17/M What can I do to get the best financial start in life

Dolla

So just now I'm doing my last year at college, currently working weekends earning £170/M (£300 saved, however some of this is going to my mother) and when I turn 18 I will receive £25k inheritance. What can I do to make the most of this money and give myself the best possible start for the big bad world.
(I have no further plans to go to Uni, however I do plan on going into a computing apprenticeship after my college course. I should also mention that I'm currently not being paid at work as I'm on sick leave)
*recently posted same thread on reddit*

Pincher

It used be marry a doctor, but the NHS does not pay too well, these days.

So, marry a hedge fund manager. I suppose a footballer will do.

kidmugsy

Dolla wrote: »

So just now I'm doing my last year at college, currently working weekends earning £170/M (£300 saved, however some of this is going to my mother) and when I turn 18 I will receive £25k inheritance. What can I do to make the most of this money and give myself the best possible start for the big bad world.
(I have no further plans to go to Uni, however I do plan on going into a computing apprenticeship after my college course. I should also mention that I'm currently not being paid at work as I'm on sick leave)
*recently posted same thread on reddit*

After 5/4/17, if Mr Osborne's plans are honoured there will be a new LISA (Lifetime ISA): it might be a good place to plonk £20k. The idea is that your money gets a subsidy from the taxpayer that will later help you buy your first house.

Keep a couple of thousand back for emergencies, say in a high interest current account e.g. at TSB.

Then you could buy yourself a motorbike and so avoid the hassle of commuting by public transport, or the high expense of a car.

Once you start your apprenticeship, contribute enough to your employer's pension scheme to ensure that you "harvest" the maximum employer contribution.


P.S. GPs are still extremely well paid.

Pincher

kidmugsy wrote: »

P.S. GPs are still extremely well paid.

With or without ghost patients?

I just hope whatever sub-contractor they appoint will send the letter to my correct address. If its G4S, I might end up declared dead.

Reason for de-listing: no response, so he must be dead.

Dird

Dolla wrote: »

-> What can I do to get the best financial start in life
-> I have no further plans to go to Uni

The best way would be to change your mind about uni. Many jobs have it as compulsory unless you come with 30 years experience

xylophone

Then you could buy yourself a motorbike

OP's mum might not be too pleased with that suggestion!:eek:

The best way would be to change your mind about uni. Many jobs have it as compulsory unless you come with 30 years experience

OP is planning to take the Apprenticeship route - heavily promoted on TV at the minute!

OP, once you become 18, you might like to look for the best current account (s) for your needs.

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

The LISA might well suit you when it becomes available.

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
The above might be worth a look.

Dird

xylophone wrote: »

OP is planning to take the Apprenticeship route - heavily promoted on TV at the minute!

Yes, I remember http://www.channel4.com/programmes/dispatches/on-demand/62774-001

Linton

The first call on the £25K should be to put say £10K into the best cash accounts you can and resolve never to touch the money except in an emergency. This will help reduce the stress you will face establishing your life in the outside world as you will be secure against almost any short term financial hit.

Voyager2002

You need to invest in developing your capacity to earn money. For most people uni is part of that, although a computing apprenticeship might work out well. You could combine the two, perhaps by doing some OU modules in computer science. And you might need to buy software and equipment in order to develop these skills.

Unless you really enjoy your weekend job, or find that it gives you particularly valuable experience and skill development, use the time for study or simply to enjoy life. Your legacy should remove the pressure to earn money in the short term. In fact, the social skills that you develop by spending weekends with friends could end up being very important in the workplace.

darkidoe

Learn basic personal finance, Moneysavingexpert is a good place to start.
Avoid Life Style inflation
As above, develop your earning capacity.

Be comforted that the big bad world is the same for everyone. You can make it better for yourself tomorrow by the choices you make today.

Dan83

P2P £25k invested in saving stream would give you £250 a month interest. More then you earn.