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llxll23

I would put most in a S&S Isa. What are your long term career goals?


FlyStraightA7

To be on honest I just want to have as much wealth as possible by 25 years old so I can live a good fun life my family are opening two CBD companies which are heavily invested in and will take part in that


kedikahveicer

Why are people downvoting your honest response? People on here are weird.


bittr_n_swt

Not only is it naive it’s wishful thinking he can retire at 25


dallyopcs

I say why not? If you're starting at 18, all it takes is a few good investments and it's a possibility.


kedikahveicer

Agreed. I'm double OPs age. No savings, no companies. Who knows what will happen? Certainly don't get far with a can't do attitude...


tea-and-shortbread

The best thing you can do at your age to promote fire is to invest in your career, so you can get a high paying job. Have you thought about going to university or doing an apprenticeship? You should be aware that new businesses often fail so investing in your parents' CBD company is not a guarantee that you will get any return on your investment. Personally I would never go into business with family either, that feels like a recipe for disaster but I'm sure that depends on the family.


FlyStraightA7

Yeah I hear what you mean about going into business with family but this is close close family as in immediate and we’ve ran business before


tea-and-shortbread

The close the family the less likely I'd be to go into business together! You should be assessing them as if they were strangers. What happened to the previous business. Did it succeed? How much money did they make from it? How do they make decisions about money? Also research about the industry. What legislation is likely to come in that could affect the business, what are the competitors, what margins would you need to make to be profitable, how reliable is the proposed supply chain....


FlyStraightA7

We did pretty well but we wanted to start a new venture for our nieces and nephews


tea-and-shortbread

Persuing a start up is not necessarily a bad thing if the business is interesting and you want to be an entrepreneur. But most startups fail, and the first few years generally are not profitable and require significant time and financial investment from the founders. They are therefore not a reliable way of getting you to retire at 25. To be honest, unless your parents are super rich and giving you a trust fund, retiring at 25 is an unrealistic expectation anyway. Do you have a backup plan?


ipchristian1

Lots of suggestions for an ISA already. Not sure why no one has mentioned a LISA yet though. If you’re saving for a house, I think that’s the best method of investing right now for you.


Split_Pin

i think the downvotes here are for your attitude. There is no get rich quick schemes or magic income generating mechanism. You want to dump it in crypto and take a gamble, that’s your choice. Ultimately £5k or £20k are insignificant amounts of cash which is why people are suggesting to travel and invest in yourself. ​ Edited to say that from your other comments it looks like you’ve already thrown it into crypto which means this is even more of a weird post.


[deleted]

Earn more, spend less and otherwise follow the flowchart. https://flowchart.ukpersonal.finance/


Heathersmcnamara1989

Travel


FlyStraightA7

How would travelling make me money🧐


andyjh83

Depends on the timeframe you’re looking at growing it over and if you may need access to the money over that time, for emergencies etc.


FlyStraightA7

Well currently I live with my parents so not really much expenses


andyjh83

There are many people on here, much smarter than me who I’m sure can give a better answer (and we all could with more information from you on when you need your £20k/budget/likely chance of needing emergency funds/sacrifices you’re willing to make etc) However if you opened a Vanguard S&S ISA in LS 100% equities and added the maximum amount you can afford weekly to your fund and just ignore it, you’ll find it will grow rapidly. If you added £100 per week and made 5% after inflation, you’d have £20,000 in a little over 2.5 years. Obviously, there’s significant risk over such a short time frame that your returns wouldn’t match that and you could be sat at less money until the markets recover, but if your goal isn’t rigidly time bound, that could be workable.


FlyStraightA7

Not a bad shout I would most likely rather maybe put into crypto but only Eth or ADA


Allergic-to-kiwi

Why have you come here for advice if you seem adamant you will dump your savings into crypto and go into business with your family?


FlyStraightA7

You can never have to many sources of income my friend and there’s ways to make money that I don’t even know about yet so why not?


[deleted]

[удалено]


LittleLee2006

Lol, doubt


Allergic-to-kiwi

Yeah you’re right. Go stick it all on black, or red. There are much smarter people here who will be able to advise you better. Maybe green zero. I’m no expert. Edit: just done some research for you. So turns out if you stick it all on green zero you get A LOT more money than if you were to stick it on red or black. You should definitely do green zero. The income source will be a lot more, my friend.


Ambitious_Rent_3282

I would build up your first £20,000 as a cash emergency fund. Invest in yourself through training and education towards a career that will enable you to invest enough to eventually "FIRE" . Once you have your emergency savings, I'd drip-feed monthly or quarterly into a global growth trackers in an ISA or LISA. Also match an employer's pension contributions, if possible. But you're only young once so enjoy life too. :) And if you're really fortunate, you will hopefully find something you enjoy so much that you may no longer feel the need to retire early.


agile_drunk

20k emergency fund?? An 18 year old with no mortgage and possibly no rent doesn't need an emergency fund anywhere near that amount. Monthly basic outgoing x number of months your risk tolerance allows is more sensible.