Unemployed Graduate 100k dilemma; share your life experience

justme111

So you do not like your money being in bank accounts but you do not like putting it in funds either because you think it will go down. What do you expect us to say to that?
Your issue is not money. Your issue is that you are doing something wrong with your life. You got top degree in mechanical engineering , you been amongst students for a few years but you turned down a job because it was in London. Was there any help at uni with job placements? You live with your mum, you have money but she is really poor. It sounds really strange. Without knowing you I can not put my finger on it and even less advise what to do. I think volunteering sounds like most appropriate option, somewhere away from home.

jpuphill

So you do not like your money being in bank accounts but you do not like putting it in funds either

I would be happy to have most of it in funds if I was in a position to make regular monthly contributions as well

UPDATE - I have just opened a S&S ISA for this year. As I am undecided on future I have 13.6k deposited, my H2B is maxed out in cash getting 3.5% which will leave 4k allowance by the end of the year if I want a LISA. Now I just need to choose some funds and then look into how much I can keep in current accounts with some interest and find out what cash pile is left.

justme111

Good stuff

atush

Forward progress.

Keep up the job search. Get some interview training, something is falling down somewhere if you cant get a position, as we dont have enough engineers in the uk?

Eric_the_half_a_bee

jpuphill wrote: »

I am prepared to relocate and work in urban areas but after witnessing the housing problem in Zone 1 and ruling out working there that's about 60% of the good graduate job market gone

You don't need to live in Zone 1 to work there.

jpuphill

Agreed, my original housing search was 45min radius of job and couldn't get anything under 900pcm for a room that wasn't in a total dive. Given 8/9am to 6pm working hours + hour commute in peak times on top to and from something further out would make me go insane, not to mention unpaid overtime, work mobile when at home, etc. which seems standard with grad positions. Not to mention travel card as added expense. I have accepted that I just wouldn't cope with it, I tried hard and went down a lot try to get used to the tube crush and traffic but it is a no go for now until I am more resilient.

scaredofdebt

You sound quite entrepreneurial, why not set up your own business rather than get a job?

Maybe put on your CV that investing is a hobby, it would certainly peek my interest as an employer and if I had a candidate with your background (having £100k + due to their hard work) it would be a big plus.

Oh, have a look at SXX (Sirius Minerals) but DYOR! (I have a few of these myself)

jpuphill

I am interested in my own business but it would be a blank slate and I think I need employment first to gain more skills and knowledge and then maybe start something as a hobby

I watched SXX when it fell in Nov '16, I would not take the risk on a company that isn't due to start production until 2021 as it will remain volatile. While they did secure the fundraising needed I don't have anywhere near enough market experience to feel comfortable with a long 10+ year stake

gingercordial

I live in London and in the area I'm in a room is not as much as you're saying. In my back garden there are tawny owls, hedgehogs, nuthatches, woodpeckers and so on, yet it's half an hour to my desk in King's Cross. But I do appreciate cities are not for everybody. Birmingham might be better if you can tolerate that but not London.

Your problems seem to be:

- You don't know what you want to do with yourself or where.
- You have not been able to get a foothold in the areas you might be interested in.
- You are young and a lot can change in five years, so you don't want to commit yourself.

What you do have is a massive advantage over your peers in having the funds, and hence the flexibility, to try things. Most graduates are desperate for any job to be able to pay the bills. You don't have that pressure - or if you do, it's only you putting yourself under it.

I would not buy a house anywhere until I knew where I wanted to be long term, as buying/selling costs including stamp duty are so high that you don't want to be doing that every couple of years. And in any case in five years you might have met a partner and want to buy somewhere together (having an existing house and keeping it as a BTL will mean you pay extra SDLT at that point, so is going to eat into any investment profits).

If I were you I would use some of my pot of money as an investment in my career by using it to fund getting that work experience you need. You have the ability to take a lower-paid or voluntary position to get things onto your CV. You can go anywhere, in the UK or abroad, as you have no ties. Rent somewhere - think of it as an investment that way, yes it is a cost but it buys you independence and CV skills, which will in turn lead to financial returns and also personal growth. It sounds like you could do with the confidence that will come from living independently.

One other thing: you clearly do have relevant, transferable skills. There is no way that you don't, based on what you've earned as a young entrepreneur. You should be setting these out clearly on your CV. Get back in touch with your university and go and see the careers office for advice and CV-drafting - most have a service for new grads. If not, try local colleges or adult education, or call your local job centre and ask them if they have CV clinics or can recommend somewhere. I promise if I saw that kind of early success on a CV coming across my desk I'd be interested!

Edit: I've sent you a private message too, so check those.

armchaireconomist

There's something rather unsettling reading about someone who's never been employed but has over £100,000 in assets from questionable self-employment(s) discussing where to save his money but hasn't even considered repaying student loans and is lumping money into generous government schemes (HTB)...