What is your long term saving strategies?

rictus123

Yeh if you can read i talk about my wages as of this summer...stated that a fair few times. Im on the hourly rate for a 4th year apprentice...and trust me its not £6-£7 an hour. Going through my post history like that is dedication though, what a sad life you must lead :P Il prove you wrong dont worry. I think your posts reek of envy

pawlala

don't fancy buying a football club with all that hard earned money? I heard there's one somewhere in the northwest going cheap.

Frogletina

rictus123 wrote: »

So id be looking at taking home about £3,000 a month interest from savings. Assuming a net interest rate of 6% on £600,000(may be tax exempt as could be retired but then again might be part time/on 40 hours a week meaning id be losing £600 a month due to being basic rate tax payer)

Since when did being retired make anyone tax exempt while earning interest on £600,000?

LongTermLurker

Frogletina wrote: »

Since when did being retired make anyone tax exempt while earning interest on £600,000?

If it's all coming from ISAs? Wouldn't need much growth either; assuming an annual allowance of £10500 (round figure, including increases) and 50 years to retirement, that would give a £525k pot ignoring any growth.

Of course that plan is full of assumptions, not least of all that ISAs will be still around.

Jackop

Theres been some much better posts/advice/number crunching on previous posts, but i agree with them.

YOur never going to get rich by saving, its as simple as that.

You need to invest it if your going to get anywhere, i think they say anything over 5 years should be invested rather than saved. Even if its in a simple FTSE 100 tracker fund your gonna get miles better returns over time than a savings account.

Also im 24 living with my girlfriend with approx 100k mortgage. She earns 31k PA and im on approx 28K depending on bonus. We are fairly thrifty and not stupid when it comes to money (mainly because of these forums) and i can tell you. You wont be saving that amount per month. Not anything close to it when youve got your own home.

LongTermLurker

Theres been some much better posts/advice/number crunching on previous posts, but i agree with them.

I think the lack of enthusiasm to recommend much is down to a lack of belief! Not necessarily in the OP, but in the hopes and dreams and the number of chickens that are being counted...

I admire the enthusiasm, but I do still think that the addage "all work and no play..." could be reconstructed here. Still, I wish him good luck.

rictus123

Cheers LLL (Y) I just want to get myself in a really decent well off position so i can make my money work for me. One route i might go down is buy to let, another is buying land and building a couple of houses myself for building...i know its not as simple as it seems and im making on. I realise its a long road, a rollercoaster and anything can happen along the way but i want to work hard and make the most of it....How much of a deposit is needed for a self build? If it was for ftb...might be best to try it while im living at home...high risks but while im young with no overheads may be the best time to go for it. It might blow up in my face and i might end up bankrupt....or it could work for me and be the start of an amazing buisness venture or simply earn me a little cash and alot of experience.

Jackop

LongTermLurker wrote: »

I think the lack of enthusiasm to recommend much is down to a lack of belief! Not necessarily in the OP, but in the hopes and dreams and the number of chickens that are being counted...

I admire the enthusiasm, but I do still think that the addage "all work and no play..." could be reconstructed here. Still, I wish him good luck.

I genuinely think there has been some sound advice, well reasoned should i say!

I think the goals will be fine given the time frame, just knock a zero or two off and itll be achievable...

All work and no play is perfect, i wouldnt swap anything iv done to get the money back. Mistakes and all, id rather have good experience to pass on to my (potential) kids than good experience of what bank rates they mey get when they turn 18.

Best of luck

rictus123

Well i think the way i should "invest" it is in myself. Being a builder property is my game. I think self build will be where the money is...i have plenty of contacts, access to all the machines and tools id need, scaffholding, mixers and so on etc. How much of a deposit is needed for a self build mortgage? I would have to do that before i bought my own first house...so could maybe even make it my first house for the 9 months or however long it is id have to live in it and not pay tax on the gains.

If i did that then that should set me well up for reinvesting or even buying somewhere else mortgage free while still young. Many others have managed it so why cant i?! I know more have tried and failed but determined to make a name for myself and get myself well off very soon...

***xyz***

LongTermLurker wrote: »

Harsh! ........

But fair!