Inspirational story about what can be achieved

caronoel

Inspirational story about what can be achieved if you save hard and cut back on the gap yaaah and lattes:

http://www.ladbible.com/community/inspirational-woman-buys-first-home-at-20-after-putting-in-the-graft-20180127

Koldweather1

Great effort for sure!

I think the key is to do it whilst living at home and starting as early as possible. The moment you start to rent, it becomes FAR harder to save decent sums of money that are required.

If you are frugal and careful it can still be done like she has done...OUTSIDE of the SE, where her 120k gets you maybe an auction property and thats about it...

elsien

How inspirational it does does rather depend on your point of view.
All credit to her for managing it if that's what's important to her, but I wouldn't have wanted the ties of a house and mortgage at that age. There is a life to be lived as well, and homeownership doesn't have to be at the top of the priority list when there's a world out there to explore as well.

(P.S I had neither lattes nor a gap yaaah as you so patronisingly put it, or subsidies from anyone but I did travel and I'm glad I did. )

caronoel

elsien wrote: »

...homeownership doesn't have to be at the top of the priority list when there's a world out there to explore as well

And this selfish attitiude is why so many are renting in their 20s, 30s, 40s, and (in Crashy's case) in this 50s, while their more sensible peers have gone out and bought a home in preference to the latest iPhone or communing with the dolphins in Patagonia

elsien

What's selfish about it? How does it impact on anyone else? Not everyone has to fit into the same box or live the same life.
If people are working and paying their own way it's up to them how they spend it.

Koldweather1

Also I get the impression she doesn't actually have a mortgage and that she has been saving HARD from doing alot of part time jobs over the years. I may have misread that though but if that is the case that is some serious saving she has done there, even for living at home!

Once you start renting it really does require high efforts and resistance to not spend on anything, especially as the whole British economy is geared up and depends on people spending their disposable income in a way that simply didn't exist back in the 60s/70s/80s in the same way. I know adverts were still important back then, but the advent of the internet makes it impossible to avoid them.

At least at home your not spaffing 30-50% of your income on pure rent and bills.

GreatApe

For most people they should start work full time age 16 and live with their parents and by age 25 they would be in a good financial position.

9 years even at min wage with a full time job could see you save in excess of £100,000 plus savings returns would likely be enough to buy the average £120,000 three bed terrace outright.

If most kids did this and partnered up in the mid to late 20s they would have a fully paid off house plus another £100k in ISA savings etc earning them a £5k pa dividend for life + capital gains.

Of course most of them would also get pay increases and move up the jobs ladder they won't be consigned to min wage jobs for life

ukcarper

GreatApe wrote: »

For most people they should start work full time age 16 and live with their parents and by age 25 they would be in a good financial position.

9 years even at min wage with a full time job could see you save in excess of £100,000 plus savings returns would likely be enough to buy the average £120,000 three bed terrace outright.

If most kids did this and partnered up in the mid to late 20s they would have a fully paid off house plus another £100k in ISA savings etc earning them a £5k pa dividend for life + capital gains.

Of course most of them would also get pay increases and move up the jobs ladder they won't be consigned to min wage jobs for life

That would leave them £50 a week a bit tight I would have thought.

stator

All well and good for those who are lucky enough to have parents who can support them whilst they 'save' for a deposit. In reality the parents are massively subsidising their adult child with free rent and board.

I wouldn't sacrifice my youth for the sake of owning a load of bricks and concrete. When she's 30 she'll probably wish she hadn't bought into her parents obsession with housing and had instead lived her life a bit more.

ukcarper

stator wrote: »

All well and good for those who are lucky enough to have parents who can support them whilst they 'save' for a deposit. In reality the parents are massively subsidising their adult child with free rent and board.

I wouldn't sacrifice my youth for the sake of owning a load of bricks and concrete. When she's 30 she'll probably wish she hadn't bought into her parents obsession with housing and had instead lived her life a bit more.

You speak as if the youth is the only time you can enjoy yourself, plenty of merit in sacrificing earlier to make your life better later on. Of course it’s up to the individual what they do but it is no good moaning in later life if you can’t afford to buy.

ViolaLass

caronoel wrote: »

And this selfish attitiude is why so many are renting in their 20s, 30s, 40s, and (in Crashy's case) in this 50s, while their more sensible peers have gone out and bought a home in preference to the latest iPhone or communing with the dolphins in Patagonia

Selfish means that you're concerned with your pleasure and not concerned about others' feelings.

By that definition, saving for a house or spunking it all on phones is selfish either way. Why are you so cross about others' choices?