Saving, the only way forward

mark55man

SallySunshine wrote: »

I give up:eek:

is the stock market not for less well off people then. you assume a lot and condescend even more

if OP is saving enough to act as a deposit for a house, once she has covered her need for a nest egg - is she not entitled to consider ways to protect her money from inflation.

even the best savings accounts will leave her worse off in real money at the moment

atush

mark88man wrote: »

is the stock market not for less well off people then. you assume a lot and condescend even more

if OP is saving enough to act as a deposit for a house, once she has covered her need for a nest egg - is she not entitled to consider ways to protect her money from inflation.

even the best savings accounts will leave her worse off in real money at the moment

you are basically a numpty. This person needs help and advice, not the pipe dreams you are selling,

The only way out and investing in shares for someone int he OPs curcumstance woukd be lowering living costs and increasing income. then we could suggest saving a few months salary (in cash not shares) in an ISA if they pay tax, or any good rate s acct. Only then would we suggest a small monthly contribution to a savings plan with an investment trust that is share based but is cheap to run and good for amts from 20-50/m or more. Paying 10-15 per share buy isn't somehting to suggest to someone beginning to save on that small a scale. Saving onto an investment trust would be cheaper than shares or unit trusts, and affordable to keep up monthly.

It isn't a matter of class, just a matter of economy and circumstance. The OP wants to save for a house, but isn't right now. Let us help them with advice to get there, and not fancy pipe dreams.

mark55man

atush wrote: »

you are basically a numpty. This person needs help and advice, not the pipe dreams you are selling,

The only way out and investing in shares for someone int he OPs curcumstance woukd be lowering living costs and increasing income. then we could suggest saving a few months salary (in cash not shares) in an ISA if they pay tax, or any good rate s acct. Only then would we suggest a small monthly contribution to a savings plan with an investment trust that is share based but is cheap to run and good for amts from 20-50/m or more. Paying 10-15 per share buy isn't somehting to suggest to someone beginning to save on that small a scale. Saving onto an investment trust would be cheaper than shares or unit trusts, and affordable to keep up monthly.

It isn't a matter of class, just a matter of economy and circumstance. The OP wants to save for a house, but isn't right now. Let us help them with advice to get there, and not fancy pipe dreams.

so you agree with me, but just feel we shouldn't be talking about it yet - and apparently I'm the numpty

OP - sorry for diverting your thread from your baby steps in the right direction, but if you are going to move up to save enough for a house you will need to deal money in ways you haven't had to yet.

Ignore this part of the conversation if you wish, but you need to undertake a 10-15 year savings project so I think you need to understand the options rather than reach 2025 with just your savings account and find its isn't enough

atush

so you agree with me, but just feel we shouldn't be talking about it yet - and apparently I'm the numpty

No, I don't agree with you. Saving is for everyone, but telling someone to run or fly when they are jut learning to walk is numptyish.

And telling someone to save in investments of any kind (which I am a fan of BTW) w/o a cash buffer/safety net is also numpty advice.

for your next trick are you going to tell the OOP to buy gold and silver?

kidmugsy

ns&i Index-Linked Savings Certificates.

Timingthemarket

SallySunshine wrote: »

TimingtheMarket,
are you for real?

I hardly think advising a 27yr old on a low salary to invest in the U.S. market is helpful:rotfl:

It is VERY helpful. There are traders who can easily make 100% per month. Not forever of course. But it´s not necessary.
Why should you not try to become the best in what you are doing?
No it´s not easy but so is not winning the olympics either.

atush

It is for those who have money to burn, and if they lose the lot is doesn't ruin your life. For those, daytrading the US or any markets might make sense.

For a person new to saving on low pay, the better advice is to spend time not becoming a day trader, but bettering their job and salary prospects. In the meantime, saving up a cash buffer.

Any advice that says to Daytrade instead of builing a safety net of cash, is not ony pointless, it is Dangerous advice.

Timingthemarket

atush wrote: »

It is for those who have money to burn, and if they lose the lot is doesn't ruin your life. For those, daytrading the US or any markets might make sense.

For a person new to saving on low pay, the better advice is to spend time not becoming a day trader, but bettering their job and salary prospects. In the meantime, saving up a cash buffer.

Any advice that says to Daytrade instead of builing a safety net of cash, is not ony pointless, it is Dangerous advice.

But that is not what i recommended.
The best record i am familiar with is one person who took $1000 to $125k in 5 days.
Nothing fancy like high frequency etc. Just charts.
If one can do that (or much less) then there is no need to feel miserable for ones situation of course. One can take low risks and still make money. LOW risk is key to surviving. Still not saying it´s easy because only a few can win.

atush

It takes time and money to set up an acct like that. Not to mentiin having $1000 to burn.


For every one who truns 1000 into 125K, there are hundreds, who turn that same 1000 into 0.

You are suggesting risky trading to a person who has no savings which is quite frankly both stupid and dangerous.

When the OP comes back, having learned to save monthly and has a 3 month safety net, plus $1000 they won't mind losing, and has the time to learn chartism and everything else that you suggest (instead of learning new skills to better their job prospects) then go ahead and suggest your US derivatives, daytrading or whatever.

StevieJ

I think you need a flat share and a better job, no wonder you are skint paying around 80% of wages in rent :eek: