Young man need's advice

YoungGuy

ViolaLass wrote: »

OP has mentioned not wanting a 'normal' job, not not being able to carry one out. We have no idea what the disability is.

Current diagnosis is chronic fatigue syndrome.

ViolaLass

YoungGuy wrote: »

Current diagnosis is chronic fatigue syndrome.

Do you have the energy to do the reading and research necessary for your plan?

eskbanker

YoungGuy wrote: »

I have read stories of people my age making a small fortune in stocks and shares

Did you read all the ones about those who made a small fortune in stocks and shares by starting with a large fortune in stocks and shares?

colsten

YoungGuy wrote: »

Current diagnosis is chronic fatigue syndrome.

Yep. It's a wind up.

Nocto

I’m very sorry YoungGuy if it shatters your dreams, but investing in shares is not a get rich quick solution. It requires a lot of patience (decades!), and realistic goals.

If you’d asked for suggestions on investing £100 a month to build up a nest egg for your retirement (in about 45 years time…), people would have come back with ideas like tracker funds, unit or investment trusts, etc., and told you that you are very sensible for thinking about it now.

If over 45 years you averaged 5% return a year (realistic, but not guaranteed), I estimate that you’ll make your £200,000 - just in time for your 70th birthday! Unfortunately however, it’s very unlikely to be worth anything like £200k is today… But still a nice return. Sadly your dream house will probably be worth £2million by then..!

The odds of making your £200k in a few years from £100 a month is a fantasy, like winning the lottery.

Having said all that, there’s nothing wrong with wanting to improve your life. If you’re not fit to work, then get an education! Home study courses, open university, college, etc… Spend your ‘spare’ £100 a month on text books. Seriously - it’s a proven life improvement method!

Eco_Miser

YoungGuy wrote: »

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?

Please help!

First, congratulations on getting by on less than three quarters of your benefit. Have you taken into consideration irregular or annual costs like insurance, replacing household appliances, clothes etc.?

It's possible to double your money over a year or so on the stock market, but only by buying just after the market has crashed by 50% - and that happened less than 10 years ago, so is unlikely to happen again any time soon - (or you could be very lucky with stock-picking). Even if you doubled a year's worth of your surplus, that's £1392 doubled to £2784, less costs. Of course, if you could double your money, you could just as easily halve it, and you say you don't gamble.

Open a TSB current account if you can, and earn a safe 5%, or maybe a regular saver for 6%.

You say you want to be an entrepreneur, that's harder work than working in an office or some dead end job. Many entrepreneurs go broke several times before their 'overnight' success. Could you handle that?

Gadgetmind has told you he started by hand-making a batch of gadgets for under £200, selling them and making more with the proceeds, and so on. Could you do anything like that? Have you any talent, skill, hobby or interest? Could you produce a product or service that enough people would be willing to pay you for?

If so, do it. If not, please realise that saving and investing your surplus benefit will make money, but only slowly.

Mojisola

Eco_Miser wrote: »

You say you want to be an entrepreneur, that's harder work than working in an office or some dead end job.

And, if you've got ME, there's no way your health would stand the amount of work necessary.

castle96

"but I refuse to go down the ordinary job route." - that's why I suggested something 'special' for him, ie space pilot !

"cronic fatigue syndrome" - is that what I get after a 10 hour manual shift ?

Wolfie1974

YoungGuy wrote: »

Current diagnosis is chronic fatigue syndrome.

More like 'Chronic Troll syndrome'

ChesterDog

Just to echo the sentiments of others, being a successful entrepreneur takes more than just a good idea. It takes a lot of very hard work and the resilience to keep on going long after others would have flagged.

It takes conviction, drive and initiative.

Scooting about on a forum for ideas is already going in the wrong direction. The ideas must come from you. You must show others how it's done.