How Do i build for a better Furture ?

Question

Ok i am 23 years old and coming up 24 / I work in Basic Job on 6.11 An Hour and do 40 Hour Week.

( I am happy with my Job so i dont want to change this. )

I take home around 1200 after Tax ect. I dont have anything to show for what i have worked over the past 3-4 years ! Anyone tell me what im doing wrong . Also i want to know what i need to do to get better life style . When im 30 I want to have my own Home and nice Car ! Can someone that started off like me explain what i need to do ! Thanks Jason

I just want to have my own Home and have nice things ect what Root should i take and start now ?

For them Stupid people out there with the cocky Answer !

I work 11 hours on Sunday at time and Half ! So around 9.20 an Hour / Also its Uk Pounds not Dollers. Also i work 2pm to 22.00 so at 20-00-22-00 its higher rate again at 0.5 so it all adds up to around 1200 after Tax ect Trust me i got my invoice here now.

Also im trying to make my life better and what your views so can u help me please. thanks as i want to get some where in life and i do try hard

Answer 1

It's great that you're taking charge now. There are two excellent books you can start with,

Rich Dad, Poor Dad by Robert Kiyosaki and
Secrets of the Millionaire mind by T. Harv Eker

Start implementing the process and you WILL be on your way to getting all the things you want.

The biggest reasons for not getting there are lack of education and lack of desire/commitment. Sounds like you've already got the commitment to make it, so now all you need are the tools to get there.

Let me know if you have any questions.

Hope that helps!

Answer 2

Hi Jason, I'll assume you are in the UK, unlike the unhelpful retard who answered first - ignore him.

Its tough, but we all did start out like this, things have a habit of sorting themselves out.

For a start you ar not doing anything wrong, you've got a job and looking forward to owning your own house - nice one.

You're biggest struggle is going to make a deposit for a place. Perhaps you can get into the habit of saving something/anything. Open up a PEP and put a little away each month by direct debit. Or, perhaps buy a premium bond each month, you can get it back anytime....and you never know,

People do really struggle by themselves, and you often find the catalyst for getting a new place is when you meet someone - that'll be 2 wages to help get a mortgage.

40 hours a week is not much you know. This doesn't mean to sound like a hard luck story but I did have almost 2 full time jobs between 16 and 23 years old. Is there some evening work you could do ?

Answer 3

Some of the traditional "rule of thumb" answers include: (1) try to live on half of what you earn, and (2) save as much as you can, but try to save at least 10 percent for the future. Patience is a virtue to cultivate, also according to the old, time-honored advice--so while you intend to solve the problem of 'not having anything to show for the last few years', it may take several years before you will have enough to comfortably proceed. Another important distinction to make is to separate or distinguish the saved money for its purposes. Saving for the unexpected expenses of life is commonly called--savings. Money accumulated unspent for investment for earnings during retirement years is separate. Money accumulated unspent for big ticket items like house or car or major furnishings is also supposedly separate. Between taxes and savings, it will not be easy to live off of the rest without some discipline to stick to the purposes of the savings, and without the patient understanding of why you are depriving yourself--you want that short-term safety net (emergency savings), you want that long-term safety net (retirement funds), and you want that down payment for a house or car or both. Patience and attention to the goals for your efforts will make the difference. Good luck, it won't be easy.

Answer 4

Give yourself a budget to live on and save the rest in to a high interest account. You have to stick to the budget but to do this you have to be truthful with yourself and budget accordingly. Put the money in to an account that you have to give 60 days notice to withdraw any money. This will stop the temptation of withdrawing money. Don't skint yourself out and keep on giving yourself little treats every now and then. Life is to short to be without lifes little pleasures. Keep an eye on the property market. Theres a boom going on at the moment but everything has a cycle and we will see properties go down in price. Interest rates will be so high that people will be repossessed and new buyers will be to scared to step on the ladder. It happened once and will happen again.

Answer 5

You young people don't have it easy these days !
I bought my first house when I was 21 !
My daughter bought hers while still at college ,with a little help from me. Very small start may I add!
You have to buy the smallest place you can find for the money you can afford monthly and then work your way up th property ladder !
Good luck !!

Answer 6

you need to put a set amount of money away every week,dont rush into buying a house,wait till you have a decent amount of cash for a good deposit.Hopefully in a few yrs time you will meet a woman who has the same wishes and together you can buy a house.
If i hadnt saved some cash for a deposit i would never have got my house.

Answer 7

Honestly, on that little amount of money you won't be able to. You make less than the national poverty level, which means all your money goes into just living. You need to upgrade your job. $12,000 a year is barely enough to feed and house someone these days.

Answer 8

I don't understand how you make $6.11/hr for 40 hours, and make &$1200 after tax...even if you mean monthly, that's waaaay off...monthly it would be more like $700/month...???????

Answer 9

can you explain to me how you take home more then you actually eran as £6.11*40 hours =£244.4
£244.4*4weeks=£977.6 so where do you get the money your saying after tax!!?? hmmmm?!!

Answer 10

get a good woman behind you.