My life story, going nowhere. £40k saved up. What next?

[Kalis]

^ This isn't a bad idea either. 40k pounds should be able to get you through an entire academic education, especially if you still live at home (which I figure is the case else you wouldn't be able to have saved up 40k pounds from minimum wage).

Yeah, £40k is plenty.

If they take a Foundation Degree in Computing and IT Practice with the Open University, they could do the entire thing for £11k over 4 years part-time, which is effectively the first two years of a university course with a qualification at the end.

Or get a BSc (Honours) Computing and IT for £16k full time over 3 years.


Other courses in Business and/or Computing/IT...

Professional Certificate in Management £3k over a year part-time.
Certificate of Higher Education in Business Management £5.5k over 2 years P/T, 1 year F/T
Diploma of Higher Education in Computing & IT and a second subject £11k over 4 years P/T, 2 years F/T
Diploma of Higher Education in Business Management £11k over 4 years P/T, 2 years F/T
BA (Honours) Business Management £16k over 6 years P/T, 3 years F/T

The certificate/diploma courses would give them a grounding and credits toward a full degree if they want to do that later on.

[TJ]

Keep working, and hate your life. Thats what I do

Wow, that sounds err champion.

Yeah, £40k is plenty.

If they take a Foundation Degree in Computing and IT Practice with the Open University, they could do the entire thing for £11k over 4 years part-time, which is effectively the first two years of a university course with a qualification at the end.

Or get a BSc (Honours) Computing and IT for £16k full time over 3 years.


Other courses in Business and/or Computing/IT...

Professional Certificate in Management £3k over a year part-time.
Certificate of Higher Education in Business Management £5.5k over 2 years P/T, 1 year F/T
Diploma of Higher Education in Computing & IT and a second subject £11k over 4 years P/T, 2 years F/T
Diploma of Higher Education in Business Management £11k over 4 years P/T, 2 years F/T
BA (Honours) Business Management £16k over 6 years P/T, 3 years F/T

The certificate/diploma courses would give them a grounding and credits toward a full degree if they want to do that later on.

Thanks a lot for that, useful information.

[Kalis]

Thanks a lot for that, useful information.

IIRC registration is in a couple of days, so if they want to do a course it is best to look at them straight away.

Considering their circumstances, doing the part time version of Certificate of Higher Education in Business Management over 2 years seems like a safe bet, as they could probably pay for it out of what they save in those two years and would leave their £40k untouched, plus it gives them a nationally recognised qualification.

[TheTaurenOrc]

My advice? Seriously; realize your lucky with your lot. £40'000 in the bank and 22 years old, keep on leaching off Mum and Dad seems to have payed off so far.

Oh and don't piss it all away on higher education because its gonna be years and years before you see that much in the bank again.

[Kalis]

My advice? Seriously; realize your lucky with your lot. £40'000 in the bank and 22 years old, keep on leaching off Mum and Dad seems to have payed off so far.

Oh and don't piss it all away on higher education because its gonna be years and years before you see that much in the bank again.

So someone wants to make something of their life and you tell them not to bother. Stay classy.

[TheTaurenOrc]

So someone wants to make something of their life and you tell them not to bother. Stay classy.

Where did I say that? £40'000 in the black at 22 years old, that must be in the very high percentile. But you know; boohoo my life is going nowhere

[Deleted]

1. Have Linkedin.
2. Be willing to move to another city/country.
3. Write down your resume.
4. Wait.
5. Profit.

Also, you have £40k at a point in life where me and the other people I know were almost selling blood for a meal, so don't whine, it's not classy.

[Kalis]

Where did I say that? £40'000 in the black at 22 years old, that must be in the very high percentile. But you know; boohoo my life is going nowhere

Here...

keep on leaching off Mum and Dad

don't piss it all away on higher education

They have £40k in the bank by saving up their low wage and living with their parents, it's commendable, and they want a better life, so why not encourage them?

Whether they try to start up their own company or move to a higher paying job, having relevant qualifications is always a good thing, in many jobs you will be expected to study throughout your career. A well educated work force is good for the economy and good for the individual. Having ambition is also a good trait.

[TheTaurenOrc]

They have £40k in the bank by saving up their low wage and living with their parents, it's commendable, and they want a better life, so why not encourage them?

Whether they try to start up their own company or move to a higher paying job, having relevant qualifications is always a good thing, in many jobs you will be expected to study throughout your career. A well educated work force is good for the economy and good for the individual. Having ambition is also a good trait.

Why are you assuming that I was being negative and that the only progression path is more education? That was my genuine advice, he seems to be doing pretty well so far, why rock the boat?

Keep on living with Mum and Dad, keep the money in the bank and try something else.

[Kalis]

Why are you assuming that I was being negative and that the only progression path is more education? That was my genuine advice, he seems to be doing pretty well so far, why rock the boat?

Keep on living with Mum and Dad, keep the money in the bank and try something else.

Oh please. Telling him to continue 'leaching' off his parents is insulting and don't try to pretend that there are positive connotations to the word 'leaching'.

They work in a minimum wage job, there is nothing wrong in wanting to improve your lot. My advice was to get some qualifications as a fall back if they start their own company or to improve their employment prospects, you called that pissing money away, which again has no positive connotations.

[TheTaurenOrc]

Oh please. Telling him to continue 'leaching' off his parents is insulting and don't try to pretend that there are positive connotations to the word 'leaching'.

They work in a minimum wage job, there is nothing wrong in wanting to improve your lot. My advice was to get some qualifications as a fall back if they start their own company or to improve their employment prospects, you called that pissing money away, which again has no positive connotations.

I don't see anything you have suggested will "improve your lot". The guys 22 years old and has £40'000 in the back, and your telling him to spend it education, move out and start a business. Sounds like a hell of a lot of risk on the hope it will all pay off.

Fine then, the less pessimistic version of the advice. Don't touch the money, keep on living with Mum and Dad until you can make it on your own that doesn't involve digging into your savings. Work some more jobs, find something your are sure you want to do before going for higher education in if you feel you are adamant about going that route. In the short term have you thought of being a personal trainer?

[Kalis]

I don't see anything you have suggested will "improve your lot".

Then you haven't read what I've written.

The guys 22 years old and has £40'000 in the back, and your telling him to spend it education, move out and start a business. Sounds like a hell of a lot of risk on the hope it will all pay off.

I didn't say spend the £40k on education, to move out or to start his own firm. I said that if they want to start their own firm then to get a qualification before doing so, as GCSEs aren't a high level and a few years in a minimum wage job is experience to get you another job for minimum wage if it goes wrong.

I also suggested that they shouldn't touch the £40k and use what they would have saved for the next two years to pay for a part time course, thus they'd still be working whilst getting their qualification and can spend that time deciding what they want to do when they get it.

I said earlier in the thread that risk management is what I do for a living, so advised them to have a fall back plan if they want to go it alone, or get a qualification to improve their job prospects. I even provided the rates for the OU, none of them came anywhere near £40k.

[Blayze]

Buy house.
Pay off mortgage sooner.
Live easier.

[techgeek]

@ OP

It's a very interesting time to start watching what the stock market is doing. It's most likely a terrible time to put money into most of the market currently, however, if you know what you're doing it can be easy to make money in a bear market as well.