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Things you'd tell your 16 year old self...

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dwtmahdc
dwtmahdc Posts: 68 Forumite
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edited 30 June 2015 at 5:13PM in Savings & investments
We're all here to share knowledge (some giving more, others such as my self taking it right now :D )

A simple question I was asked at work that got me thinking:
if you could give your 16 year-old self 3 bits of advice, what would they be

Thought it might be interesting if I asked it from a financial point of view. It can be as specific or as vague as you like.

Mine would simply be to budget properly, save a minimum amount every month, and save the same cost of anything you impulse purchase.
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  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    edited 24 June 2015 at 1:15PM
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    Don't ever work for someone....work for yourself. It took me nearly 5 awful years 5 jobs and 2 redundancies to work that one out. As soon as I worked for myself my income increased and stress levels dropped dramatically.

    Spend everything...having savings means you can't claim benefits if you find yourself out of work. Spend excess income on higher mortgage repayments or on higher pension contributions if mortgage has been repaid. Keep an emergency fund of no more than £6,000 the amount that does not affect benefits.

    Thirdly....still too much cash. Forget working for a few weeks and go on a well deserved holiday. You've earned it...enjoy it.

    Oh my other very controversial advice is...don't buy a house. When you're young it ties you down far too much. Rent an unfurnished property and move where the work is on short (2 months) notice. Owning a house you'd need at least 6 months a lot of stress selling and buying and it's just not worth it....but I did buy a house myself and never did regret it as as we all know HPI has helped. I bought it intending never to sell it.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • ColdIron
    ColdIron Posts: 9,225 Forumite
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    I think most people should aim considerably higher than considering benefits
    thresholds

    One small tip, every time you get a pay rise use half of it to overpay your mortgage or increase pension contribution. If you use a systematic approach it will actually get done rather than making a decision each year or so
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    Let your first motorbike have a bigger engine.
    Free the dunston one next time too.
  • kathrynha
    kathrynha Posts: 2,469 Forumite
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    Spend sensibly as a student. You don't need the student credit card, and you can survive if you are sensible without the loan. Get the loan though, and save it and it will be your house deposit as soon as you are working after graduation, getting on the housing ladder a few years earlier than you did before house prices went stupid. You could of been mortgage free at 40.


    Then again if I had followed that advice I wouldn't of met my husband
    Zebras rock
  • Creditcardkid
    Creditcardkid Posts: 285 Forumite
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    If you keep playing with it, it will fall off.
  • dwtmahdc
    dwtmahdc Posts: 68 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
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    Creditcardkid wrote: »
    If you keep playing with it, it will fall off.

    hope you got it reattached :(
  • xylophone
    xylophone Posts: 44,719 Forumite
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    Eschew cigarettes 'n whisky 'n wild,wild wimmin....:rotfl:
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    Never date a girl who's got an Adam's Apple, no matter how tidy the rest of the package looks.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • IronWolf
    IronWolf Posts: 6,423 Forumite
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    Put all your money in Apple shares!

    Ah but in seriousness, I think I would say, stop being so tight with money, and don't drink any alcohol in 2012. Oh and buy a flat as soon as you move to London!
    Faith, hope, charity, these three; but the greatest of these is charity.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    I would say put into a pension a sap as a little bit when young makes a lot more in years to come.
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
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