24. £100,000 No help.

gadgetmind

voltec wrote: »

All I ever wanted as a child was money and now I have some it is messing around with my head and I don't know what to do with it.

I earned a lot of money in my early 20s (multiple of what you've got there, and in 1980s pounds!) and blew most of it, so well done on being ahead of where I was.

You need to decide what gives you pleasure. I'm lucky in that I love technology, and love building things, be it bits of technology or technology teams/companies, so I've never struggled that much with the rewards or with money. (Other than when one company was really struggling, long story!)

BTW, I separated "rewards" and "money" deliberately as it's a rare person for whom money is reward enough.

What is there that would give you kicks and keep the money rolling in? Or separate the two, and have a profitable day job, and some break even hobbies?

atush

TheTracker wrote: »

I expect he may have already accounted for mortgage interest payable. Monthly repayment of £450 on a £36k mortgage at even 3% interest would see the mortgage paid off after less than 7 and a half years, without accounting for it about 6 and a half years.

He also made no claim that the rental income alone would pay for the house in 7 years or that he thought the 450/month would be all profit. He has saved 50k in what appears to be 6 years. A bit rich to presume he couldn't cover BTL ancillaries in the next 6. Or that he needed extra brains for someone in the construction industry to know homes need repairs.

But nice to see that for once you didn't say it was a no brainer to put it all in a pension.

This thread has the standard amount of vitriol targeted at newbies. Par for the course. Turns out the thread title was apt.

Talk about vitriol, you are full of it? I posted nothing that was mean spirited in t he slightest.

He made no accounting for income tax on his figures either. And the removal of mtg interest relief for BTL.


Now get your panites out of that twist?

voltec

negative minds bring negative thoughts...
I have been in the construction industry since I was 15, I have renovated more properties than I can remember over 9 years of working. Low risks equals low payment returns...that is not for me nor is a pension. The government will not see me rot away on the streets 50 years from now. I am not bothered about failure as I know I will learn something new from failure to take into my next adventure.

voltec

lardlikesdogs wrote: »

It sounds like you need a good woman or man (2015 and all that)
Life is about enjoying it , Money is just the red sauce on a burger the rest of the burger is you.

Recently just come out of a 10 month relationship. She left me however I'm 24 and she had just turned 22 and still living with her parents. All in all, she was very immature...

voltec

gadgetmind wrote: »

I earned a lot of money in my early 20s (multiple of what you've got there, and in 1980s pounds!) and blew most of it, so well done on being ahead of where I was.

You need to decide what gives you pleasure. I'm lucky in that I love technology, and love building things, be it bits of technology or technology teams/companies, so I've never struggled that much with their rewards or with money. (Other than when one company was really struggling, long story!)

BTW, I separated "rewards" and "money" deliberately as it's a rare person for whom money is reward enough.

What is there that would give you kicks and keep the money rolling in? Or separate the two, and have a profitable day job, and some break even hobbies?

I love proving people wrong...I would love to do something with music or buying/selling shares online however I know nothing about it. I have a passion for buying and selling.
I have also found out money or materialistic items do not make you happy....

gadgetmind

voltec wrote: »

I would love to do something with music or buying/selling shares online however I know nothing about it.

It's hard to make money from music, and buying/selling shares is as good a way to get poor quick as it is to get rich. However, they are a very good long-term (multi-decade) investment.

I have also found out money or materialistic items do not make you happy....

No, but they do let you look for happiness in comfort and security, which is almost as good!

racing_blue

Hi Voltec & nice name for a sparkie.

voltec wrote: »

My old school teachers said I wouldn't achieve nothing within my life

They were being double negative, which is otherwise known as positive... and it looks like they were right.

24 year olds who have made and kept £100k are rare like unicorn steak. You should congratulate yourself on what you have achieved so far.

I saw your first post yesterday and did not reply because it seemed odd, and forgive me but I wondered if perhaps there was a sniff of scam about it "I have £50000 to invest... but I'm stuck in Nigeria.... etc etc". But the subsequent posts ring true.

I wonder how necessary it is to conflate your current financial situation with the more important, existential questions: what do I want out of life, how can I be a man, and so on. Why not ask those first and let the money questions follow? I accept that this a money saving website so perhaps that is why you took this approach.

Money, at the end of the day, is a tool. It can secure goods and the services of others. And yes, it is necessary to have some money. But for most people, it is not sufficient. It is a cog in their life's machine, but it is not the output of the machine. What might your outputs be? a trail of houses built or improved? A family? Some lives touched? A song that people remember?

voltec

gadgetmind wrote: »

No, but they do let you look for happiness in comfort and security, which is almost as good!

true... thanks

voltec

They were being double negative, which is otherwise known as positive... and it looks like they were right.

24 year olds who have made and kept £100k are rare like unicorn steak. You should congratulate yourself on what you have achieved so far.

I saw your first post yesterday and did not reply because it seemed odd, and forgive me but I wondered if perhaps there was a sniff of scam about it "I have £50000 to invest... but I'm stuck in Nigeria.... etc etc". But the subsequent posts ring true.

I wonder how necessary it is to conflate your current financial situation with the more important, existential questions: what do I want out of life, how can I be a man, and so on. Why not ask those first and let the money questions follow? I accept that this a money saving website so perhaps that is why you took this approach.

Money, at the end of the day, is a tool. It can secure goods and the services of others. And yes, it is necessary to have some money. But for most people, it is not sufficient. It is a cog in their life's machine, but it is not the output of the machine. What might your outputs be? a trail of houses built or improved? A family? Some lives touched? A song that people remember?[/QUOTE]


thank you for your advice...
these past 3 months I have gone quiet with work on purpose to try figure out what I want in life and I still don't know. I mean I have a dream of putting my name on the map selling new build houses on a large scale, just to prove to myself 'I did it'...
My diet hasn't been consistent either eating !!!! food and not thinking straight and in the past 8 weeks I put my mind to it and have lost 2.5 stone... with me being on a diet it seems my vision is more clear...
I want everything you have mentioned, I want a family however I believe everything falls into place....

atush

Your skills and experience in the building trade would make you a likely candidate for BTL- If you have done the figures properly (and you haven't as of yet) re profit/tax.

But again, I would say you are wring to discount pensions. Esp you seem to have some consiracy theiroies cooking re the government. Do not discount what you dont fully understand.

As every 100 into your pension will cost you only 80. Every 100 into your BTL, will be taxed as income and ten become 80. And have deducted costs incl mtg interest. So you would be better off, at least putting money into pension (from your salary/earned income) if you do get into BTL as it isn't tax effiencient.

My point about not getting into BTL, was meant that you should have a pension as well/first and then invest in more property.

if you own your own house now, and have cash, just buying more property would mean all of your eggs in 2 baskets (cash and property). You need to also look into investments (3rd/4th baskets)- preferably ones in tax wrappers (like pension and isas) to save you paying tax when you dont need to.