Young man need's advice

YoungGuy

Hello moneysavers, I am sincerely in need of some financial advice.

Let me explain my current situation. I currently get £440 a month in benefits. Food and bills come out of that so i have about £116 left to invest monthly. I would like the financial freedom to be independent of the state. I am currently saving for a £1400 car towards the end of the year, but my long term goal is to buy a 1 bedroom house with cash in the next 5-10 years.

Now considering I am a 24 year old without a job and qualifications I know that may sound optimistic to some, but I have read stories of people my age making a small fortune in stocks and shares. Short of starting a business or winning the lottery (i don't gamble) I guess shares are the only option I have.

For my short term goal I'm wondering whether it would be better for me to put that £116 into a savings account or buy shares with it in the hope of doubling my money at the end of the year? I have never invested before but have been seriously looking at stuff like share.com and Halifax sharedealing.

I don't want to be on benefits forever and would really like a house so I can own a dog and have some freedom. Please point me in the right direction to achieve my goals.

I'm also concerned that if I do accumulate the cash for a £200,000 house in my area that they will ask for source of income and all I'll be able to say is that I invested in shares with money I had from benefits which the estate agent might not be satisfied with???

Please help!

ViolaLass

How about using the money to get qualifications or training to help you get a job?

YoungGuy

ViolaLass wrote: »

How about using the money to get qualifications or training to help you get a job?

I would prefer to be an entrepreneur.

Onawingandaprayer

So you want to accrue enough in benefits to make you independent of the 'state'. Sounds very fair. We'll all pay our taxes until you've got enough.

Please shout if you need any more.

YoungGuy

Onawingandaprayer wrote: »

So you want to accrue enough in benefits to make you independent of the 'state'. Sounds very fair. We'll all pay our taxes until you've got enough.

Please shout if you need any more.

Do you not see that if I make enough money through shares I can get off benefits? The tiny money I get from the state can be the catalyst I use to get me there. Then I can pay back to society later.

ViolaLass

YoungGuy wrote: »

I would prefer to be an entrepreneur.

That's lovely. What are you doing about it? (I mean apart from planning to invest £116 a month in shares and hope that they double in value)

ColdIron

Have the schools gone back yet?

YoungGuy

ViolaLass wrote: »

That's lovely. What are you doing about it? (I mean apart from planning to invest £116 a month in shares and hope that they double in value)

That's sort of why I joined this forum for some suggestions or investment advice. :embarasse

Anne_Marie_2

I smell a troll.

YoungGuy

ColdIron wrote: »

Have the schools gone back yet?

I don't know sorry, I am not a parent.

Onawingandaprayer

I did see that. and investing £116 per month in shares will, I'm afraid, earn you diddly-squat, even were it possible.

Sorry, but your plans need a drastic re-think. And the thought of you investing some of your state benefits in the stock market is just frankly bonkers and a bit offensive.