. Firstly if you are young, single and are yet to find your niche in life. Secondly at the other end when the mortgage has gone and you are looking to do something different for a few years.
As a family man myself the thought of doing this full time for the next thirty years, with a large mortgage, wife and kids (large being the mortgage not the wife and kids!) would see me lay awake at night....every night! What if the offers dry up; what if I make a mistake and wipe out significant funds? At the moment I would say, "Oh well," as it doesn't really matter that much.
I also think you need to be realistic. Within a couple of years employability would dramatically decline and who's to say what APing will look like in five years. Personally I think it will exist in some form, but will have evolved dramatically. I think it will be a lot harder for the "toe-dippers" to get anything out of it as the bookies wise up to the MSE driven masses. On the plus side I do think the pro or semi-pro will still be able to make some money.
If I were to offer some advice I would suggest going down the part time route. Would you not feel more comfortable working a couple of days each week even if it is a basic job? This would cover off basic survival (food, utilities), pay your NI requirement and leave you free five days a week to make whatever money you can. I also think a couple of days works puts a bit of perspective on the rest of what you do and does provide a route back in if needed.
Just my opinion...whatever you decide, good luck and let's face it the rest of us are just envious that you have the courage to even consider it!
I've mentioned this on a similar thread before... doing an Open University qualification while you are doing it might be a good idea. Covers the CV problem, gives you something constructive to do when there isnt anything happening on the AP front etc.
"Pay no attention to what the critics say. No statue has ever been erected to a critic."
I would say go for it. I have been full time since 2006, started with casinos, and when they died off moved to Sports betting. Nothing like being you own boss.
Beating Bookies since March 2006
I think if you are going to do it you need a back up plan.
If you can create some sort of niche that can earn you a high rate ph part time that is a good way to go.
Selling on Ebay is a common one that is a good fit with arbing. Working in care/support work is also good as you can do a lot of hours quickly and it is also a good change from this work. Or you could become a driving instructor or teach part time.
The point is you can earn £100 pw easy part time if you really want to. And having £500 coming in a month does take the pressure off. A lot of people can't work part time because of benefits etc so there are opportunities there.
Making £5K part time and £15K from this is possible. It's all about getting the mix and the numbers right. Obv if you are brilliant it can be a lot more but £20K tax free is actually a decent income.
Although I do not intend on doing this full time after I graduate, I know little about pensions and was curious about a couple of things. Assuming this was viable (bonuses didn't dry up, remained legal, etc) would it be possible to voluntarily pay into retirement pots even though technically unemployed (although not claiming benefits)? I understand you can buy voluntary national insurance contributions to get the state pension, but not sure whether it is possible to pay into a private pension despite not being employed?
I would say no, if you're on your own fine, but not with a family.. If you find yourself in a book with a huge wr and then get limited to peanuts , or a book goes rogue ,and you have bills to pay , you will find your savings don't actually go very far, and each time you have to dip into your float with no other source of income coming in , I think you will find it very stressful.
I do ap full time, but there's no way I could support my family on my own by doing so...
It is possible to get a tax allowance if you are not a taxpayer for a pension scheme:
If you do not pay tax, you are still entitled to receive basic rate tax relief, making a pension a superb opportunity to gain something for nothing. This provision is ideal for housewives, students or even children where the contributions are made on their behalf. So, just like basic rate taxpayers, for every £80 you pay, you end up with £100 in your pension fund – although the maximum you can pay in is £2,880 net pa, which is equivalent to £3,600 grossed up.
- it might be a bit late for 2010/2011 though.
I'd be suprised if MartinLewis isnt all over this.
Personally, I don't think that the UK will do anything to restrict online gambling. Historically, the UK has followed a course of relaxation of gambling rules and I don't see this changing in the future. In fact, I would suggest that any restrictive proposals would be strongly apposed.
Originally Posted by LFC81Eoin
That is, of course, purely my opinion and I could be way off!
If someone was to get into such a stressful situation because one book goes rogue then they definitely shouldn't be doing this, only have what you can afford to lose in any one book.
Originally Posted by bella
Again thank you all for your comments.
I appreciate the time you have taken to read and advise on this and I have come to respect the opinions of all of you over the 18 months I've been on this forum. It's like all the forum Godfathers (and Godmothers ) have been looking out for me these last 2 days and I can't thank you all enough
To summarise what I am taking from this thread:
I need to have a secondary income, part time work or self employment. It doesn't need to be my main source of income but it needs to be over 16 hours a week. If I work 16 hours a week even for minimum wage this qualifies me for working tax credit. That will be enough to pay the monthly direct debits and standing orders. The money from AP can then pay for everything else. This means I only need to make £500 pcm from AP to have a comfortable life, meaning I can keep growing my float.
I have an eBay account which I haven't used for a couple of years but it does have 500+ feedback, so it's a good starting point. I can get a couple of trade accounts with people I know from my current employment, and even better they'll drop ship bulkier items so that's good. If the eBay sales don't go as well as I hope I can always car boot the stock too I suppose. This will tide me over whilst looking for other work.
I think as many of you have pointed out, full time AP can wait until the kids are grown up and the mortgage is paid off. My ambition in retirement has always been to travel, so Europe first and AP can pay for it. I may even get to use my Interwetten & Cashpoint accounts again
You just need to ask yourself one question, do you feel lucky punk?....... Well do ya?
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