I’m in two minds, compared to my other colleagues who are 25, 40 doesn’t seem much compared to them so I’d like opinions, my parents tell me it’s great but I’m unsure.
Secondly is it worth saving for a deposit on house and try get another promo then buy a house or get a flat off the bat. I would be looking at areas near London but not in as I’m not a fan of the city life.
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Yes, it’s very good for 20. And yes, get a mortgage. Don’t be chucking rent down the drain paying someone else’s mortgage for them. Getting on the housing ladder means security.
That’s fucking insane for a 20 year old to be on that.
It depend where you live, but generally yes, you’re above the UK average. My household has one average and one slightly above average earner in it and we are more than comfortable, but we live up north where it’s cheaper.
I suppose it depends where you live and what sector you are working in. Working in manufacturing in Newcastle, that is some crazy money for someone in their twenties. Working in London in finance, I wouldn’t know, but I imagine there are young people on more. I could only dream of that money when I left uni, I was on about 24k.
That’s very, very good at 20.
If I were in your shoes, I would be doing just that – saving like mad for a house deposit, not a flat, go straight for a house imo. Get on that ladder ASAP. Later down the line, assuming your salary will increase significantly from here on, you’ll probably be wanting to upsize in a few years. So start filling up that ISA, get your house, and then keep on maxing out that ISA as much as possible year by year and you will be a VERY happy camper in a few years from now.
yes you are above average salary for your income by age. see the two below links for some good statistical comparisons. edit: you’re probably in the 95% percentile of top earners for your age.
[https://occaminvesting.co.uk/average-uk-salary-by-age/](https://occaminvesting.co.uk/average-uk-salary-by-age/)
[https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/annualsurveyofhoursandearnings/2022](https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/annualsurveyofhoursandearnings/2022) – check table 9 for comparison by local area, and table 10 to compare salaries by occupation
This is a humble brag, right?
It’s good money at that age but you’d probably struggle to find anywhere decent to buy anywhere London on it, especially if you plan to buy on your own. But it can’t hurt to save.
Depends on what you do for a living to be honest.
Some things don’t have longevity and/or the overall package isn’t that great.
For example – many of my friends in my early 20s were earning far more than me doing very physical construction and outdoor activity. However there was zero real pension provision.
Now we are in our late 40s, and more and more of them are worn out with injuries and ending up in minimum or similar-wage jobs because they have no other real options.
Tbh it’s good for a 40 year old.
Stop bragging and remain humble.
Definitely not a serious post.
As a fellow londoner: it is, but don’t bother saving for a house. Enjoy your next 5 years with your resources: buy nice clothes, go to good restaurants, go to clubs and get wasted/laid/both.
Get promoted at 25 and then start saving.
Money is just a thing used to acquire other things. It’s not a way of keeping score against other humans. You’re not winning if you have more, or losing if you have less. And you can’t take any of it with you when you go.
You know it is ya Turkey.