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24. £100,000 No help.
Comments
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My old school teachers used to be so negative and said I wouldn't achieve nothing within my life
One teacher told me that my UCAS form wouldn't get me anywhere other than borstal! I ended up doing a degree in Computer Science at a Russel Group university.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Not particularly rare in the boardrooms of Footsie 100 Companies!gadgetmind wrote: »BTW, I separated "rewards" and "money" deliberately as it's a rare person for whom money is reward enough.0 -
Not particularly rare in the boardrooms of Footsie 100 Companies!
Many of those guys could easily quit work tomorrow and do genuinely keep working because they like solving problems and growing successful companies.
I know a number of CEOs who have zero work life balance, and I really don't know how they keep going at that pace, or TBH quite why!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Hi all,
This is the first time I have ever done this but I am so confused what I want in life/want to do with the money I have saved. I talk to lots of people my age and know one knows what to do if they where in my position.
I am currently 24.
I set up my business when I turned 18.
My dad hasn't been around in my life and my mum struggled to raise me with money issues as a child. I struggled going through school finding it difficult to sit focused and failed all my GCSE'S due to poor coursework grades. However on exam days I managed to do fine...
I bought my first house off of the council which is valued at £95,000
I currently have £45,000 in equity in the house I currently live in and I have managed to save up £50,000 through work.
I am going to spend £14,000 and buy a house to rent out.
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.
All I'm asking is, if you were 24 and didn't have a helping hand in life and had to find out how to be a man by yourself...WHAT WOULD YOU DO?
I think you're getting a bit ahead of yourself.
Well done for building up that amount of equity and savings at 24, you're in a better position than a lot of people your age, but at the end of the day it isn't exactly mega bucks, uncommon or something which should be "messing with your head".
Personally I would forget about the equity in your house. You need somewhere to live, afterall. It's not a bank account. Just continue to pay your mortgage and forget about it.
So, you have £45,000 in savings.
Do you have a pension? Personally, that would be my main concern. When you begin to look at how much you'll need for a comfortable retirement you may begin to change your view on a pension and put into perspective your current savings.
If I was in your situation I would keep some in cash as an emergency fund (prob ~ £10k), start a pension and start it off with a lump sum and then place the rest in a S&S ISA. Then I would continue to pay off my mortgage, contribute to the pension and add rest over to the ISA.0 -
If I was in your situation I would keep some in cash as an emergency fund (prob ~ £10k), start a pension and start it off with a lump sum and then place the rest in a S&S ISA. Then I would continue to pay off my mortgage, contribute to the pension and add rest over to the ISA.
Really? Aged 24 with the world your oyster and more drive than a Lamborghini, but no sat nav? If I was in that position I'd start a business or travel the world for a year. I'd read some good books, or talk to some inspirational people- I'd look for a mentor. That sort of thing.0 -
racing_blue wrote: »If I was in that position I'd start a business or travel the world for a year. I'd read some good books, or talk to some inspirational people- I'd look for a mentor.
Ah! But is the OP really in that position? I'm afraid this cynical old s0d sees weekend scam nonsense.0 -
No weekend scam nonsense. I don't want to pay into a pension, I could die tomorrow so planning for retirement isn't me. Plus I never see myself being fully retired, I like to keep busy.0
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racing_blue wrote: »Really?
Yes, in regards to his financial position.racing_blue wrote: »Aged 24 with the world your oyster and more drive than a Lamborghini, but no sat nav? If I was in that position I'd start a business or travel the world for a year. I'd read some good books, or talk to some inspirational people- I'd look for a mentor. That sort of thing.
Lots of people in their 20s start a business, go traveling and read without the need for much in the way of cash, so you're just describing what you'd dp aged 24, not what you'd necessarily do money wise.
I'm not sure if the OP is just trolling, but if not I've outlined what I would do.0 -
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