If you could go back in time...
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Comments
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I wish I had bought Gold or Property.
At one point, I was putting around £12-14k pa into a savings account, and this was when a two-bed flat in my locale was around £25 - 30k. I had half the purchase price in cash, and looking back, I think I could easily have built a portfolio, but I didn't really know what a portfolio was at the time.
I don't know what the gold price was then, but I'm sure there would have been significant appreciation at some point in the interim.
Advice
Buy Gold
Buy Property
Put £X per month of the pay packet into a high-interest account, savings account, or similar, and don't touch it.
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 smoke. You'll just be puffing money away into thin air
Ask yourself if you really NEED to drink alcoholics, or are you just P-ing money down the pan? Could you survive on soft drinks?
Don't blow money on monthly phone contracts. Do you really NEED that data-hungry unlimited text, unlimited data package? Is there something more useful you could do with (say) the £70 per month on your phone contract?
etc0 -
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)!
Q...would i listen to advice
A...No id probably still spend a load in the pub0 -
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I wish I had bought Gold or Property.
At one point, I was putting around £12-14k pa into a savings account, and this was when a two-bed flat in my locale was around £25 - 30k. I had half the purchase price in cash, and looking back, I think I could easily have built a portfolio, but I didn't really know what a portfolio was at the time.
I don't know what the gold price was then, but I'm sure there would have been significant appreciation at some point in the interim.
Advice
Buy Gold
Buy Property
Put £X per month of the pay packet into a high-interest account, savings account, or similar, and don't touch it.
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 smoke. You'll just be puffing money away into thin air
Ask yourself if you really NEED to drink alcoholics, or are you just P-ing money down the pan? Could you survive on soft drinks?
Don't blow money on monthly phone contracts. Do you really NEED that data-hungry unlimited text, unlimited data package? Is there something more useful you could do with (say) the £70 per month on your phone contract?
etc
Excellent advice in general.
Only problem is that the govt is moving against BTL.
Maybe commercial property would be a better LONG TERM option (ie 40 years plus)..?0 -
I wish I had bought Gold or Property.
At one point, I was putting around £12-14k pa into a savings account, and this was when a two-bed flat in my locale was around £25 - 30k. I had half the purchase price in cash, and looking back, I think I could easily have built a portfolio, but I didn't really know what a portfolio was at the time.
I don't know what the gold price was then, but I'm sure there would have been significant appreciation at some point in the interim.
Advice
Buy Gold
Buy Property
Put £X per month of the pay packet into a high-interest account, savings account, or similar, and don't touch it.
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 smoke. You'll just be puffing money away into thin air
Ask yourself if you really NEED to drink alcoholics, or are you just P-ing money down the pan? Could you survive on soft drinks?
Don't blow money on monthly phone contracts. Do you really NEED that data-hungry unlimited text, unlimited data package? Is there something more useful you could do with (say) the £70 per month on your phone contract?
etc
I get a property included with my job - however it detracts £4k from my salary and costs approx. £120 in bills (capped fee from work). Obvious this allows me to save a substantial proportion of my salary. Should I just take the plunge and buy into property from an investment point of view?0 -
I get a property included with my job - however it detracts £4k from my salary and costs approx. £120 in bills (capped fee from work). Obvious this allows me to save a substantial proportion of my salary. Should I just take the plunge and buy into property from an investment point of view?
Where are you planning on living when you retire and how will you pay for it? I presume you won't have a property for life when you finish work?
I would seriously think about buying something you would be happy to live in yourself and, with your circumstances, do a BTL. The disappearance of the tax benefits of BTL will hurt a bit less if it is going to be your main home at some point I'd imagine.0 -
Where are you planning on living when you retire and how will you pay for it? I presume you won't have a property for life when you finish work?
I would seriously think about buying something you would be happy to live in yourself and, with your circumstances, do a BTL. The disappearance of the tax benefits of BTL will hurt a bit less if it is going to be your main home at some point I'd imagine.
I suppose really the benefits of staying for a good number of years means I could potentially buy without a mortgage? or have such a small mortgage thats it's almost insignificant?0 -
David_Evans wrote: »You didn't know, because the govt didn't want you to know. Holding gold coins was ILLEGAL in the UK until 1979.
Ah well. That fits almost exactly with the period I mentioned. Late 1970s to early 1980s.
Perhaps if I'd known which part of the investing news to pay attention to ....0 -
I suppose really the benefits of staying for a good number of years means I could potentially buy without a mortgage? or have such a small mortgage thats it's almost insignificant?
I would wait until you leave before buying a house to live in.
Don't bother with BTL - it's way too much risk and hassle.
Property prices are probably going to gradually reduce (in GBP terms) over much of the UK in the next few years. The days of needing to buy before prices ''rise out of reach'' are long gone.
Even if house prices were rising, you could keep up by investing in equities and property funds etc.0 -
Ah well. That fits almost exactly with the period I mentioned. Late 1970s to early 1980s.
Perhaps if I'd known which part of the investing news to pay attention to ....
The govt probably asked the MSM to keep this kind of thing out of the news.
Banks and politicians are closest to the fiat currency creation, so devaluation works in their favour.0
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