Advice

eskbanker

Cfr19 said:

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 

Is it worth investing in building up a business rather than trying to accumulate a personal cash pile as a separate entity from business? 'Property business' could mean any number of things but many have made healthy profits from redeveloping properties, for example, for which seed capital is crucial.

Cfr19

MeteredOut said:

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.

Apologies should have mentioned this, yes doing the max contribution I can 

Cfr19

eskbanker said:

Cfr19 said:

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 

Is it worth investing in building up a business rather than trying to accumulate a personal cash pile as a separate entity from business? 'Property business' could mean any number of things but many have made healthy profits from redeveloping properties, for example, for which seed capital is crucial.

Currently looking to buy my first rental property, not much luck from lending side of things coz age and first time buyer status 

Eyeful

1. Use Tax Shelters where you can.
2. Good idea to watch this : https://www.kroijer.com/
3. Read this: https://www.biglawinvestor.com/meet-the-gotrocks-family/