21 Years old with £30,000.00 in Premium Bond is time to invest somewhere else?

lalman

eviekins wrote: »

Not an investment banker...
Not reached the age of 26...
Not on a ''decent salary''...
Had 30k in the bank at 21...

To be honest, if living with parents, I don't understand why most people under 26 wouldn't have 30k accumulated.
However, since the gambling comment it does indeed sound as though the OP is yet another troll; but I don't think we should presume that a poster is trolling as soon as we hear of a young person with a 5 figure sum.

My point being if you went to university you are studying till your 21 rather than 18 or 16. Fair enough if you leave school at 18 or 16 then i agree with your analysis. Otherwise, it for me wouldn't work.

Its difficult to save that sort of money if you do continue full time education.

I also agree with droopsnoot - having your 30k in a location thats difficult to spend on gambling in minutes is probably a good idea if you have a gambling problem. As with other posters - i agree that this should be prioritised (sorting it out) and that you shouldn't use 1000 to win back 300. That 300 is lost. What happens if you lose the 1000? will you chase the 1300 by putting 30000 at stake? Is it worth the risk?

Learn the lessons from the 300 loss... dont do it again! :):)

gordongekko

Had to register and post here, so Hi everyone!

It's actually hard to accumulate such wealth but not impossible, I did it myself and I just wanted to comment that if you are looking to make the most of your £30k then perhaps a buy-to-let property might be of use to you... Especially if you don't need the capital in the short term...



I believe OP is in a very strong position, especially considering his age and has a great foundation to propel him to future wealth. - but not if he's trolling and making it all up obviously


Eviekins, I liked your comment when you say you can't understand how most people under 26 haven’t accumulated such wealth, I have to agree that those who live at home have a significant advantage over those who pay £500+ rent a month.

gordongekko

opinions4u wrote: »

I assume you mean month.

Doh!! Thank you! :beer:

innovate

gordongekko wrote: »

"...........make the most of your £30k then perhaps a buy-to-let property might be of use to you... Especially if you don't need the capital in the short term...

Sorry, but that is terrible advise. If all someone has is £30K it would be sheer lunacy to throw it all at a BTL. The first hurdle would be to get a BTL mortgage but even if that was possible it would be a stupid thing to do for someone who has no emergency fund, own place to live in, or pension. Not to talk about an understanding of what is involved in being a landlord, never mind having experience of being one.

innovate

eviekins wrote: »

I don't think we should presume that a poster is trolling as soon as we hear of a young person with a 5 figure sum.

You are absolutely right, and nobody does presume it. Of course it is perfectly possible for a young adult to have 5 or 6 figures in cash, and they don't need to have earned it all themselves.

Where it smacks of trolling is if we get the umpteenst wonkie new thread by an alleged 21 year old with all sorts of problems. This one claims a gambling problem, for which Gamcare would be the right place to go to. Though I am convinced it's all made up, anyway, so I am out of this thread now.

gordongekko

innovate wrote: »

Sorry, but that is terrible advise. If all someone has is £30K it would be sheer lunacy to throw it all at a BTL. The first hurdle would be to get a BTL mortgage but even if that was possible it would be a stupid thing to do for someone who has no emergency fund, own place to live in, or pension. Not to talk about an understanding of what is involved in being a landlord, never mind having experience of being one.

I appreciate that and understand my post may of been a bit misleading.

I didnt mean just go all guns blazing and blow the lot, I took for granted the fact OP would need to research and understand fully what he is getting into - and he wouldn't necessary need to throw all his cash into it.

I think a BTL is a better option than gambling it all away :cool:

stuckindoor11

Thanks for the advice. If you don't believe me lets have a bet. If i can't prove i have this you pay me the £300 i lost? Ok?

Reue

eviekins wrote: »

To be honest, if living with parents, I don't understand why most people under 26 wouldn't have 30k accumulated.

I had over 30k accumulated at 25, and done so whilst living away from parents from the age of 18, gone through uni and a 2-year gapyear.. So its very doable

£30k at 21 though AND having gone to uni? That's hard to believe without parental or inheritance intervention.

gordongekko

stuckindoor11 wrote: »

Thanks for the advice. If you don't believe me lets have a bet. If i can't prove i have this you pay me the £300 i lost? Ok?

I think you just killed the thread..... see ya!

roxy28

iAMaLONDONER wrote: »

I assume you weren't living in London as I imagine 10k wouldn't go very far in our expensive capital!

It would 60 years ago lol.