Author Topic: Starting in your teens UK - if anyone's out there!  (Read 2788 times)

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Starting in your teens UK - if anyone's out there!
« on: December 30, 2015, 03:51:38 AM »
Hi, I'm a 15 year old living in the uk and I am wanting to get going with the mustachian lifestyle. My mum found this blog in 2014 and I have loved reading the articles and I feel very lucky to have found MMM at quite a young age. I've even started preaching some MMM to my friends but I don't want to get socially shunned or pinned as an evangelical mustachian so I am keeping quiet for now ;) all my worldly wealth amounts to about £3000 with £1000 not being accessible until I'm 18. I wanted to write this post to see if there are other teenager out there wanting to become more mustachian and so we can encourage each other to reach financial independence under 30. I also want help on how to invest my money properly from much wiser mustachians.

Squirrel away

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Re: Starting in your teens UK - if anyone's out there!
« Reply #1 on: December 30, 2015, 05:12:06 AM »
Fantastic, I'm not a teenager but just wanted to say well done!:)

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Re: Starting in your teens UK - if anyone's out there!
« Reply #2 on: December 30, 2015, 05:19:06 AM »
Fantastic, I'm not a teenager but just wanted to say well done!:)
Thank you so much! :)

Liggy

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Re: Starting in your teens UK - if anyone's out there!
« Reply #3 on: December 30, 2015, 05:40:23 AM »
I'm from the UK but didn't discover this site until I was 26. I found when I was a teenager I was naturally good with money compared to my friends, this meant I was the first one to buy a house etc. but unfortunately I became a typical modern bachelor and out came the credit cards.

My 2 biggest points of advice were I a teenager again:

1. Get used to saving as much as your income as possible, the sooner you are used to it the less you'll think about 'missing it'
2. Take out a credit card when 18 and keep the balance low and pay off every month as this is crucial for your credit rating in the UK if you plan to buy property, which given you being on here at 15 I'm guessing you've already thought about!

jesse_runs_far

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Re: Starting in your teens UK - if anyone's out there!
« Reply #4 on: December 30, 2015, 05:44:14 AM »
I'm not a teen, but my Dad helped me start my stash when I was still in high school. Compound interest is a magical thing - start socking even a little now and it will grow over time!

spuggy

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Re: Starting in your teens UK - if anyone's out there!
« Reply #5 on: December 30, 2015, 06:00:09 AM »
Wow, I wish I'd found this site when I was 15! I'm 28 now (tend to be a lurker, not a poster), but just to echo what others have said, definitely get a credit card at 18 but ALWAYS PAY THE BALANCE - it does help with buying a house - we live in a stupid world where you need to use credit to get credit.
Also, don't worry too much about student loans - you'll have realised that it's WAY different in the UK than it is for our US friends.
Part-time jobs are great (I had good success working in a cafe and doing the "cosmetic catalogues" thing, which was really flexible) but not at the cost of your studies, obviously.
I hope you manage to save and FIRE under 30, many congrats on being sensible and forward-thinking (I was good with money at your age, but had no idea of the possibilities of FIRE until much later!).

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Re: Starting in your teens UK - if anyone's out there!
« Reply #6 on: December 30, 2015, 06:06:33 AM »
Thanks everyone for all the great advice, I'm so glad I posted here and I'll try and take your advice on board. I actually can't believe so many people have read and replied already!

cerat0n1a

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Re: Starting in your teens UK - if anyone's out there!
« Reply #7 on: December 30, 2015, 08:12:37 AM »
Biggest financial decision for you in the next few years, I suspect, is going to university (or not).  Moneysavingexpert has a really good guide to the whole student loans/fees thing.

http://www.moneysavingexpert.com/students/

Also remember that it's not just about being thrifty; it's also important to do things that you enjoy & make the most of your life right now and to think about investing in your "personal capital" - spending money to increase your future earning potential.

Good luck!

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Re: Starting in your teens UK - if anyone's out there!
« Reply #8 on: December 30, 2015, 08:20:10 AM »
Biggest financial decision for you in the next few years, I suspect, is going to university (or not).  Moneysavingexpert has a really good guide to the whole student loans/fees thing.

http://www.moneysavingexpert.com/students/

Also remember that it's not just about being thrifty; it's also important to do things that you enjoy & make the most of your life right now and to think about investing in your "personal capital" - spending money to increase your future earning potential.

Good luck!

Thank you for the link. Yes I really am considering whether to go to university or not because a couple of years ago I would have said yes without a hesitation but now I'm looking into apprenticeships etc. I really don't want to go to university because it's the "done thing" or the next step that everyone seems to be doing, I'll go if I find a passion that's worth pursuing a degree in or get a degree that can help my financially in the long run because a degree is an investment but it is three years less working in the "real world." Thanks again :)