The 5 year plan to £50k

[Irish_Tom]

lol at the guy who says saving 50grand is easy, most of his posts are all about saving this savings that, Ok we get it you like to be a hermit.

I would say saving £50k isn't that hard, depending on your timeframe and your circumstances.

I saved £500/month for four years to get a house deposit together. If I'd carried on doing that for another four years I would have £50k (if you include a bit of interest).

I didn't have to live like a hermit either.

£834 a month (£50k in five years) would be a bit of a push but still doable.

 

[diamount]

Well, the first thing to realise is that weirdness isn't proportional to effort. So how long or how easy something is doesn't impact whether it's weird.

Yes... and? What is your point exactly?

 

[regulus]

I would say saving £50k isn't that hard, depending on your timeframe and your circumstances.

I saved £500/month for four years to get a house deposit together. If I'd carried on doing that for another four years I would have £50k (if you include a bit of interest).

I didn't have to live like a hermit either.

£834 a month (£50k in five years) would be a bit of a push but still doable.

His past posts talk about bad debt and crappy credit scores. Not really the type to take serious during a discussion about money. Especially the childish lashing out about 'ok, we get it, you live like a hermit' ... as if he knows exactly how anyone lives.

If you're on your way to 50 and still don't realise the difference between wasting money or spending (still spending, not hoarding) wisely, you probably never will.

 

[terley]

I earned 40k+ a year with no qualifications... but my working week was almost unbearable.. suited only for people without kids or a social life.

Earning good money whilst not being qualified is very difficult and you would probably have to move..

Just do a fast-track to higher education at a local university.. Get a degree and start applying. Many degree's offer 12 month work placements and often in some are given jobs before leaving.. Computing students can end up going corporate and moving to New York to get a mega paid job.

 

[Spook187]

His past posts talk about bad debt and crappy credit scores. Not really the type to take serious during a discussion about money. Especially the childish lashing out about 'ok, we get it, you live like a hermit' ... as if he knows exactly how anyone lives.

If you're on your way to 50 and still don't realise the difference between wasting money or spending (still spending, not hoarding) wisely, you probably never will.

Stop living in the perfect world, crap happens to some of us, for your information my credit score is repaired and i have no debt only a house which will be paid off in 10 years, i do very well for myself now thank you very much.
We do know how you live by the posts about money you always seem to bang on about, if you class as buying goods a waste of money then fair enough we shall leave it at that.

 

[Pudney]

Yes... and? What is your point exactly?

That telling me something is easy and quick doesn't stop it from being weird... I said that already...

 

[regulus]

I earned 40k+ a year with no qualifications... but my working week was almost unbearable.. suited only for people without kids or a social life.

Earning good money whilst not being qualified is very difficult and you would probably have to move..

Just do a fast-track to higher education at a local university.. Get a degree and start applying. Many degree's offer 12 month work placements and often in some are given jobs before leaving.. Computing students can end up going corporate and moving to New York to get a mega paid job.

Apart from the fact that it almost never happens. Yes, everyone knows a guy that used to be friends with a girl that they knew through another guy that used to walk the dog of their ex school mate's 3rd cousin's next door neighbor's sister, that ended up with Goldman's NY or Paris office. In reality, we all scrimp and scrape and hustle for years before we get anywhere. It's only a handful that falls into a plum little role right after university

 

[Guest2]

I currently earn 27k doing **** all for the local council (sorry, tax-payers). It's depressing because I don't learn anything, and there's so little work for me to do I spend most of my time here on OcUK I'm vaguely "in IT" if you could call doing nothing at all "IT". I have average IT skills for someone on OcUK. But nothing "skilled" because most 1st/2nd line stuff is child's play, and a monkey could do it.

This has probably been mentioned before but 27k for 1st/2nd line is quite a lot.

How about instead of tossing it off on OcUK you try and learn something new either by asking at work for elevated access maybe to test environements if not live, watch youtube videos or read some book / PDFs online. Proper 2nd line stuff is not always childs play either.

I'm 3rd line but only got here by showing interest, sitting with teams learning new things to help them (and myself get off service desk) and putting in some of my own time and money to pass a course.

 

[Amp34]

I would say saving £50k isn't that hard, depending on your timeframe and your circumstances.

I saved £500/month for four years to get a house deposit together. If I'd carried on doing that for another four years I would have £50k (if you include a bit of interest).

I didn't have to live like a hermit either.

£834 a month (£50k in five years) would be a bit of a push but still doable.

All relative. I saved around £20k in about 18 months, with little impact on my standard of living. All depends on how much you make. I certainly wouldn't to have been able to do that on £20k a year (for example).

I'm another on the. ** to 50k bandwagon, but hopefully it'll be less than 6 months to getting back on it!

 

[Guest2]

I would say saving £50k isn't that hard, depending on your timeframe and your circumstances.

I saved £500/month for four years to get a house deposit together. If I'd carried on doing that for another four years I would have £50k (if you include a bit of interest).

I didn't have to live like a hermit either.

£834 a month (£50k in five years) would be a bit of a push but still doable.

Exactly. I paid off the last of my student loan (11k) in just over 9 months by paying ~£1200 a month. It was doing my head in paying the monthly amounts so just decided to get rid of it. Glad I did as I don't have to worry about it now and I still did everything I wanted. It just showed me that I spend/spent too much or random junk I didnt need

 

[Nitefly]

If you go back in the thread - he said he had saved £40k!! Iirc.

 

[regulus]

Exactly. I paid off the last of my student loan (11k) in just over 9 months by paying ~£1200 a month. It was doing my head in paying the monthly amounts so just decided to get rid of it. Glad I did as I don't have to worry about it now and I still did everything I wanted. It just showed me that I spend/spent too much or random junk I didnt need

Which is always been my point. But by the gods do people get their little panties in a twist when you point it out. They automatically assume you mean living like a 'hermit', as some of the lesser bright members on here like to point out. It's about minimizing waste and maximizing enjoyment without thinking you need to treat your life as a money bonfire. MY favorite posters on here is a guy whose life enjoyment just drips through the screen as you read his posts. He's on minimum wage in Cornwall and I feel that his life is something worth aspiring to for anyone of us. (read: nothing to do with money or earning/saving 1000s).

Anyway, clearing 11k in 9 months is really good going!

 

[Bassmansam]

Interesting thread from what I read. Good on the OP to put himself out there; hopefully it comes to more than a forum post.

Having been in IT for more than a bit, then id advise just getting in at the ground level with the right attitude and with personal development in your own time (pluralsight for example) and having the right attitude to spot and act upon opportunities you will quickly rise up the ranks. Lots of people around with "skills" but having the right attitude and work ethic as well is a rare commodity.

You should be able to match your current salary (25k?) anywhere in the country with pretty much any IT role within 18 months. From there 50k is doable as a permie but you will either need to be lucky or go contracting with your new found experience to attain that salary.

Ill give you an example.. I hired an entry level 1st line support guy last year. He has 8 years in a Tesco store as a team lead, and before that 10 years in the navy. 30~ years old, 2 kids etc etc. We hired him on 19k (more than tesco), and now we pay him about 24k. He came in with pretty much zero IT skills, just the right mindset and atittude. Where he gets to is largely up to him. A lot of personal development, some luck and probably a few job moves; and just maybe he could be earning 50k.

How did he afford to live on 19k with two kids?

 

[Irish_Tom]

All relative. I saved around £20k in about 18 months, with little impact on my standard of living. All depends on how much you make. I certainly wouldn't to have been able to do that on £20k a year (for example).

Exactly. I paid off the last of my student loan (11k) in just over 9 months by paying ~£1200 a month.

Which is always been my point.

Totally agree, and that's some good saving / debt clearance!

Amp, you're right about it being relative, which is what I was getting at by saying it depends on circumstances.

 

[Uther]

How did he afford to live on 19k with two kids?

People do, welcome to the real world. Most people are not on big wages.

 

[Uther]

MY favorite posters on here is a guy whose life enjoyment just drips through the screen as you read his posts. He's on minimum wage in Cornwall and I feel that his life is something worth aspiring to for anyone of us. (read: nothing to do with money or earning/saving 1000s).

Yeah he's got it sussed alright

 

[skaif]

I find that no matter how much you earn there will be things that sap it all away. Whether its bills, wife, kids, house, loans, cars, computer equipment (damn you OcUK) etc. I started on £21k 5 years ago and am now on £40k...still feel like I don't have enough!

£50k nowadays is still a good target but I'm sure I read somewhere that £75k was the best balance of income vs expenditure for a high standard of living and happiness.

 

[Bassmansam]

People do, welcome to the real world. Most people are not on big wages.

Crazy people maybe. If you earn 19k and have kids you clearly haven't thought about the financial implications. That's one real world i won't be joining.

 

[Narj]

More money, sadly, tends to come with more responsibility and pressure.

Yes, I'm at a stage where I'm re-evaluating what I really want. I'd rather earn less, work less and have time to do the things I want to do. Just need to get the mortgage paid off ASAP!

 

[Richdog]

I can only stress that people look at getting into a large international company and moving abroad, if your circumstances allow you to do such a thing. In 10 years could could be way ahead of where you would have been if you had stayed in the UK, with a much better work life balance.