My situation. Advice appreciated.

IT_nerd

Ok.
I'm 19, turning 20 in a few months and wanted some advice on what to do with my money.

When I turned 18 I received an £18,900 inheritance from my gran and grandad.
By the time I had passed my driving test and bought a car including 2 years insurance and a new computer, that soon went down to £13,000.
I went full time in april and I earn £900 odd takehome per month.
I have managed to get that figure back up to around £16,000 and I'm still saving like mad. It's getting a bit depressing not ever buying myself anything I want.

I live at home with my Dad. He isn't a great dad and has made some really flipping stupid decisions since my mum passed away in 2007.
Long story short, he met some thai woman on the internet and is moving out there to live with her.
He also stole some compensation that I got when I was 3 and broke my leg.. Which if kept in a bank account like it was agreed by the lawyers would be worth £4K by now.
As such I refuse to pay him rent, and refuse to move out. So I live here free*.

So my only real outgoings are fuel for my car and food. And going out once or twice a month. Usually spending £20 a time.

I'm aiming to save away £700 of my £860 pay cheque next month, bringing my total to almost exactly £17K and I hope to be back up to £18K by the start of next year.

Today I transferred my savings to my new icesave account which pays 6.9% monthly. So about £100 a month.

So my question is, what should I do. Keep on saving and living here (I don't really like living here. My dads such a moron that it pains me. I can't stand watching him !!!! away his pension like this..) or move out and onto the property ladder, or rent.

Problem is, the second option is somewhat impossible for me because of my current low earnings.

Arg. Its so much hassle. Should have just gone to uni :rotfl:

Cheers.

hethmar

ITnerd, it does sound such a miserable life for a youngster. I think the best suggestion you have made there is the last sentence.

You can still go to Uni. Get that sorted - have fun whilst you are young - you dont have to touch your savings, let them grow for 3 years whilst you do a bit of living.

Good luck.

Doozergirl

You've got your head screwed on. If you did buy that flat, I think you'd make it work for you. Maybe that one, maybe somewhere else in a few months when you've saved even more.

Why not start building something for yourself? There's nothing like sticking two fingers up at the world and being proud of what you have.

IT_nerd

Sorry, the emotion i wanted to put there didn't turn up.
As much as uni sounds good, I have no desire to go through more formal education. College was good enough for me, it's just a shame that my finals kinda went hand in hand with my mums death. And I wont blame my !!!! grades on it, but it didn't help.
I went from being lazy then cram at last minute to just plain lazy.
And after seeing my brother go to uni then do nothing with his degree and knowing my mum didn't want me to go to uni. Uni is kind of out of the question.
Both my bro and my sis spunked their £19K in one year. ONE YEAR!
And they're no better off now. I don't want to do that...

I also face the fear of my dads financial problems. He keeps very tight lipped on the subject, however I am a IT nerd by trade. So keeping stuff on his computer might not have been the best idea of his.

It seems he has a 150K morgage and has just taken out a £37K secured loan on the house. And he has no job. And he's in thailand now and has been for over a month now.
He's paying all the costs of this house AND the thailand house that he bought.
He has to have outgoings of about 2K a month if not more. And with no income I have no idea hows he's doing it and he wont tell me.
He's been bankrupt before and he's financially !!!!!!. My mum handled everything.

It wont be long before he either gets reposessed or sells WAY under the odds in panic.

For example, 4 month back this house was on at 295K (Lol, I recomended 275K back then) and it's now on at 275K...

So yeah. He could get repo'd soon, so I might be launched out.

CravingSaving

You are much more clued up on money than I was at 20!

As an IT nerd (your words not mine ) you have a decent job, with a trade that will always be in demand, so financially, you should have a pretty secure future. I don't know where you live, but I know that you could potentially be earning more money than that, especially if you live in or around London. Maybe time to hunt for a new job???

If I were in your shoes, I would stay put, rent free for as long as you can. You say your Dad is currently away so enjoy the time you have to yourself. You are not responsible for his financial misfortunes. I understand that it is difficult to watch someone close to you seemingly squander their life away, but he is a grown man and it is his choice. You can only do your best for yourself, and be there for him if he needs you, emotionally, not financially!

Whatever you choose, I wish you well.

IT_nerd

I don't think I want to be in IT forever. It's an OK job to have, and I have no formal education in it. Just a good knowledge of it.
I dream of owning my own business, I think. And I have a fair few ideas that I would like to one day pursue. But not enough money for them all.
So i need to pick the one i develop very carefully.
And it's hard to start a business when you're working full time too.

Part of me wants to just move to the US for a few years and just bum around on the $40K i would have. But I don't think the US government would approve of that.

jimmo

When I was 19 my dad was an absolute moron but the older I got the more he seemed to mature. In the year he died I was the only person who he would accept to give him a full body wash balls and all.
Now I am 60 my sons seem to think I am growing up and we are now mates.
Your dad’s adventures in Thailand do seem rather extreme and foolish but he is still your dad.
At the moment you seem to be living in his house for free.
What is your problem?
If you are worried that your potential inheritance is being wasted by your dad, then tough.
Your dad is your dad. Love him for that or risk losing him.

bobbie78

I don't know what kind of IT nerd you are but admitting on a public forum you hacked into your dad's computer and went through all his financial documents without permission isn't to smart. Not if you want to keep a career in IT for any length of time that is anyway, there are laws which even if he is "just" your dad you have broken by doing this, so if I were you I'd have a real good think about if you're cut out to work in IT with lots of highly sensitive information trusted to you.

IT_nerd

bobbie78 wrote: »

I don't know what kind of IT nerd you are but admitting on a public forum you hacked into your dad's computer and went through all his financial documents without permission isn't to smart. Not if you want to keep a career in IT for any length of time that is anyway, there are laws which even if he is "just" your dad you have broken by doing this, so if I were you I'd have a real good think about if you're cut out to work in IT with lots of highly sensitive information trusted to you.

IT_nerd wrote: »

I don't think I want to be in IT forever.

Also I work with thousands of peoples sensitive information and no problems yet.
Work is work.

jimmo wrote: »

If you are worried that your potential inheritance is being wasted by your dad, then tough.
Your dad is your dad. Love him for that or risk losing him.

ARG! This is what I hate.
The old "You're just scared you're going to lose the inheritance". Which is just not true.
What I'm worried about is that he will get bent over in thailand and taken for everything he has. Then have to come back here with nothing and start over again at 60 or older. Then he becomes my problem whether he likes it or not, and I don't want that hassle quite frankly. I would rather he live out there for the rest of his life happy and I never have to see or hear from him again.
As much as washing his balls when he's old sounds like a hoot, i don't want to do that either.

Tricia_^^

I think you have a cheek - you only have to pay for fuel & food..... and you want to keep 700 of an 860 pay chq at your age! You are a very lucky person to live rent free, you should be thanking your father for allowing you such a privi lifestyle. How dare you go thru your fathers things like that - he has lived his life - & yes made mistakes, who gives you the right to judge. I too think you are worried about your inheritance - I couldn't give a fig how much my parents home was worth when I was 19 - all I cared about was the next eveining out...... so LIVE YOUR LIFE -HAVE FUN AT YOUR AGE - if your bored with your job - change it...... you have your whole life in front of you!!!!!!!!!!

IT_nerd

Arg, the inheritance thing again. There will never be one no matter how this pans out.
Look. I understand that if things went 100% right from now on I would still never get an inheritance. I realised that a long time ago and I don't even care any more. I just want his life to be alright from now on and for him to never come back here pennyless.
Lets look at it this way.
My brother, desperately hanging on for the chance of getting money from my dad. And has already borrowed £1000's from him, and me.
My sister, constantly moaning about money. Constantly telling me how "we have a right to that money" and all this other bull. Has also had oney from my dad. About £1500. Complained that she didn't get £4000.
Both 6+ years my senior.
Thai lady, who's getting her car, rent, and all her utilities paid for by my dad. Running cost of around £700 a month for the last 8 months.
Me borrowed £50 for some work shoes and paid him back in 2 weeks.

Now who do you think is really the person working in HIS best interest?
So I got into his computer to get a better understanding of just how much trouble he's in. It's for the greater good.

Out of everyone currently in his life I am the only one who actually ISN'T in it for his flipping money. So excuse me if I come off a bit brash when someone accuses me of being "worried about my inheritance". There isn't one. End of.

And yes. If I wanted to be happy I would buy a lotus elise with my savings. That would make me truely happy for a while. But then I would be !!!!ed for the rest of my life. I've seen what happens when you p!ss away your only chance. And this is my only chance.
Given to me by my grandad. And he would NOT want me to have fun with the money and blow it all on useless !!!!.

Sorry. Just a bit annoyed how everyone's judging me.