Growing my money in my 20's

Kingbx

I'm in my early 20's and making around £50k with a rise to £75k coming up in the next 6months, I'm lucky that I have minimal expenses outside food and around £500 rent per month. This leaves me with a lot of spare cash sitting around in current account making no interest. I'm looking for sensible advice on where to invest my money to maximise my returns, ISA's, shares , property etc any ideas?

colsten

Have you got a pension with your employer? Can you increase your contributions?

atush

Pension is the best thing, as it will cost you only 60 for every 100 you put in (and that is before employers contribs- do they put some in too?).

After that, and if you have a cash float of say, 6 months expenses, i'd be in S&S isas.

Why rent? If you save up enough are you going to buy?

If not, once your ISAs and pensions are looking healthy, put some of the isa money into a BTL perhaps. But i'd have the cash, pension, S&S isas done first. but i'd own my own home before a BTL unless I was stationed overseas, or living in employers premises.

guitarman001

Pension and s&s is a.

Wow, what do you work as!? Based in London?

DigForVictory

No suggestions, just rousing congratulations that you are thinking about saving in your 20s!

Er, you do have an up to date Will? You don't want to *accidentally* leave that money to anyone, surely?

BillJones

Are you outside London? If so you can probably look to get on the property ladder in a year or so, so just start by saving in a decent savings account and work towards that.

In London £75k won't really get you into anywhere that you'll probably be happy living, but I'd still suggest just getting your instant-access savings balance up to £30-40k before starting to do anything too exotic.