I earn 16k per year but I'm saving the majority of it each month, can I make it...

I assume you're from the UK as no one earns that little in the USA

Me too

Let me tell you

You're not going to "make it" by your definition here You need about 140k minimum at today's prices to achieve that

If you save 5k a year that's 28 years

Of course, you'll earn interest - and you'll probably get a pay rise

But that's still, what, 20 years? 15 if you're lucky.

If you're 20 now, you'll be 35 by the time you can afford that stuff at best. Don't you think your priorities will have changed by then?

Our generation (I assume you're the same age or there abouts as me) need to get creative if we want to make it. Even a good paying job won't help much as houses are so expensive.

Not like our parents generation who just got rich by sheer luck of house price inflation.

I'm not saying this to put you off.

I just had this realisation myself. I was earning 26k and have 20k saved and still couldn't get more than a 1 bed flat where I live.

If I'd kept going (saving and investing - pretty high risk) I calculated I'd be a millionaire by about 38. So what? I was miserable, hated working, and it's not even a lot of money!

Long story short I quit my job and am living frugally off my savings. I've made 5 websites on niche monetiseable topics. I hope they succeed but even if they don't at least I tried to actually succeed. If you play it safe you will be disappointed in how it turns out based on the current state of the economy...

Scotland and I'm a barman

Aberdeen is 20min away

Get a job mate.

Assuming you save 5k p.a.,125k will take you 15 years with a 7% RoI

>7% RoI

No such thing in the UK, would be lucky to get 1.3%

are you in the Veeky Forumscord chat? we could use another IMer.

ETFs:
portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=2&startYear=2000&firstMonth=1&endYear=2015&lastMonth=12&endDate=08/01/2016&initialAmount=1&annualOperation=1&annualAdjustment=5000&inflationAdjusted=true&annualPercentage=0.0&frequency=4&rebalanceType=1&showYield=false&reinvestDividends=true&symbol1=VFINX&allocation1_1=100

No, link?

Contd.

I looked into pretty much every way of making money. When I started my first job I took frugality to an impractical level. I studied stocks, invested in tracker funds, as well as picking my own stocks.

As an example, I bought about 4K of VW stocks after the emissions scandal. I paid 98p and sold them a week later at 125p. 25%! It was a real rush, but still only £1k - nothing in the scheme of things.

Overall, I beat the market average, which is good. I'm not naive enough to attribute it all to skill but I knew what I was doing. Still, with just 20k savings or whatever, it wasn't a lot of money.

For perspective, my parents standard house probably increased by a (leveraged) 10%. That will have been worth more than my investment + salary from work (pretty decent by most standards in the UK). How am I supposed to compete with that?

Again, I'm not complaining, it's just how the economy has played out.

If you try and emulate what the previous generation tells you is needed for success, IT WONT WORK. I got a first in my degree and a distinction in my masters. I tried hard in school. I saved my money. But I realised I was torturing myself for a goal that would elude me at the rate I was reaching it.

Again, I'm not moaning. I'm glad I realised this when I did. Otherwise I would have gone on torturing myself into my late 30's.

But to people my age, I want to say, "why are you putting up with this?"

They have such little stake in society

I don't understand why they don't all just go NEET. The difference between benefits and even an ABOVE AVERAGE salary isn't worth the effort. Maybe it would be if you could afford decent assets I.e a house but you can't realistically in today's market.

Again, not moaning. But NEET is more desirable than standard job. There's not enough incentive.

But entrepreneur/outside the box/making money in a fun way is better than NEET. This is what I'm working towards.

discord.gg/3skw3

What in the fuck is stopping you from earning more? Are you a stay-at-home dad?

>just earn more bro!
>works everytime

>making 16k per year
>"saving the majority"
>only plans to have 5k saved by year end

something's not adding up here. Either you're not saving the majority, or you've only been working part of the year, or the 16k is gross and you're saving the majority of your net, or something. 5/16=31.25% savings rate. That's not a majority.

I'll be saving 10k per year, I've only been there since June

> Majority
< $8001
I think you're definitions are dubious.

Most intelligent people have tiered goal lists.

You have to define these yourself

Survival, is where I'd put yours
Comfort, You're thriving, life is usually on easy mode
Rich, Passive income exceeds double my expenses, I count my wealth by how many generations of progeny it will feed. Not only is life easy, its luxurious. Opportunities out of reach for others come my way all the time.

I don't know In what world you think 16k is above poverty level I don't know. Success begins at $20Million. Single No kids.

You need to add to your earning power.

Check out Ramit Sethi's Flagship Course with a $20k pricetag Find Your Dreamjob.
The links are in the TripleMaximumWageSlave.txt file

and

Earn $1k on the Side 2.0 - links in the Earn2kShekels.txt

and

to cure your poorfag mentality, Eben Pagan's Self Made Wealth, is a guided practical journey through your personal psyche. Eben asks you to think about your beliefs surrounding money and opportunity. Are they really your beliefs or just something someone said that stuck. For me personally I had a lot of beliefs from my grandmother who grew up just after the great depression. Frankly, with the rose colored glasses off she's got some very backwards ideas about money and wealth, that if I continued to subscribe to I'd be assuredly just over broke.

I can show you the door, I can't make you walk through it.

dropcanvas.com/zpf5p

please fix your head. You act like this doesn't work every single time.
> Have a money problem
> Solve money problem
> Money problem gone

He's not asking for your bullshit cynicism. He's asking if you have any commitments that are in fact more serious and important to you than financial stability.
There are over 5,000 workable hours in a year for the average person. What are you doing with your time.

No. You need to earn much, much more. No matter how much you save, with this wage, you will not make it.

I've earned about 45k in 4 years and have saved about 20k

Now I'm going to uni so its probably gonna get spent on fucking Bags of Rice and eggs

I'm on my way to that as well. I've not dedicated myself to anything major career-wise because I have no fucking clue what I want to do to make money. I've only recently come to the conclusion that, I'd prefer to be able to work for myself, if only for the fact that I can control my hours much more efficiently. Moved back into my pop's house, broke up with the girlfriend of 9 years whom was somewhat holding me back financially, and basically cut my cost of living to pennies a day. Work 40 hours right now, in an extremely low-stress job, while I begin the first steps to starting my business.

>"Baww I work 15hrs a week at Best Buy and someone suggested I need to work more hours"
>Being this pathetic

I work 50 hours a week you American cuck

You seem to not be financially retard to some extent. How about getting a higher paying job as your next step?

Then you're doing something wrong

Lol 50hr week, $16k salary

It's $22k

What's minimum wage in your country? You're barely making above the American federal minimum wage if your numbers are correct.

If your salary is 22k, you're putting in 50 hrs per week, and you're working 50 weeks a year, you're earning 8.8 per hour. If you're from Scotland, that's barely above 7.2, which is the highest rung of minimum wage.

That's some shit wages, bro. Maybe it's skewed here in USA because muh tips, but bartenders are usually pulling in at least $15-20 per hour for peak wages, and they're legally required to earn at least $7.25 (federal minimum wage; a lot of states have higher minimum wages).

It's £6.70 an hour

bong here, where are you located? if you don't care about your quality of life, you can earn more way more than 16k doing unskilled menial work. i have a polish friend who earns 25k spray painting cars for fucks sake.

>tfw people itt are calling 16k GBP a year 'pathetic'
>tfw you can understand how really fucked up you are in life after reading these threads, even if ~90% of the posts is trolling

Seriously, I wish i could just auto-hide all these burger posts. I'm getting triggered every time i see them. How the FUCK do you DARE to call 16k/year 'pathetic'? Pathetic?! What do you know about pathetic, you privileged shitlords?
How about $500 for 200 hours/month?

Also pathetic

Pathetic. Also Your shitty country is fucked