Young person wanting to invest in property I need some advice though

kiermcgovern

RAS wrote: »

What are local house prices like? How long would it take to save 25% of a small terrace?

One problem with advising here and now is that we do not know how the referendum will go.

If you were in england I would suggest thinking about a 2 bed and get a lodger for a while (tax free)?

Also with the Hilton, any chance of moving around the world?

Yeah after a year of working you can move to any Hilton

maninthestreet

£1200 a month is gross? If so, you will have to factor in deductions for NI and income tax.

mikey_l

RAS wrote: »

If you were in england I would suggest thinking about a 2 bed and get a lodger for a while (tax free)?

Excellent suggestion

kiermcgovern

Is it smart to put all of my money into stocks instead of saving since they all bring dividends?

AndyT678

kiermcgovern wrote: »

Is it smart to put all of my money into stocks instead of saving since they all bring dividends?

It depends what you are trying to achieve. Buying equities is a sensible thing for you to do provided that you see it as a long term investment. I.e. minimum of 5 years really.

If you want the money back next year it's very risky. Even with some dividends (not all companies pay them) you may lose some (or all) of your money if the share price falls.

Think about what you're trying to achieve then go check out the savings and investments forum for more detailed advice.

Do NOT just start randomly buying shares as suggested in one of the posts above.

McKneff

It must be wonderful to be 18 and be looking at the world through rose coloured glasses. A million and one things could happen to scupper your plans.


Walk before you try to run and get advice from people who know what they are talking about.


Think also, what would you do if you lost your job....

Pixie5740

As AndyT678 says, stocks and shares are a long term investment. You could put some money in savings and some in stocks and shares. Maybe use your ISA allowance and split it between cash and stocks. That way you can access the cash quickly if you need it and are building up a nice nest egg with the shares.

NB I am not a financial advisor in any way, shape or form.

xylophone

https://www.futurelearn.com/courses/managing-my-money

Join up without delay?

AndyT678

McKneff wrote: »

It must be wonderful to be 18 and be looking at the world through rose coloured glasses. A million and one things could happen to scupper your plans.

Come on give the guy some credit for being 18 and thinking about managing his money.

When I was 18 the only financial planning I did was to consider whether I had enough change in my pocket for the next pint.

princeofpounds

Your plan to live in staff accommodation makes a lot of sense, at those prices.

You are doing the right thing by saving at least as much as the rent you save, and more on top. Your accommodation is very cheap and could provide you with springboard for your future.

In fact it would be financially optimal to always use the staff accommodation if you don't get higher pay for leaving, but you aren't going to want to live there your whole life.

You may not want to be in BTL by the time you get the deposit, so keep an open mind, concentrate on getting to the point where you have the choice.

Remember there are other other investments out there. Given your age you can definitely look at shares (or rather diversified funds given your lack of experience). Probably in an ISA structure, but you may also want to start thinking about pensions (the earlier you start, the less painful it gets in future).

Just like property, shares aren't super cheap at the moment in my opinion but the way you gain returns from them over time is saving relentlessly in high markets and low markets. At the time you won't know which you are in for sure - the best times to buy are often when the whole media is screaming of the disappointments and dangers - but if you accumulate at all points in the cycle and hold for the long term you don't have to worry so much.

Have a poke around the savings and investment board here, as that is really the stage you are at.

If you aspire to own a property (and you probably do) then that can be seen as a future liability. You may want to match some of your assets to that liability and invest in appropriate real estate funds as well, that's another option for you.