Advice

Cfr19

Financial Advice 💰 

Hi 👋🏼 Looking for some 💰financial ADVICE / feedback on my current setup!

I’m 19, living rent-free with my parents in Lancashire🏴󠁧󠁢󠁥󠁮󠁧󠁿 , earning around £1,800/month (pretty dead-end job for now, A-level educated, entrepreneurial-minded).

Current monthly breakdown:

💸 £600 → Managed S & S ISA

💰 £200 → SIPP

🏠 £700 → Living expenses

💪🏼 £50 → Gym & golf membership

Current savings & investments:

🏦 £40,000 → Premium Bonds

📈 £19,700 → Managed S&S ISA (medium-high risk)

💳 £2,000 → Surplus cash account

✅ Debt-free

Just wondering — does this look like a smart setup for my age❓

Any suggestions to optimise my savings/investments, or business ideas worth exploring❓

All advice appreciated 😁👍🏼

Isthisforreal99

No need to post duplicate threads.

And nobody can give financial advice on these forums.

Your overall picture is better than vast majority of 19 year olds but I would question the wisdom of the £40k in Premium Bonds. 

eskbanker

Cfr19 said:

I’m 19, living rent-free with my parents in Lancashire🏴󠁧󠁢󠁥󠁮󠁧󠁿 , earning around £1,800/month (pretty dead-end job for now, A-level educated, entrepreneurial-minded).

[...]

Any suggestions to optimise my savings/investments, or business ideas worth exploring❓

All advice appreciated 😁👍🏼

What specifically do you mean by 'entrepreneurial-minded' in the context of living with parents, working in a dead-end job and seeking 'business ideas worth exploring'?  I know you're only 19 but there are many tales of well-known entrepreneurs having established businesses while still at school - I'm not trying to criticise where you are but just curious about where you're going, which is an important part of your financial planning, which can't really exist in a vacuum.

Albermarle

Any suggestions to optimise my savings/investments

Nobody can give you sensible suggestions without having some idea of what your future plans for the money are.
Especially on what time frame you might need to access it.

Cfr19

eskbanker said:

Cfr19 said:

I’m 19, living rent-free with my parents in Lancashire🏴󠁧󠁢󠁥󠁮󠁧󠁿 , earning around £1,800/month (pretty dead-end job for now, A-level educated, entrepreneurial-minded).

[...]

Any suggestions to optimise my savings/investments, or business ideas worth exploring❓

All advice appreciated 😁👍🏼

What specifically do you mean by 'entrepreneurial-minded' in the context of living with parents, working in a dead-end job and seeking 'business ideas worth exploring'?  I know you're only 19 but there are many tales of well-known entrepreneurs having established businesses while still at school - I'm not trying to criticise where you are but just curious about where you're going, which is an important part of your financial planning, which can't really exist in a vacuum.

The job is just for safety but I do other stuff on the side, had a few businesses in the past, currently working on 1 property business, do a lot of resaling on the side, living at home to keep expenses low etc… just wondering what people can suggest for me 

DRS1

The old adage goes Do something you enjoy and you'll never work a day in your life.

Cfr19

Isthisforreal99 said:

No need to post duplicate threads.

And nobody can give financial advice on these forums.

Your overall picture is better than vast majority of 19 year olds but I would question the wisdom of the £40k in Premium Bonds. 

Apologies my first post wasn’t sure where I was posting , why question 40k in bonds, what else would you suggest?

Kim_13

Cfr19 said:

Financial Advice 💰 

Hi 👋🏼 Looking for some 💰financial ADVICE / feedback on my current setup!

I’m 19, living rent-free with my parents in Lancashire🏴󠁧󠁢󠁥󠁮󠁧󠁿 , earning around £1,800/month (pretty dead-end job for now, A-level educated, entrepreneurial-minded).

Current monthly breakdown:

💸 £600 → Managed S & S ISA

💰 £200 → SIPP

🏠 £700 → Living expenses

💪🏼 £50 → Gym & golf membership

Current savings & investments:

🏦 £40,000 → Premium Bonds

📈 £19,700 → Managed S&S ISA (medium-high risk)

💳 £2,000 → Surplus cash account

✅ Debt-free

Just wondering — does this look like a smart setup for my age❓

Any suggestions to optimise my savings/investments, or business ideas worth exploring❓

All advice appreciated 😁👍🏼

Having several regular savers on the go (funded by cycling round your surplus cash, or some of your Premium Bond funds or from income if you can afford) would improve your return on the sums held in cash.

Cfr19

Albermarle said:

Any suggestions to optimise my savings/investments

Nobody can give you sensible suggestions without having some idea of what your future plans for the money are.
Especially on what time frame you might need to access it.

Possibly investing into property? Not really sure and quite openminded… looking for inspiration 

MeteredOut

OP, are you part of your employers pension scheme and are you making contributions there so as to maximise your employers contributions? I'd do this before SIPP and ISA investments.

Martico

You have a stack of cash. Easier said than done, but in your shoes at your age I'd have a think about what I'd like to end up doing and invest in that. Either through courses or work experience. No need for a dead-end job, you've got enough slack to explore a field that inspires you