How much disposable income would be considered well off for an 18 y/o in the UK?

philip1427

Credit-Crunched wrote: »

Royalty income is taxable, not savings income. Your employed income alone is £6k from boots?

I am confused now?

Is it royalty income or savings income?

6K from boots
4K from royalties
7K from savings interest

[Deleted User]

You're not planning on working at Boots AND studying medicine at the same time are you?

I also hope you're finding a good, tax efficient mechanism to keep your savings? (Although if you're not earning enough to pay tax, then it doesn't matter). There's a new government scheme to help young people buy that's part ISA, part 'free stuff from the government' that might be a nice place to put your money.

You might do well continuing to create ebooks from your uni notes. Doctors LOVE shortcuts.

>>> Back to the year 2000
As part of my Genetics degree, I had to do a module on human medical genetics. I was use to wordy, complex Genetics textbooks. Having to find out the latest stuff from journals (that you had to find in a library then photocopy since most weren't electronic at the time). Then I discovered the Medical students text books. Well written. Concise. Informative. I then decided that Medics were all cheaters who just had ace memories
<<<<

Credit-Crunched

philip1427 wrote: »

6K from boots
4K from royalties
7K from savings interest

On those numbers, then you are correct no taxable income has arisen.

However, you still need to report your royalty income, which it sounds like you have.

philip1427

ringo_24601 wrote: »

You're not planning on working at Boots AND studying medicine at the same time are you?

I also hope you're finding a good, tax efficient mechanism to keep your savings? There's a new government scheme to help young people buy that's part ISA, part 'free stuff from the government' that might be a nice place to put your money.

Yeah pretty much. Many students who study medicine that don't have trust funds or really wealthy you parents have a part time job at least for the first three years or so. I'm also hoping working in the pharmacy will help me learn drug names and drug interacts etc

Yes! ISAs are really good! I've got one. I also set one up for my sister and put her allowance in for this year. She qualifies for a junior one! Flip sake she gets 3.5% interest

jimjames

philip1427 wrote: »

Yes! ISAs are really good!

Cash ISAs aren't. You can get far better rates outside a cash ISA. Or are you using investment ISAs?

[Deleted User]

I'm actually talking about the Help to Buy ISA - https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

Don't worry, there's a new wonder drug that saves on all that pharmacology revising - Paracetamoxyfrusebendroneomycin

philip1427

ringo_24601 wrote: »

You might do well continuing to create ebooks from your uni notes. Doctors LOVE shortcuts.

>>> Back to the year 2000
As part of my Genetics degree, I had to do a module on human medical genetics. I was use to wordy, complex Genetics textbooks. Having to find out the latest stuff from journals (that you had to find in a library then photocopy since most weren't electronic at the time). Then I discovered the Medical students text books. Well written. Concise. Informative. I then decided that Medics were all cheaters who just had ace memories
<<<<

I know I think it would be good idea to keep motoring on with the student guide idea. It's worked out really well for me. I'm so glad I don't have to worry about being in debt before I've even started working full time! Hopefully I'll have enough savings to buy my own house and help my family out.

philip1427

Credit-Crunched wrote: »

On those numbers, then you are correct no taxable income has arisen.

However, you still need to report your royalty income, which it sounds like you have.

Thanks for the advice. I'm sorry I should have made the figures clearer from the start

philip1427

jimjames wrote: »

Cash ISAs aren't. You can get far better rates outside a cash ISA. Or are you using investment ISAs?

No hahaha I'm scared of the stock market hahha

philip1427

Guys, I have another question.

I save a lot of my money. Purely because I don't know what to do with it. I maybe spend about 250 a month. What could I buy/do which would be fun but wouldn't depreciate that much? I mean any boy would love a sports car but I don't want to be that d**k....

At the minute my hobbies don't cost that much

I do jujitsu. I play tennis. I revise (lol) and I work (LOL). I also go out on a proper date night once a month I.e for dinner then some drinks. Bar that we just go for walks, coffee and cinema etc.

I'm worries about being one of those people who have lots of money saved but don't enjoy it