Hi, next year i will be in my final year of high school, for months i have been waiting to invest as i just don’t have the money for a deposit and i don’t think that any bank would lend me money as i only do casual work outside of school hours. I save everything that i earn, that is, everything that is left after i pay my dad for the loan on my car. (this purchase was before i became money conscience) I have reads numerous books on investing in both property and shares and have read books on success. I have this burning desire to achieve financial independence before i am 30, i am 17 now. I have a plan in place, that will work, but i believe that i could only benefit from further safe guarding the plan and ensuring its integrity. I have attempted to post advertisments on many forums, this one included, to “sell” my services as, dare i say it, a spotter. I am stumped at what else i can do i know that i need to be imaganative and create new and alternative ways, or modify previously existing methods of making money. Can someone help me? I work an average of 20 hours a week and am currently on school holidays, i have saved $1,000 so far, I have considered shares, just to boost my capital, but i don’t want to lose it, i want to build on it, once i have a bit more to “play with”, say, $2,000 i may feel ok investing $1,000 in shares.
In short, can anyone please suggest to me a method of accumulating money for a deposit?
Thank you.
Yours faithfully,
Christopher AmbreyHi Younginvestor
I love your post and it puts a huge smile on my face to see you in 10 years time sitting back enjoying your life while your peers are still struggling to pay off their 1st home.
May I suggest you buy Steve’s Tales from the trenches there is a story or 2 in there that im sure you will be able to relate to and help you plan your future.
Regards Bear
1) Quit smoking
2) Drink water, never softdrink etc.
3) Don’t drive places that you can easily walk toAside from that very basic advice, I just want to let you know that I am 25, approx $28000 in bad debt, and like you, plan to achieve financial independence by age 30.
I firmly believe I can do this (legally!) so if you have to wait another 12 months to save up a decent deposit, there’s no need to panic yet. With your drive and enthusiasm, you could probably achieve FI by the time you’re my age [
]Chris,
May I suggest that you start mixing with people who are putting your plans into practice.
Where are you based? Perhaps there is a group of investors you can make friends with – and I don’t mean paying to join an investment group.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi all,
Mortgage Hunter, I’d love to start mixing with people that are putting my plans into practice. I’d love not to have to pay for joining an investment group. I am based on the Gold Coast in Queensland.
ian_from_brisbane, thanks heaps for the encouragement and BEAR1964 I will consider Steve’s Tales from the trenches, but I can not find it on this site anymore.
Thank you for all of your help, if you think of anything else let me know and if anyone knows of an investment group of the Gold Coast, could they please inform me, my email address is [email protected].
Thanks again.
Kind Regards,
Chris.I don’t know that I would want to do this myself -Year 12 is a terrible year to be doing work as well as study – but how about something like tutoring maths? It pays reasonably well.
Also, door to door deliveries can be quite lucrative and keep you fit at the same time. 20 years ago, this paid $90 per 1000 drops. I’m sure this would pay much better now. 1000 drops was about 15 streets and took around 4 hours at a leisurely pace.
Good luck with getting a property!
Kat []
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