100k in ten years

100kintenyears

I want to earn and save 100k in ten years through hard work and frugality

Current balance: £678

100kintenyears

A few more details.

I'm 25 and started my first full time job in 6 years last month working in the industrial sector. Having dropped out of my second stint at college this time last year I then spent summer in a rut before enduring 6 months of desperately looking for (almost) any job I could find. Despite having only 3 gcses, little to no work experience and a huge 6 year gap since I last worked I guess I felt I had a divine right to some form of decent employment if I seriously gave 100% while job searching and couldn't believe how hard it was to even get a reply let alone an interview or job offer. Having now thoroughly studied the statistics and facts about employment (not just the political spin) I feel so grateful to luckily have been given this opportunity as I was at the point of desperation and complete demoralization.

My wage is currently £6.50 an hour but I hope to receive two promotions by this time next year. I live with my parents and my travel is free so I have no expenses except from having to pay for my own food, at the moment I plan to save all of my earnings bar a maximum £40 week which I'll spend on food shopping. I'm hoping by 35 I will have saved at least 100k and will then create a new life goal based on how I feel when I reach this milestone.

Sugarplum634

Good luck. If I were you I'd think about offering your parents something for your rent when you've got some money behind you. Mainly cos it seems a bit tight for them to support your 'rent' and 'household bills' out of their savings (they can't save the money you cost them) when you've got money in the bank. But that's just me.

I think you're being ambitious but I'll be interested to see how you do. Do you have any ideas on how you're going to start?

Keep us posted

100kintenyears

Sugarplum634 wrote: »

Good luck. If I were you I'd think about offering your parents something for your rent when you've got some money behind you. Mainly cos it seems a bit tight for them to support your 'rent' and 'household bills' out of their savings (they can't save the money you cost them) when you've got money in the bank. But that's just me.

I think you're being ambitious but I'll be interested to see how you do. Do you have any ideas on how you're going to start?

Keep us posted

Thanks for the reply and the advice. My parents are quite well off and have paid off the mortgage. They give away a lot of money to charity and helping friends and (without meaning to sound spoilt because I'm not and not from a privileged background at all, quite the opposite) technically, in the circumstances, I feel as if they should be supporting me more as I am also planning to do something positive with my money and considering I'm also a better saver than they are having lived off very little for all of these years since I've been unemployed and never asking for any help.

I plan to start by just depositing the bulk of my wages into my savings as soon as they arrive and from there I will look for any opportunity where I can deposit more.

Sugarplum634

100kintenyears wrote: »

without meaning to sound spoilt because I'm not and not from a privileged background at all, quite the opposite) technically, in the circumstances, I feel as if they should be supporting me more .

I refer to the lyrics of "Wear sunscreen" by Baz Luhrman

Respect your eldersDon't expect anyone else to support you
Maybe you have a trust fund, maybe you'll have a wealthy spouse
But you never know when either one might run out

Seriously, as laudable as your financial goals are, assuming a free ride from your folks cos they are wealthy and in your eyes should support you, isn't going to do you any favours long term. I know any number of wealthy parents (house worth million+ plus, nice cars, give away money to charity) but if you asked them if they'd expect their kids to live rent free whilst the kids saved 100k they'd say no. Your folks might not accept any rent but not offering it because they are wealthy is missing the point.

Wizzbang

Sugarplum seems to have abit of a chip on their shoulder about the OP paying rent to their folks. Lucky- knowing any number of millionaires and the in and outs of their financial business!

At the end of the day, it's the parents choice, if they've offered to let their son/ daughter live rent/ bill free, then so be it. I agree, the OP should offer to contribute towards the bills and shouldn't expect them to support him/her more than they are. That's a sense of entitlement right there. Home is a the perfect training ground to learn how to budget, without the potential pitfalls of debt in the real world however.

At the end of the day, the important thing is (as an adult) to have a frank and open discussion with the parents to make sure you're all behaving in ways that are financially acceptable in their household. They set the rules because they pay the bills! Equally, they ought to be adult enough to approach the OP about this issue (if they were unhappy with the arrangement) or they're just as bad! Some parents would be perfectly happy for their son/ daughter to save everything given how expensive property is in this current age.

motorguy

100kintenyears wrote: »

A few more details.

I'm 25 and started my first full time job in 6 years last month working in the industrial sector. Having dropped out of my second stint at college this time last year I then spent summer in a rut before enduring 6 months of desperately looking for (almost) any job I could find. Despite having only 3 gcses, little to no work experience and a huge 6 year gap since I last worked I guess I felt I had a divine right to some form of decent employment if I seriously gave 100% while job searching and couldn't believe how hard it was to even get a reply let alone an interview or job offer. Having now thoroughly studied the statistics and facts about employment (not just the political spin) I feel so grateful to luckily have been given this opportunity as I was at the point of desperation and complete demoralization.

My wage is currently £6.50 an hour but I hope to receive two promotions by this time next year. I live with my parents and my travel is free so I have no expenses except from having to pay for my own food, at the moment I plan to save all of my earnings bar a maximum £40 week which I'll spend on food shopping. I'm hoping by 35 I will have saved at least 100k and will then create a new life goal based on how I feel when I reach this milestone.

Sorry, am i getting this right? You're a university dropout with rich parents who has lived off his parents / the state for 25 years and has now got a minimum wage job and hopes to freeload off his rich parents for the next ten years so they can "save" £100,000 and then from there decide on his next "life goal"?? :eek:

Woohoo! Go you!

Are you for real?

You're 25. Get your thumb out of your !!! and go and make something of your life, rather than live rent free with your parents until middle age. You'll earn far greater respect from your peers, your parents and of yourself by doing that rather than putting money in the bank while your parents keep you.

motorguy

100kintenyears wrote: »

My parents are quite well off.

I feel as if they should be supporting me more.

I plan to start by just depositing the bulk of my wages into my savings as soon as they arrive and from there I will look for any opportunity where I can deposit more.

Look for an opportunity to get enough together to go and live your own life. The last thing your parents will want is as they head towards later life and their retirement years is one of their kids freeloading.

motorguy

Wizzbang wrote: »

Home is a the perfect training ground to learn how to budget, without the potential pitfalls of debt in the real world however.

Uh, huh. However most people learn that long before they're 25.

Wizzbang wrote: »

At the end of the day, the important thing is (as an adult) to have a frank and open discussion with the parents to make sure you're all behaving in ways that are financially acceptable in their household. They set the rules because they pay the bills! Equally, they ought to be adult enough to approach the OP about this issue (if they were unhappy with the arrangement) or they're just as bad! Some parents would be perfectly happy for their son/ daughter to save everything given how expensive property is in this current age.

I dont think any "life plan" that involves living at home until you're 35 is going to hold much weight with any parents.

Sugarplum634

Sugarplum does not have a chip on her shoulder but would quite like to know why parents should support their kids who are working but squirelling away all their cash - not for a down payment on a house or long term independence - but just to be able to say I have £100k in the bank.

What these people who are happy to live rent free because it is their right as their parents are wealthy don't seem to get is that one day they might wake up to find themselves up a gumtree.

All I said to the OP was that it might be an idea to offer his parents some rent at some point because at least it shows willing, even if they turn it down flat. It shows you as real-worldly and not living in cloud cuckoo land because you have rich parents.

100kintenyears

motorguy wrote: »

Sorry, am i getting this right? You're a university dropout with rich parents whos now got a minimum wage job and hopes to freeload off his rich parents for the next ten years so they can "save" £100,000 and then from there decide on his next "life goal"?? :eek:

Woohoo! Go you!

Are you for real?

You're 25. Get your thumb out of your !!! and go and make something of your life, rather than live rent free with your parents until middle age. You'll earn far greater respect from your peers, your parents and of yourself by doing that rather than putting money in the bank while your parents keep you.

motorguy wrote: »

Look for an opportunity to get enough together to go and live your own life. The last thing your parents will want is as they head towards later life and their retirement years is one of their kids freeloading.

I don't know what I would want to spend the money on and every person above 30 I speak to tells me their biggest regret is not saving more in their 20's. The property ladder is a risky and taxing business and something I don't to engage in until I'm at least in my 30's and somewhat financially secure. I understand that I'm in a very fortunate situation with my rent and bills but it is what it is and it's a positive thing for me in terms of saving so obviously I'll take it and try to reach my goal through hard work and frugality. Even though I'm not attempting to move out there are a lot worse things a 25 year old could do with their money other than saving it up until they reach a larger amount and are 10 years older and wiser. I also have to take into account that my job is a hard job and the unwanted reality that at some point redundancy could be a possibility, having tried so hard last time for 6 months and literally getting absolutely nowhere in my search for a job I think it is wise to save as much as I possibly can.

Thanks for your honesty but I was expecting the feedback from writing a post about how I want to save all the money I make for 10 years starting in my mid 20's would be more positive than this considering this is a boost your income forum within a money saving website. Lastly I wouldn't consider my parents to be rich or wealthy only quite well off, they don't have nice cars or even big savings as they choose to spend their money on other things. Their combined wages are nearer to the average London wage for a single person than to a CEO. Maybe my attitude does show some sense of entitlement but naturally I want to save as much as I can from as many honest revenues as possible and since they do give a lot to charity and friends and I had a positive goal I was just hoping for some assistance.