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

bsms1147

philip1427 wrote: »

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.

If you can afford not to, and by the sounds like it you won't need to (and with student loans, noone needs to), I would advise against doing that, and you will probably be told as much in your first week. Studying medicine is a full-time job in itself.

Ray_Singh-Blue

ringo_24601 wrote: »

No - normal teenagers do not spend £100 on a dinner with their girlfriend. Hell I'll only spend that on my wife if it's a birthday/anniversary dinner.

I'd spend that much on my girlfriend, but not my wife

OP I think you have your head screwed on, and you will be fine. Capital is king though, whatever Jane Austin may have said.

Edit: I think you'd like the book "The Millionaire Next Door" by Stanley and Danko. Especially the chapter about Dr North and Dr South which shows how two people with high incomes can follow spectacularly different financial trajectories.

Eco_Miser

Ray_Singh-Blue wrote: »

Capital is king though, whatever Jane Austin may have said.

Remember Mr.Darcy's £10,000 a year was the income his capital generated - he owned half of Yorkshire. (That last bit is an exaggeration - a tenth would be more realistic).

Phillip - don't try to spend money because you think you're saving too much, you're not.
Equally don't NOT spend money on what you want (within reason, don't borrow to spend on luxuries).

george4064

philip1427 wrote: »

What would be your average ROI when investing in the stock market?

It all depends on how much risk you take, the popular 'all-in-one' Vanguard LifeStrategy funds range from an average annual return of 7.3% pa to 10.5% pa.

Source: https://www.vanguard.co.uk/adviser/adv/investments/all-products?assetType=BALANCED

Doshwaster

philip1427 wrote: »

I'm also living at home next year because I don't think I could study in hall. I might move out next year.

It sounds like you are taking your studies seriously (as a medical student, you need to - it's not like any other course) but there is more to student life than just studying. The friends I had at University who lived at home never seem to fit in as they missed out on so much of what was going on.

If your parents are close then you could always pop back home midweek or at weekends to get your laundry done and for a free meal.

You are lucky to have a decent income for someone your age, especially a student, but I would concentrate on putting the money into long term investments rather than splashing the cash around now.

mike88

If you are planning to study medicine you will require a lot more than £17k a year especially if you live away from home. However, it is a massive help but the thought of an 18 year old spending £100 on a night out is not "normal" behaviour for an 18 year old. Normally the girlfriend would pay half and a "normal" meal would be a take away or a burger from McDonalds or Burger King.

Malthusian

mike88 wrote: »

Normally the girlfriend would pay half and a "normal" meal would be a take away or a burger from McDonalds or Burger King.

Just because he's 18 doesn't mean he doesn't have working taste buds (and same for his girlfriend). There's a pub down the road from me that does an excellent curry and a pint on Mondays for £5 a head, I would call that a "normal" date for a money-conscious teenage student.

If Philip has the money to spend £100 on a night out and gets value from it then all power to him.

hildosaver

I can honestly say that I have less disposable income now at the age of almost 40 than I did when I was 18 working weekends in Boots and surviving on a student loan. Zero responsibilities, I owned virtually nothing and had next to no living expenses. Happiest time of my life.

Now all my cash is tied up in mortgages, travel costs, car maintenance and trying to save for retirement.

All I can say is don't worry about how you are doing compared to others, just enjoy yourself while you still can and before you get bogged down in all the responsibilities that come with being a boring adult.