I'm interested to know why some of us seem to have a natural capacity to deal well with money and others do not.
Does it have to do with how you were brought up? What attitudes you observed in your parents re saving/spending/investing?
Was there any influence via your school years?
What effect did 'wanting to do better than others have', if that was a factor?
Or if you've struggled with being able to save and invest proficiently, what factors do you think have influenced this?
've been contemplating getting into shares for a long time. I've managed to accumulated a substantial amount of money in my bank account (about $60K). It's sitting there in a high interest savings account giving me a steady income. I normally top it up every week with savings from my earnings, so money has grown steadily over the years.When i read your post it almost sounded as if i wrote it myself. I am in a strikingly similar situation: I'm a 20 year old university student with a similarly sized bank account, have several part time jobs, looking to invest some money in the markets (and hopefully purchase a house within the next 5 years) and have just opened up a Commsec account with a few thousand dollars. I think its great to see young people trying to set themselves up for future financial comfort (I could never understand how some of my friends still live at home yet have literally no savingsNeo, I am in the exact same position as you...
Im 21, I have saved up a chunk of money which i wont disclosed how much which i first saved to buy a house.
I am still living at home and a uni student.
Was thinking of buying a few blue chips to get my feet wet.
This thread has been helpful************************************************** ****Fail. I'm 20, built my own house a year ago, full time university student with a share portfolio floating around 45k. Its possible, there are some niche jobs out there where you can make a motza.
To the OP and all those of similar age with the fear, just put your feet in. I had the same problem, but my partner encouraged me and I started off with some blue chips to get a better understand, learning researching skills and Mr Market. Now I have small cap exposure and making some very good returns (30%+).
Get in the water, its mighty fine.
Just great efforts. I'd really be interested to know what you feel was your motivation here to do so well at such a young age. Plenty of others would also be living at home etc, but just be frittering away whatever income they had.
Mate if you have accumulated near 60k in two or three years working part time while studying at University then you must be a) the General Managers boy Friday , b) have rich parents supplementing your part time wage with a salary or c) an internet forum exaggerator.
At 20 I was working 'full time', paying off a car, share renting a house, paying electricity/phone/gas bills, buying my own food and going out once a week and holidays once a year.
This left very little to save.The above two posts are from the same person.I made up for it. By the time I was 30 I owned 5 houses and had a share portfolio valuation over 2 million dollars. Anyone who thinks it can't be done are kiddin' themselves. There are plenty of people out there doing it.
If you are being truthful, that's an astonishing turn around in ten years from having nothing to being very well off.
Perhaps you could tell us how you achieved this. Would also be interested to know what shares comprise the p/f of over 2 million dollars.