If you could go back in time...

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Vet
Vet Posts: 180 Forumite
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in Savings & investments
If you could travel back in time and give a 20-something year old version of yourself advice on investing, what would you tell them?

What advice would you give to a 20-something looking to invest now?

I currently invest via L&G through a S&S ISA - only £150/month split into 3 trusts - UK 100 Index, US 100 Index and Global 100 Index. Since i'm only 25 I wouldn't change what i've done so far (yet)!
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  • System
    System Posts: 178,094 Community Admin
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    Save £20 a week instead of blowing it all. Stop blowing money on crap. Stick with the job you're in.

    Wouldn't matter what I invested it in, even a savings account would've been better than what I ended up doing however interest rates on savings accounts were 5%+ until my mid 30s.
  • David_Evans
    David_Evans Posts: 248 Forumite
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    A very good question.
    Difficult to answer because things change. You, your relationships, your job, the labour market, family, tax, govt rules and incentives etc..

    Overall, I would advise;

    Listen to your elders. You don't have to do exactly what they say, but their information and experiences are often lost (even in these internet days).

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

    Be prepared for the unexpected ''black swan'' events. ie be flexible and able to adapt.

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

    Don't waste money. I know many people now who are in their 40s etc. They'll tell you they don't smoke, don't drink, don't go on holidays etc. But still don't have much investments etc. What they won't always consider is how much they were spending 20 YEARS AGO!

    I've known some of them a long time. Back in their 20s they were often in the pub. Often going off ''travelling'' on ''gap years'' for months on end. etc. That is why they are poor now.
  • Zoology_Dragon
    Zoology_Dragon Posts: 448 Forumite
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    I'm annoyed I didn't open a S&S ISA years ago, so that would be my advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    After many years I'm still learning. You never do. Wouldn't change anything. As experience can only be gained over time. There's no short cuts.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
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    My biggest financial error was joining staff sharesave, shareplan schemes, and at the end just kept the shares every time building up over 75000 LloydsTSB shares. Then the banking crises happened and I lost a fortune lol

    In hindsight I should have sold on completion and diversified or spent the money lol
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    If I were to go back in time and meet my 20 year old self, I'd tell him to put all his money into gold, and then sell it 15 years later after the price boomed before dropping back down a bit.
    I consider myself to be a male feminist. Is that allowed?
  • David_Evans
    David_Evans Posts: 248 Forumite
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    dealer_wins wrote: »
    My biggest financial error was joining staff sharesave, shareplan schemes, and at the end just kept the shares every time building up over 75000 LloydsTSB shares. Then the banking crises happened and I lost a fortune lol

    In hindsight I should have sold on completion and diversified or spent the money lol

    Diversification is the only free (well, cheap) lunch.
  • TBC15
    TBC15 Posts: 1,452 Forumite
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    Never miss an ISA year
  • David_Evans
    David_Evans Posts: 248 Forumite
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    Thrugelmir wrote: »
    After many years I'm still learning. You never do. Wouldn't change anything. As experience can only be gained over time. There's no short cuts.

    But if you listen to older and more experienced people, you can hopefully learn from the mistakes of others.
    In my experience, people from Asia, China etc are better at this than 'Western' British / USA people. I think it's something to do with a culture that over-values youth.

    BTW - I come from a white British 'chav' background. But I see it for what it is.
  • David_Evans
    David_Evans Posts: 248 Forumite
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    surreysaver wrote: »
    If I were to go back in time and meet my 20 year old self, I'd tell him to put all his money into gold, and then sell it 15 years later after the price boomed before dropping back down a bit.

    I would gradually build up a pot of small gold coins. But think of it as insurance, not investment.
    Don't sell them unless your life is in danger.
    You never know what will happen in the future.

    What do you think someone in 1970s Yugoslavia would have said to you, had you suggested that?
    If you're not sure, speak to people who went on holiday to Yugoslavia or watch videos of it on Youtube. It was one of the best, most stable counties in Europe.
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