The 5 year plan to £50k

[chown]

Your views on the renting thing are pretty ridiculous. You completely overlook the fact that the money you pay in rent is giving your life some benefit. It gives you independence, it allows you to own a cat, it means girls will no longer think you are weird since they aren't having to sleep in a basement.

Renting gives you freedom and it gives your parents their life back. I bet they never expected their son earning nearly 30k but dossing downstairs.

Indeed. There's nothing wrong with staying at home to save in itself .. as long as you are saving to GTFO ASAP. Thinking renting is 'dead money' will keep OP wrapped up at your parents house if you're not careful.

You'll be paying for a service, shelter! do you begrudge the dead money you give to Tesco for food?

 

[Dave M]

And yet the suggestion is that I'd benefit somehow from actually being worse off... I genuinely fail to comprehend this argument.

Flexibility mostly, would you move up north and buy straight away or rent to see how things are in that area?

If you are settled in your location and career then stay put and save a deposit but if you are not maybe buying now isn't the right time and renting could help you grow as a person as you find out what you do / do not like in a place. Might be better than jumping into a mortgage and deciding you hate it.

 

[Amp34]

Ha I know, hence me soon changing my goals pretty soon after starting work. Mine's (willy presented) more like 4x my age, so goals need to be higher. Company worth over a million by 30 will do me.

Haha! Good luck with the 4x and company.

I enjoy the easy life and would be happy getting to 150k at 50 with little stress or long hours, although I do dream of not having to do 9-5 working in an office and would happily be on a lot less if a project we are working on pans out in the future.

 

[mr tommo]

I'd concentrate on some life goals first. I don't understand your need for £50k, it doesn't seem like you know what to do with your current 27k. It's all well and good saving 10k per year but you are living with your parents still.

I'm 26 and an ambitious person. But while I'm on the path to earning the kind of money I want to be earning, I'm making damn sure that I do all the things I want to do on the way.
Go and live your own live, experience new things, travel, push yourself. If you've got it in you the £50k goal will come eventually.

When your in your final days you wont give a damn how big your bank account is, but you better hope you don't have too many regrets and did your best to experience all the things you ever wanted.

If you were given 24 hours to live tomorrow, would you be content with what you'd experienced so far in life? I would, and I don't earn anywhere near to £50k but I'd look back on my life as a success with a huge smile on my face.

 

[FinglisHobbit]

Mr tommo has made a good post there. Think about it.

You're at an age where you need more in your life than just 50k. Your aversion to renting a house is just stubborn and silly really. Do you have goals in mind about ppersonal things like a wife/girlfriend/children etc?

Look for a job elsewhere if you really need that change, then find a place to rent near it. You can rent and save at the same time. OK maybe a bit slower but you have your own place. Somewhere to invite friends, potential clients, colleagues, ladies or anyone you please.

Your monthly outgoings increase a lot but think of everything you gain. It's your step into the real world and your first on a path to the life you crave.

If the only reason you are against it is "paying someones mortgage" then swallow your pridesand experience something new and exciting.

 

[Judgeneo]

Tbh I *hate* the idea that I could be working 40 hours a week to pay for someone else to own a house. I *detest* that idea. Living at home is not perfect, but I don't dislike it.

Get in a house share, then your money is going to pay someone elses rent.

 

[Richdog]

Why move out immediately? I just don't understand why so many people say this is my immediate priority.

Is it the idea that everyone should struggle financially for a while (except those born rich)? Not to mention that I would be paying off someone else's mortgage for them.

Tbh I *hate* the idea that I could be working 40 hours a week to pay for someone else to own a house. I *detest* that idea. Living at home is not perfect, but I don't dislike it.

Rent money is money you might as well burn. Not only that, it's making the rich richer. It's typical of everything that I feel is unfair with this country. You have no idea how much I would resent being a tenant.

And yet the suggestion is that I'd benefit somehow from actually being worse off... I genuinely fail to comprehend this argument.

How much rent do you pay to your parents? Or do they let you live there free?

 

[willhub]

For the last for 3 years I was on 15k (before tax!!!). I know the feel. I'm not letting that happen again, mind you. How long have been in your current role?

I've been in the current role for 18 months now since Jan 2013, it seems an awful long time to not progress no?

I seem to know more than some of the supervisors but I'm apparently not able to progress because I don't ask customers how their day has being and what they're doing and having for dinner.

I've ruled out progression in this role because I'm not one for small talk. I'd love to be a supervisor and take on harder tasks though because this job is so easy the only thing remotely difficult is getting customers to believe you when you know why they can't access their money and tell them and they don't have it.

 

[FoxEye]

Get in a house share, then your money is going to pay someone elses rent.

Just had a look at what house share entails. Have you? (Perhaps you meant finding someone to share a mortgage, but that's something different.)

1. It's leasehold. You don't own the property or the land, even after paying off all the mortgage.
2. The landlord/association (freeholder) owns the physical building - and all communal areas (staircases, hallways) - and can charge whatever he wants for repairs that only he has to deem necessary.
3. You still pay rent. You also pay mortgage, management fees/ground rent/agent fees.
4. You can't sell without the landlord's/housing association's permission. Also the other shared owners can block a sale.

Thanks for the suggestion. It's good to know about alternatives, even if they make renting look good I suppose renting isn't without it's advantages, even if it's just the fact that you can up sticks and get the hell out.

How much rent do you pay to your parents? Or do they let you live there free?

A share of bills and a small amount of rent. About 1/4 of what actual rent down here would be (on a 3-bedroom house).

 

[Richdog]

Just had a look at what house share entails. Have you? (Perhaps you meant finding someone to share a mortgage, but that's something different.)

1. It's leasehold. You don't own the property or the land, even after paying off all the mortgage.
2. The landlord/association (freeholder) owns the physical building - and all communal areas (staircases, hallways) - and can charge whatever he wants for repairs that only he has to deem necessary.
3. You still pay rent. You also pay mortgage, management fees/ground rent/agent fees.
4. You can't sell without the landlord's/housing association's permission. Also the other shared owners can block a sale.

Thanks for the suggestion. It's good to know about alternatives, even if they make renting look good I suppose renting isn't without it's advantages, even if it's just the fact that you can up sticks and get the hell out.



A share of bills and a small amount of rent. About 1/4 of what actual rent down here would be (on a 3-bedroom house).

But you wouldn't rent a 3 bedroom house, you would be renting a 1 bedroom apartment, so its a bit of an unfair comparison.

You keep saying that you cannot understand why anyone is suggesting that you move out...and yet at 34 you seem to think that the desire for independence is overrated? It's about having your own space and freedom, and not having to potentially bring ladies back to a basement.

I would imagine for not too much more than you are now paying, that you could rent a half-decent 1 bedroom apartment in a half-decent location. Nothing fancy, but not a complete dive either.

 

[Buffman]

The fact is if you're unwilling to move (ie rent) (Which is a bit sad for a 34 year old), then you're unlikely to progress your career as someone who will move across the country into good job roles they find.

Everyone I know who has done well for themselves has been willing to travel for work, and to suggest mortgaging a property in an area you don't know, and a job you haven't started would be stupid.


Tbh if you don't have a wife/gf /kids then now is the ideal time.

 

[xs2man]

Moving out isn't all about money. That is what you are missing. It's not dead money in your situation as what it does provide you, for your money, is proper responsibility, confidence, somewhere to get your hole, and a real fear, which drives you to do better.

If you want to get to £50k in 5 years, the first thing you need to do is bin your safety net. You obviously lack REAL drive or ambition, focussing instead on the money aspect. Yes, it is obviously cheaper staying with mummy and daddy, but it doesn't help your attitude to life if it doesn't matter whether you succeed or not.

Get your own place, with your own bills, and you will be more pro-active about bettering your career prospects. You will get the fear, as almost everyone else does, that if you don't perform well, you might lose your job, not be able to pay your bills, and HAVE to move back in with mummy and daddy (although I suspect you would probably view this more as a positive rather than the bulk of people dreading the idea).

You're the same age as me (or there abouts), yet you seem to have little real understanding of how the world actually works. How life is meant to progress etc... You have obviously lived quite a sheltered life thus far. The only real way of progressing yourself is to go out and make it happen. And it's obviously not happening while you are at home sponging off mum and dad (who incidentally must be disappointed both for you and themselves. I can't imagine them being too happy about having their 35 year old son STILL living with them. Helping your children out when they need it is fine, but to enable their lack of drive or ambition is something else).

TDLR;

Move out, stand on your own two feet, get some pride, and better your chances.

 

[FinglisHobbit]

Betting 50k on Foxeye still being at his parents in a years time is probably a sound investment.

I can just tell by the way you post that you are beaten before you've even started. Does being at home at your age not depress you? Your parents are probably around 60. They have spent most of their adult life looking after you.

Surely you must feel it's time to get out from under their feet and pursue a life beyond a pay cheque.

You probably think we are being harsh but it's a real issue.

 

[chown]

Thanks for the suggestion. It's good to know about alternatives, even if they make renting look good I suppose renting isn't without it's advantages, even if it's just the fact that you can up sticks and get the hell out.

I'd say that's quite a substantial advantage,especially for someone like you.

If you're still of the line of chasing money, tying yourself down with a residential mortgage doesn't seem like a good idea. Financially or mobility wise.

You'd be quite fortunate to find the ideal place for work/play in one shot and is quite risky if you just jump in and buy. (unless you are just going to buy down the road from your parents..how many other areas do you know well? etc)

 

[FoxEye]

Betting 50k on Foxeye still being at his parents in a years time is probably a sound investment.

I can just tell by the way you post that you are beaten before you've even started. Does being at home at your age not depress you? Your parents are probably around 60. They have spent most of their adult life looking after you.

Surely you must feel it's time to get out from under their feet and pursue a life beyond a pay cheque.

You probably think we are being harsh but it's a real issue.

I'll think again about renting. It may be more sensible than I'd thought.

On a slight tangent, it's quite normal in other countries for families to live together, is it not? I know it's not here, but consider places like Mexico or India... as far as I know it's the norm for parents to live with their children? So the "shame" of living at home is not universal.

Btw, as for the potential disappointment of parents (due to living at home), I can tell you now that isn't the case. It has suited all parties for me to live here, up to now. There's been a small amount of friction about getting a cat, which won't happen while I'm at home, despite my attempts at persuasion. Other than that, we're a very close family, and living at home is not upsetting the parents at all.

Actually I'm quite worried about what would happen if I did move out, believe it or not. I do all the serious heavy lifting around the place, as you might expect.

 

[rossk26]

Apply for jobs, instead of browsing OCUK at work, ask for more jobs to do, to better your CV.

I've had 2 interviews in the past 2 weeks, with another one lined up next week. If you aren't trying to do anything about it, you'll never get to your target. You seem to want the easy way to £50k, whereas everyone on here knows it takes hard work and a lot of failure along the way to get there.

Why haven't you applied for any jobs yet?

 

[FoxEye]

Why haven't you applied for any jobs yet?

Don't assume I haven't been looking. True I haven't applied for anything yet, as there has been nothing in my area that even comes close to the wage I'm on now.

Also nothing in my area on less money with better prospects. So atm I'm carrying on here until the contract expires in March. I'll be looking for other stuff in the meantime - of course!

 

[dowie]

On a slight tangent, it's quite normal in other countries for families to live together, is it not? I know it's not here, but consider places like Mexico or India... as far as I know it's the norm for parents to live with their children? So the "shame" of living at home is not universal.

Difference being that in India you'd likely be married with kids to support by now in addition to supporting the parents living in your house.

I think the 50k target is meaningless and arbitrary - its achievable within a year if you actually wanted it and pulled your thumb out but potentially by doing a stressful job you don't particularly enjoy and moving to a different area. A lot can happen in 5 years, you might well meet someone in the next few months even and within a couple of years be looking to buy a place together with two incomes... you don't need 50K as an individual to make that happen.

Your main aim/goal seems to be to find a good career - just make that your goal - forget about the 50k or 5 years thing. At least you've got some IT skills:

 

[xs2man]

On a slight tangent, it's quite normal in other countries for families to live together, is it not? I know it's not here, but consider places like Mexico or India... as far as I know it's the norm for parents to live with their children? So the "shame" of living at home is not universal.

You are almost correct. The bit you're missing is that it is the parents living with the children, not the children living with the parents. My wife is Indian and I am quite sure the day will come when her parent move into our place.

What you aren't considering is that the children go out and make their life first, and then, when the parents get too old to look after themselves, they move in with their children.

There are exceptions, all over the 3rd world. But the UK isn't the third world. In a modern, affluent country, like where you live, you are far from the norm.

 

[Macky]

'Dead money' What a silly concept. By that logic anything you do but do not possess is dead money. Having the time of your life at a festival or on holiday is dead money? At 19 I have realized that experiences greatly outweigh material possessions. Well for me personally at least.