25 and financially responsible...
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DairyQueen wrote: »Jump on the property ladder asap. Doesn't matter if it's a shoebox (best decision I ever made).
I am not quite convinced about jumping straight up onto the property ladder. There has to be some thought into this as the property price boom is unlikely to continue on indefinitely as it has over the past few decades. I must say though, policies like the LISA, HTB really help to support the argument for getting into the property to make use of the 'free' bonus'. It takes a few years to build up significant bonus anyway, so it takes some planning.
Buying a property is a significant commitment for at least a few years (up to 5) and perhaps lifelong, there are opportunity cost involved and also cash flow concerns. The current Price/Rent ratios in the country really makes it perhaps difficult to envision buying property as such an ideal situation.
I would take a few years to save up for a deposit and bid my time with a watchful eye on any opportunity that is suitable financially and personally.
Save 12K in 2020 # 38 £0/£20,0000 -
What specifically would you go back and look at?
Sometimes I find it tough to know what I am looking for re financial independence.
Sorry I missed this until now.
I just think grasping the idea that once you have invested a certain amount you can live from the growth / dividends is the main thing. Once that's in place and you can get up to saving 50% or more of your income you've cracked it.
Personally it would be lots of little efficiencies. The bigger the numbers the bigger the impact so housing, car, holidays would be where I'd start. I've never gone into debt but I spent too long not looking past my next month or two's wage and only saving into a pension.
A house share or cheaper house that could be improved; A slightly older car; and less extravagant holidays could have seen investing and cutting my working life down considerably.0 -
I am not quite convinced about jumping straight up onto the property ladder. There has to be some thought into this as the property price boom is unlikely to continue on indefinitely as it has over the past few decades. I must say though, policies like the LISA, HTB really help to support the argument for getting into the property to make use of the 'free' bonus'. It takes a few years to build up significant bonus anyway, so it takes some planning.
Buying a property is a significant commitment for at least a few years (up to 5) and perhaps lifelong, there are opportunity cost involved and also cash flow concerns. The current Price/Rent ratios in the country really makes it perhaps difficult to envision buying property as such an ideal situation.
I would take a few years to save up for a deposit and bid my time with a watchful eye on any opportunity that is suitable financially and personally.
I absolutely agree. People don't question the economics of owning your own house enough. There is a huge assumption that its the best things to do when I don't always necessarily agree, sometimes renting is a better financial decision.
I jumped in 2008 as soon as I could borrow enough money to buy a house. I eventually sold that house in 2016 for the same as what I bought it for.
If I could go back I'd stay sharing with friends for much longer and save up much more. Buy a wreck of a house at a better time and have the means to improve it.0
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