How old are you and how much money have you saved?
I am 19 and have £35.24 in my savings account.
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I am 26 and I have £89,000 in stocks.
Original post by Kareem95
24 and £55,000. I still live with my parents and started work immediately after uni though.
That's really good for your age, have you considered investing that money?
24 and I've got credit card debt of over £19k. 
Original post by londonmyst
24 and I've got credit card debt of over £19k.
Seriously, are you paying it off though?
Original post by maachu_pichuu
Seriously, are you paying it off though?
I can usually only make minimum monthly payments.
Whenever I receive a bonus or get allocated extra overtime, I try to pay down one of the higher interest cards.
Original post by Joshuajames12
I am 19 and have £35.24 in my savings account.
you are my spirit animal
Over 14 but under 18, and I started saving this year, I have around £200
Original post by londonmyst
24 and I've got credit card debt of over £19k.
oh my god
how did you do it??? I can’t imagine the stress this must cause you
Original post by londonmyst
I can usually only make minimum monthly payments.
Whenever I receive a bonus or get allocated extra overtime, I try to pay down one of the higher interest cards.
Whenever I receive a bonus or get allocated extra overtime, I try to pay down one of the higher interest cards.
You should pay down that debt as soon as possible, the interest will compound, so interest upon interest. You should never borrow on credit cards, if you need to borrow, ask your family first. Then ask the bank for a loan, never and I repeat never borrow at 30% interest a year. I can't even earn that on the stock market, so how the hell can someone pay that debt off.
Take out all the debt and then set up a 3-6 month emergency fund in an easy access bank account. Once that is done, invest the rest of the money in the stock market (ideally blue chip US companies).
You should read a book called Rich Dad Poor Dad by Robert Kiyosaki
Tell me about these stocks. It's always fascinated me, but I've never understood.
Original post by maachu_pichuu
I am 26 and I have £89,000 in stocks.
Original post by Paracosm
oh my god
how did you do it??? I can’t imagine the stress this must cause you
how did you do it??? I can’t imagine the stress this must cause you
I know, that level of debt at 24 is insane. I have given her some advise, but she needs to clear that debt ASAP before the interest starts piling upon the interest. At 30% a year, you will be virtually paying debt your whole life by paying minimums.
Original post by maachu_pichuu
I know, that level of debt at 24 is insane. I have given her some advise, but she needs to clear that debt ASAP before the interest starts piling upon the interest. At 30% a year, you will be virtually paying debt your whole life by paying minimums.
Exactly, absolutely terrifying how far credit cards will go to ensure a lifetime of debt for their customers. Terrifying things if used to borrow. D:
24 and a 1k emergency fund but we do own our house and have a few debts from getting work done on it.
Original post by Cereidee
Tell me about these stocks. It's always fascinated me, but I've never understood.
A stock is a piece of ownership in a company, if the company does well you make money, if they do badly you lose money. Stocks trade based on future expectations of earnings, i.e. the multiple. You pay a price for a stock for a future stream of earnings (which may or may not materialise). The trick is to buy good companies at fair prices and hold for a period of decades. For that I look at companies with....
1) Durable Competitive Advantage (so the competition can't touch them)
2) Strong and Able Management
3) Price which is fair relative to the earnings they may generate in the future
You can either follow my approach, or just buy an index fund (i.e. owning the whole market). If you buy America (S&P 500) and hold it for a period of 10 years, you will make money (if you don't, we have bigger problems in the world).
Original post by Paracosm
Exactly, absolutely terrifying how far credit cards will go to ensure a lifetime of debt for their customers. Terrifying things if used to borrow. D:
The only thing worse is payday lenders, schools are to blame here. People borrowing at 30% will be broke their whole life, these banks are nasty.
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