If you could go back in time...

David_Evans

pearl123 wrote: »

Buy shares in the company you were working for..

Not too much though.
If the company goes bust, you lose your job and your investment.

Mr.Saver

Being in my late 20s, I've summarized the takeaways from the all the above thoughtful people. They are certainly helpful for myself, but I also hope they will help others.

Stick with the job you are in.

Listen to your elders, learn their experiences and mistakes, but don't always do exactly what they say.

Don't trust anyone (or any govt) totally.

Be prepared for the unexpected. Be flexible and able to adapt. Keep insurance & investment separate.

See the world for what it is - not what you'd like it to be.

Don't waste money.
- Don't smoke. You'll just be puffing money away into thin air
- Don't drink, switch to soft drink, or drink as little as possible
- Don't get dragged into drinking, nights out and other socialising with office colleagues that, at the end of the day, you have little in common with
- Don't go on holidays frequently, don't go on very long holidays, and don't spend too much on holidays
- Don't get expensive monthly phone contracts. Do you really NEED that data-hungry unlimited text, unlimited data package?

Invest the savings, and diversify the investments. Don't buy individual stocks. Be careful with Employee Share Schemes, sell the employer's shares before it's too late.

Never miss an ISA year.

Start a private pension. Understand where you money is and what your pension schemes actually are.

Meet people wisely, choose the significant other wisely.

David_Evans

Have some self-awareness about who you are and what you are suited to.

For example, I think that property in general is a good long term investment.
But most people are not suited to becoming a BTL landlord - because they don't have the right background, family, personality, contacts, skills etc.

Understand the difference between investment risk (price-dropping) and counter-party risk (getting screwed over).

Remember that any registered asset can be taken from you by the govt. But the govt will probably not help you recover an asset from anyone else. (Just look at the LCF thread for a good example).

CapricornLass

Would echo the bit about pension. Dont despise your employer's offering either - if they are paying into the scheme for you as well, that is 'free' money.... But paying in extra, either with your employer as AVCs or into a private scheme of your own will build up a pot of money that will extend the options that are available for you when the time comes for you to consider retiring.



I saw my father paying into his company pension scheme - this would be in the sixties/seventies, so things were very different then. However, some thing stuck in my brain, and all through my working life, I tried to put away enough to get 1/60th final salary (told you things were different!) I had to fight to get into company pension schemes, paid higher contributions than many of my colleagues, I saw them go off on foreign holidays and buy new expensive cars while I drove an old banger and went camping. But on boy, that really paid off - I am able to retire several years before state pension, and while not rich, have enough to manage comfortably on the pension I receive.

Saver84

I would advise my 20-year-old self to:
Continue shopping at Primark
Take lunch from home
Cancel gym membership
Non-branded household essentials (laundry powder) works just as well
Learn how to use eBay

maxie014

Why stick with the job you are in?
As an unskilled chap who has mainly done factory work,i went from place to place until i was in the best paid around.Skilled people should be able to do this easier than me.You might as well get paid the best money for what you do,if id stayed in my first job id have still been on peanuts.
Start investing young and keep investing monthly.

bostonerimus

I’d tell my 20 year younger self to put everything in Apple....or whatever stock or fund has done best in the last 20 years.

I’d tell some one investing today to spend less than they earn, avoid all debt except the mortgage, keep 6 months spending in the bank and put as much into a multi-asset fund in an ISA and a workplace pension as they can.

Retireby40

While there's lots of good advice above one thing to remember is tomorrow isn't guaranteed.

While it would be foolish to live like there's no tomorrow it's all about striking the balance between living in the present and preparing for the future.

There's no point having a pension of £2000 a month if you haven't the health to travel and spend it.

There's no point turning down every social occasion because soon enough youl find that no one invites you to anything and ultimately when you do fancy a night out, you've no one to call on.

People say about not travelling or going on holidays but I'm a firm believer that you need to see some reward for your hard work. Nothing wrong with a week or two away each year done in a cost effective manner.

Your on the ball preparing for the future but don't let that get away from the present. And after all you could make all the sacrifices to live well in 20 years only to die the year before.

Strike the balance right and you will be ok. You sound like you have your head screwed on.

David_Evans

Retireby40 wrote: »

While there's lots of good advice above one thing to remember is tomorrow isn't guaranteed.

While it would be foolish to live like there's no tomorrow it's all about striking the balance between living in the present and preparing for the future.

There's no point having a pension of £2000 a month if you haven't the health to travel and spend it.

There's no point turning down every social occasion because soon enough youl find that no one invites you to anything and ultimately when you do fancy a night out, you've no one to call on.

People say about not travelling or going on holidays but I'm a firm believer that you need to see some reward for your hard work. Nothing wrong with a week or two away each year done in a cost effective manner.

Your on the ball preparing for the future but don't let that get away from the present. And after all you could make all the sacrifices to live well in 20 years only to die the year before.

Strike the balance right and you will be ok. You sound like you have your head screwed on.

You do raise a good point.
But bear in mind that the UK has changed a lot in the last 20-30 years.

We used to have a stronger pound, good pensions, more secure employment, no student fees, cheaper housing etc.
So 20 years ago it was less of an issue for people to go off travelling in their youth - as they still had decent prospects on their return to the UK.

Ask people about Eastern Europe in the 1990s - after the collapse of communism and before EU membership. It sounds very much like the UK at the moment - only the UK is experiencing a slow motion version of their sudden disruption.

POPPYOSCAR

Retireby40 wrote: »

While there's lots of good advice above one thing to remember is tomorrow isn't guaranteed.

While it would be foolish to live like there's no tomorrow it's all about striking the balance between living in the present and preparing for the future.

There's no point having a pension of £2000 a month if you haven't the health to travel and spend it.

There's no point turning down every social occasion because soon enough youl find that no one invites you to anything and ultimately when you do fancy a night out, you've no one to call on.

People say about not travelling or going on holidays but I'm a firm believer that you need to see some reward for your hard work. Nothing wrong with a week or two away each year done in a cost effective manner.

Your on the ball preparing for the future but don't let that get away from the present. And after all you could make all the sacrifices to live well in 20 years only to die the year before.

Strike the balance right and you will be ok. You sound like you have your head screwed on.

You make a very good point.

Having over the last 4 years lost a niece age 31, nephew age 39 and brother age 47.

Live your life.