UK Recent Grad - 23
Posted: Fri Jul 09, 2021 12:35 pm
Hello there,
I've been a lurker for a while so I thought it was worth introducing myself and finding out if there is anyone in a similar boat to me. I'm from the UK recently graduated and will be starting work in August. I read ERE earlier this year and enjoyed it a lot, but at the moment I've having a bit of difficulty with putting things into practice. Re-listening to Jacob's interview with Joshua from Radical Personal Finance was helpful as I'd forgotten the emphasis on developing skills to drastically reduce costs. I was more focused on the whole side of simply saving a lot and living frugally. I've also been wanting to get into investing, I've put most of my savings and some student loans into a few funds recommended by a friend but I'd like to be able to make my own informed decisions in the future in order to be more independent and make early retirement a realistic feat.
My plan moving forward is living at home for now to save money on rent, so I should be able to save around 80% of my taxed income. I'm curious for those from the UK if you've ever invested your student loans, I think it's a reasonable move. My thinking is that I'm highly unlikely to pay off my student loans (they get written off after 30 years and have an interest rate of 3% + RPI), so if I work for about 10 years or so then stop or reduce my work so that it's below the threshold for the loans, I'll save a lot of money. Curious what your thoughts are, I'm still very much in early days of ERE. The philosophy spoke to me a lot, now I want to learn more about how to apply and in general increase my financial literacy.
I'll try and come back here to post relatively frequently to update on my progress and reflect on my journey to ER.
Nice to meet you all:)
I've been a lurker for a while so I thought it was worth introducing myself and finding out if there is anyone in a similar boat to me. I'm from the UK recently graduated and will be starting work in August. I read ERE earlier this year and enjoyed it a lot, but at the moment I've having a bit of difficulty with putting things into practice. Re-listening to Jacob's interview with Joshua from Radical Personal Finance was helpful as I'd forgotten the emphasis on developing skills to drastically reduce costs. I was more focused on the whole side of simply saving a lot and living frugally. I've also been wanting to get into investing, I've put most of my savings and some student loans into a few funds recommended by a friend but I'd like to be able to make my own informed decisions in the future in order to be more independent and make early retirement a realistic feat.
My plan moving forward is living at home for now to save money on rent, so I should be able to save around 80% of my taxed income. I'm curious for those from the UK if you've ever invested your student loans, I think it's a reasonable move. My thinking is that I'm highly unlikely to pay off my student loans (they get written off after 30 years and have an interest rate of 3% + RPI), so if I work for about 10 years or so then stop or reduce my work so that it's below the threshold for the loans, I'll save a lot of money. Curious what your thoughts are, I'm still very much in early days of ERE. The philosophy spoke to me a lot, now I want to learn more about how to apply and in general increase my financial literacy.
I'll try and come back here to post relatively frequently to update on my progress and reflect on my journey to ER.
Nice to meet you all:)