Now debt free BUT don't know what to do with my money!

ktb

personally the biggest change for me in my journey to becoming debt free is the psychological one... like you said OP it is the wasting money on useless c**p you dont need that is regretable... not life experiences. I did 4 months travelling in New Zealand on credit and that is basically a lot of what i'm paying off now.. and I don't remotely regret that.

When I am debt free I intend to save and go to Canada for 6 months.. I know that my attitudes to money have changed and i'll never allow myself to get into debt in the same way ever again. I certainly don't just intend to spend my whole life scrimping so that I have masses of savings but am too scared to do anything with that money. What is the point of getting old & dying with tons of money in the bank? I'd rather have the life experiences personally.. but save for them properly using my newly found MSE skills.

Good luck with your studies!

ZTD

Catseyez wrote: »

ZTD: No, I don't think it's too early to start thinking about saving for retirement. In fact, I worry that I am leaving it too late. In fact being able to save for retirement was another motivation for getting out of debt.

BTW, when I say "save" for a retirement, I don't neccesarily mean a pension. Even small pensions can deny you State benefits - costing you more than the pension is worth - whilst savings are not neccessarily so traceable.

Cynical - moi?

TTMCMschine

Why don't you go & buy some books on value investing ala Warren Buffet style, & some books on understanding company balance sheets & then enter the wonderful world of investing.

It is possible to find companies that are fundamentally undervalued & that make very good long term investments.

I've managed to more than double our savings this year with one investment (as per my stoozing board post where I used a 0% CC offer to gear up my investment), & it's now going to be returning a yield of around 8-10% on the initial share price as well!

We bought £36K worth of one share altogether, it's now worth just over £90K & will likely be over £100K by the end of April after the H1 results.


Obviously you need to be careful what you invest in, which is why it's crucial to really understand what you're looking at first before parting with your money - & of course it isn't for everyone.

ZTD

"Gearing" - that's another word for debt isn't it?

finallydebtfree!!

Catseyez wrote: »

Do you have a Nationwide card (credit or debit)? They don't charge for spending abroad and for me, it works out cheaper than using my cashback credit card (GE Money).

I havent, but Im not planning on having to use the card! just incase of emergency (the kind of one that involves being in a shop and having run out of the £200) :rotfl:

having said that Im hoping not to use it at all!

Catseyez

ZTD wrote: »

BTW, when I say "save" for a retirement, I don't neccesarily mean a pension. Even small pensions can deny you State benefits - costing you more than the pension is worth - whilst savings are not neccessarily so traceable.

Cynical - moi?

Well I have thought about investing in fine art as an alternative/addition....