Home     Forum     401k     401k Rollovers     Crypto Forum
    Register   Login   Members   Search   FAQs     Recent Posts    



Personal Finance Advice Needed

Reply to topic
Money Talk > Personal Finance

Author Thread
Xagan
First Time Poster


Cash: $ 0.25

Posts: 1
Joined: 30 Oct 2012
Location: London, UK
Personal Finance Advice Needed  Reply with quote  

Hey everyone,

I'm currently taking a look at my life and how I can make myself more financially comfortable. Okay, so I'm in full-time employment, and I guess I can be honest here, I earn around 1100 a month.

I'm 20 years old, so I guess I could look very long term and go back into education, with the aim of getting a degree to obtain a better paid job in the future. But that way, I'd have to quit my current job and not earn money.

I know nothing about financial jargon, and how to make money. I have a savings account but I don't even really know how it works. I've heard about investing, mortgages, and other ways of making money, but is my wage too low, and do I need a financial education to do any of it? I mean, I wouldn't have a clue about investing, or setting up a pension scheme or whatever.

Practically, I'm 20 years old and am renting a room near where I work, I just about get through each month till my next pay arrives. One day I'd love to own a place, but how do I make that happen? On my wage, is this ever possible? I want to take positive steps in my financial life, and I need advice on how to do that.

Xagan Smile
Post Tue Oct 30, 2012 6:21 pm
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 751.85

Posts: 3656
Joined: 21 May 2006
Location: arizona
 Reply with quote  

Actually I doubt that it is possible to own a home with that income, it is the bare subsistence level, any 'left-over' money will be so small that you will not save enough for a house in a normal working lifetime.

And that makes your Plan B very attractive - but keep the job while you get an education, many of us worked while in college, it just takes a bit longer, maybe 6 yrs - that way you will avoid having big loans when you graduate.

On the plus side, you are learning how to live at the 1100/mon level. So some day, when you have a 3500/mon job, oyu will spend 1100/mon and retain 2300/mon (that's 27,600/year), the money will stack up fast.

When you start having 27,600/yr, you must 'invest', not 'save'. If you just stick it in a savings account, it will earn almost no interest and it will be worth only 828,000 in 30 years. But if you invest at 11%/year your 27,600/yr will grow to 6,100,000 in 30 years. As you can see, the interest rate is a very important decision for you so you should learn how to invest before you graduate. (Altho I didn't - I started investing after I got my engineering degree and learned investing by trial & error and lots of reading - I became wealthy anyway, but it was harder.)
Post Tue Oct 30, 2012 9:15 pm
 View user's profile Send private message
coaster
Senior Advisor


Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
FYI  Reply with quote  

Note to readers: 1100 pounds sterling = 1769 US dollars

~Tim~
Post Wed Oct 31, 2012 5:42 am
 View user's profile Send private message
AliciaS
First Time Poster


Cash: $ 0.20

Posts: 1
Joined: 31 Oct 2012
Location: Boca Raton
 Reply with quote  

I would definitely suggest you to start with small things. If you google: tips on how to make money, you will most likely find a lot of very interesting things. There are a lot of options. Just an example:
Start a blog ( maybe a financial one), start uploading interesting content so that you had a good PR of your website. Believe, you will definitely have people wanting to post a guest article on your site. The most popular chrge sometimes charge $100 and more for one guest article.
This is just an idea. One out of very many:
sell things online, do bartering, offer your services ( think of what you do the best), upload funny vidio on youtube and promote it.....
Good luck!

deleted
Post Wed Oct 31, 2012 12:17 pm
 View user's profile Send private message
amycobain
Member


Cash: $ 3.10

Posts: 15
Joined: 26 Nov 2012

 Reply with quote  

It is my suggestion to start with trivial aspects. Keep in mind that you can find different options as far as money making is concerned.
Post Mon Nov 26, 2012 9:22 am
 View user's profile Send private message
jallyjames
Contributing Member


Cash: $ 5.85

Posts: 27
Joined: 05 Jul 2013
Location: Delhi
 Reply with quote  

very good concepts, very helpful! Not only for us but also for coming generation,thanks for sharing with us....
Post Mon Jul 15, 2013 9:51 am
 View user's profile Send private message Visit poster's website

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      


Money Talk © 2003-2022

Crypto Prices