Hay all was hoping i could maybe get some tips or ideas for myself in investing, stumbled across this site in my search for knowlege and have found it really interesting and informaive, but slightly lacking in information for the complete begginer. Though i might not be looking hard enough [blush2], But basically I’m 18 just out of school and i want to start creating wealth for myself, but I have $0 saved as of yet and want to know if anyone had any ideas for making savings (towards a depostit) work harder and achieve more, or for buying without deposit while still being reasonably sure of gain. Thanks for your ime!
Its great that u are thinking of investing at your age. My suggestion are:get some regular income i.e. a fulltime job., Learn to save, learn to live on the minimum, continue to educate your self thru books, forums etc.
Best wishes.
hrm
Don’t drink, smoke or take drugs!!! Stay in school!!!
The Mortgage Adviserhttp://www.themortgageadviser.com.au
The very first step you or anyone needs to take if they want to achieve a goal is to get your head right. Do you really want this; because like anything it will cost you.
When I was 18 years old I purchased my first house in partnership with my brother. My brother and I still talk to each other but at times during our partnership he could have killed me and I him.
Partnerships can be one way to get started. Three or five people can achieve a goal more quickly than one. They can also have three to five time as many disagreements.
The Mortgage Adviser was very right. DO NOT smoke, drink and take drugs. As an 18 to 20 something year old I had to watch my friends go off for yet another night of adventure fuel with cigarettes and alcohol. I desperately wanted to go but I had to pay the mortgage and could not afford to go drinking. I had to make a choice every week. Did I want a night out on the town or a house, did I want an overseas holiday or a house, did I want a new car or a house. You can not spend your money and have it for investing. You need to make that choice every week.
The next most important thing to do is to get educated. The best thing I ever got form university was having my mind exposed to new and different ideas. Thoughts and ideas that I would never have had on my own. This experience raise the horizons of my mind and I began to see that many things were available and possible to me.
If you did not know anything about engines would you strip down the motor in your car, only if you are nuts. Yet people armed only with the thought ” I want to be rich” go and make decisions about their financial future. Get educated. This does not mean that you have to go to university. Read books on wealth creation.
My grandfather said to my father ” the first hundred quid is the hardest”, my father said to me that “the first ten thousand dollars is the hardest” for me the first five hundred thousand was the hardest. The point is that for every generation starting out is the hardest part. You need to build a foundation of assets and cash flow to build lasting wealth upon.
There is no simple answer to your question. You need to have the right attitude, be able to work with others who are like minded, delay gratification of your wants and get educated about investing/ making money.
I hate it when I rave on like this but as I said I started when I was eighteen years old and it makes me smile when I think of another eighteen year old now starting on that road I also took. I wish you success.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
