Young man need's advice

ViolaLass

YoungGuy wrote: »

They said they made 20% gains in 6-12 months by investing in 1-3 good stocks and then used that profit and their original sum to reinvest.

OK. That is possible, particularly if you know what you're doing. It's still a long way off the 'doubling' that you want. Why not ask them how they picked their shares?

gadgetmind

YoungGuy wrote: »

They said they made 20% gains in 6-12 months by investing in 1-3 good stocks and then used that profit and their original sum to reinvest.

And what about all the losses on other shares that they don't talk about?

Why don't you try running some model portfolios first? There are sites that let you do this, and you buy and sell as normal, but it's just pretend money that you can't withdraw. Or you can just do it yourself in a spreadsheet.

Try running a few portfolios for 6 months or so and see how you do.

McKneff

What benefits are you receiving.


Are you job hunting what

Mattygroves2

gadgetmind wrote: »

And what about all the losses on other shares that they don't talk about?

Why don't you try running some model portfolios first? There are sites that let you do this, and you buy and sell as normal, but it's just pretend money that you can't withdraw. Or you can just do it yourself in a spreadsheet.

Try running a few portfolios for 6 months or so and see how you do.

Whilst you're doing that save your £116 up so that you've got £600 or so to invest if you try it out for real. You lose less in trading commission (which you can't completely avoid) if you buy once rather than 6 times.

Also spend the 6 months reading up on how to spot value stocks and educate yourself on how to read balance sheets and sets of accounts. The Motley Fool boards are a good source of information and you'll find stock tips on there as well.

Another alternative might be matched betting - see the board on this site - which is a way of making money from the bookies but not by gambling.

lalman

I have read this entire thread out of interest. I am afew years older than yourself and save as much as I can and don't live in a 200k house with a garden or have a dog.

There is always something to strive for so I won't say it won't happen but your current strategy is slightly flawed.

You mentioned that you have £116 spare a month and want a 200k house paid for in cash.

I am assuming your starting from scratch but even if you made say... 10% per annum on your assets - which by the way is far more than I earn!... it would take you 28 years (with compounding) to get to your target... and that doesn't factor in inflation...

I have afew suggestions.

1. Increase your earnings, so start some sort of business if you don't want to work for someone... but get that going... you need to maximise your income.
2. Keep your outgoings to a minimum... keep your goal in mind and keep putting money towards that.
3. Find a partner? - mind sound strange but buying a 200k house with someone is far far far easier than by yourself...
4. Do your homework - I would recommend you do more reading than just those two sites... read about the fundamentals because get rich quick schemes don't work...

I have been saving my butt off for 7 years and don't have enough to do what you want... I am not saying its not possible but a more long term strategy would be required...

YoungGuy

gadgetmind wrote: »

And what about all the losses on other shares that they don't talk about?

Why don't you try running some model portfolios first? There are sites that let you do this, and you buy and sell as normal, but it's just pretend money that you can't withdraw. Or you can just do it yourself in a spreadsheet.

Try running a few portfolios for 6 months or so and see how you do.

Good idea. share.com have a practice account that gives you £15,000 'fantasy money' which I think I might try.

Mattygroves2 wrote: »

Whilst you're doing that save your £116 up so that you've got £600 or so to invest if you try it out for real. You lose less in trading commission (which you can't completely avoid) if you buy once rather than 6 times.

Also spend the 6 months reading up on how to spot value stocks and educate yourself on how to read balance sheets and sets of accounts. The Motley Fool boards are a good source of information and you'll find stock tips on there as well.

Another alternative might be matched betting - see the board on this site - which is a way of making money from the bookies but not by gambling.

That actually makes sense and I think i'll do this. I worked out that it would save me £45 commission fee's if i saved for 6 months and then invested if i use share.com

And that reminds me. I did do some matched betting on fixtheodds and made a few quid but I think I'll actually do the rest of the offers now to help fund my car.

Onawingandaprayer

TheTracker wrote: »

Wow, loads of ugly hate here, whether or not it's a troll.

Ugly hate is a bit strong. Just the robust views of a few MSE regulars who still do or used to work hard for a living and don't feel over-helpful to someone wanting to avoid work and instead invest their state benefits.

ChesterDog

It's good that you are looking for ways to get your life and your finances moving onwards and upwards.

When it comes to investing there is a straightforward spectrum to consider: risk v reward.

The higher the reward (return) you are chasing, the greater the risk you must take to try to achieve it. Naturally this means that the further along that scale you look, the less chance there is of getting the reward and the more likely it is you will lose the lot.

That is why diversification is so important ininvestment. High-risk stuff (if present at all) must only be a small part of it unless you can afford to lose it all and accept that result with just a shrug.

Earned income is needed first - a job - to provide a basis on which to build.

sorcerer

Why don't get a job, use that money to live off and whilst you are doing that put money into investments, that why you don't have to be a burden on the state now or in the future. Plus if you get a good job you might be able to put more than £100 odd a month. By the way, which investments are you planning to use to double your money in a year (because I would love to know).


I have only been investing for 20 years, and I have not managed it yet, so would love to know, thanks.

ViolaLass

If you're saving for a car at the mo, have you budgeted for running costs?