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Hi guys, hope you’re all having a great night after the England result :P. Before I get to the question I’d like to tell you some things about myself. I’m in my early 20s, employed, don’t drink/smoke, still live with my parents, and have very little in terms of bills. I’m only on minimum wage but that still leaves me with around 900-1000 free a month to do what ever I please with. The thing is, I’m a spendaholic, I literally cannot stop myself from spending on useless shite and/or gambling. This is the main reason I’m here on the forum in the first place, stacking silver, preserving some wealth. I wouldn’t say I’m board with stacking silver and I know I will continue for years to come, but what is boring is waiting till the end of the month spending a large % of my spare cash on it, and then it just sits there... hidden away waiting for the price correction to come. Basically all I’m asking is for some inspiration, I need something other than PM’s, I don’t want all my eggs in one basket. Maybe if I have another thing to get excited about, my money won’t be burning a hole in my pocket every payday. Thanks guys, appreciate any help :D

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Honestly, this sounds very similar to me, I typically use PM's as a way to save but because I am saving for a house so I also put £333 a month into a Lifetime ISA, I then get a 25% bonus on that every month, max you can put in to this is £4000 a year so you get £1000 a year free, although you must use it on your first house or retirement, the rest of my money goes on Gold and/or Silver, so normally one Sovereign and around 300g of Silver bars, whatever I have left is for cinema, food, days out etc

Maybe try buying Sovereigns? or open a Lifetime ISA and get free money if you plan on buying a house that is.

Oh and by the way I use to spend £800+ a month on bad and I have nothing to show for it, last year I have been consistently saving and I feel much better.

At the end of the day just because we are earning close to minimum wage it doesn't mean we have to have a worse off life than those that earn more, we can make our lives easier while saving when we're young, when we are older we will thank ourselves, I am saving enough money to be able to buy a house and survive/pay it off on a minimum wage job, but because I have a girlfriend who is an even better saver than me I can achieve that position faster but even if things between me and her don't work out then I will always be able to survive by myself and I will always have a house.

 

Edited by austack

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I would look into some index funds and pick one that’s right for you thats what the bulk of my money goes into and gold second. Or maybe look at some cheap property to rent out but i dont like property unless it’s bought outright I wouldn’t recommend a mortgage.

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4 minutes ago, Tn21 said:

I don't have any ideas but what I would say is stop the gambling, it's not healthy

Ye I understand. I had a long gap where I completely stopped it, then went back and had a little win. That’s how they get you. 

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My first go on fixed odds machine at the bookies, I won £2,500 with my last fiver..... Slippery slope, I stopped gambling and smoking about 16 years ago but I still have an addictive personality/low boredom threshold.  Now it's focused on something I get pleasure from and may get a return one day.  You rarely see a poor bookie.........................

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3 minutes ago, MickD said:

My first go on fixed odds machine at the bookies, I won £2,500 with my last fiver..... Slippery slope, I stopped gambling and smoking about 16 years ago but I still have an addictive personality/low boredom threshold.  Now it's focused on something I get pleasure from and may get a return one day.  You rarely see a poor bookie.........................

Ye, I wish I had never won anything, that way I would have stopped ages ago :(

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46 minutes ago, Beano said:

Hi guys, hope you’re all having a great night after the England result :P. Before I get to the question I’d like to tell you some things about myself. I’m in my early 20s, employed, don’t drink/smoke, still live with my parents, and have very little in terms of bills. I’m only on minimum wage but that still leaves me with around 900-1000 free a month to do what ever I please with. The thing is, I’m a spendaholic, I literally cannot stop myself from spending on useless shite and/or gambling. This is the main reason I’m here on the forum in the first place, stacking silver, preserving some wealth. I wouldn’t say I’m board with stacking silver and I know I will continue for years to come, but what is boring is waiting till the end of the month spending a large % of my spare cash on it, and then it just sits there... hidden away waiting for the price correction to come. Basically all I’m asking is for some inspiration, I need something other than PM’s, I don’t want all my eggs in one basket. Maybe if I have another thing to get excited about, my money won’t be burning a hole in my pocket every payday. Thanks guys, appreciate any help :D

Join the BYB monthly tetris club!

Seriously though - just keep doing what you are doing. Save money each month and in 10 years you will be better for it. 

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36 minutes ago, Tn21 said:

I don't have any ideas but what I would say is stop the gambling, it's not healthy

Getting into stocks & shares and silver/gold has stopped me gambling (and putting the lottery on) completely for the past few months. Not that I gambled a huge amount before, but I think the stocks and silver/gold must scratch the same itch as gambling for me. I don't miss it at all. 

Haven't even bet on England winning the world cup, which is basically like free money :D

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Don't want to go off topic but the amount of PM's that could have been purchased with gambling losses (huge). Stocks and shares am all for it but spread betting is almost the equivalent as the fixed odds terminals. 

Drugs alcohol gambling are all distractions in life, best to keep it to a minimum or even better completely avoid. 

Stacking is unique and ideal for ex/current gamblers :D 

 

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14 minutes ago, HelpingHands said:

Cryptos?

I was looking into it a little earlier, specifically Litecoin. I’m down to try Cryptos, I’m just a little nervous about it. I have no experience with buying/selling Crytos, or which to buy. Plus I’m a bit paranoid, I mean I’m basically putting money into something that is just a number on a screen that could be worth 0 tomorrow. Have you used them? What’s your view?

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Firstly, well done team England! ?

Hoping this does not sound too loopey, but maybe check out the Minimalism film (available e.g., on Netflix) https://minimalismfilm.com/watch/

It's not for the unicorns s*itting rainbows, it's just for the understanding how we're daily being goaded to spend. It may be easier to avoid temptations to spend when you see how we're constantly being manipulated to consume. Minimalism is not about giving up on everything you own and starting to smell like a hippie, it's more about giving up those things that do not bring you happiness.

Sounds to me you're looking for a purpose in life. Maybe you'll find it in soccer coaching kids, maybe it's in getting more physically active around the house (you know, cleaning the gutters, trimming the hedges, organising the garage... whatever makes your dwelling look smarter and as a bonus, gets a seal of approval from the parents)....? The sad truth is that most of us are not that important for this planet to keep moving on it's orbit. But what can bring purpose to life is having meaningful relationships and contribute positively to those immediately around you.

Next, check out the vast resources e.g., on Mr Money Moustache, Barefoot Investor etc FIRE's... financially independent, retired early bloggers for ideas to invest your hard earned and saved. FInancial independence is a fantastic goal & purpose to have - once achieved, you can (and probably should) keep working but don't have to. You've got this - good luck!

 

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You do not have a lot of cash left over but you have a hell of a lot more than many. You were spending on stuff. Numistacker gives a story of how he was on decent money but he just blew it and at the end of the day had nothing. So he got into gold and no doubt has a smashing collection of gold coins.

Straight silver stacking will divert your cash into something you can't go to the pub with and p*ss up against to wall, you can't go into Laddy's and lose on the 3 o'clock at Heydock and you can't spend in the many retailers trying to part the public with their hard won cash in return for today's fad. The issue is, it can be boring. Tubes of coins that get put out of the way are not something that will get your pulse racing. You need to develop an interest. You need to morph your stacking into collecting. As Agpanda says Panda coins or sovereigns would be a good place to start. If you are all silver at the moment i would start with some sovereigns. They are reasonably easy to sell, you are not paying big percentages over spot price and there is a huge variety. You can put them in a capsule and you can put them in a case or two so you can look at them. You can learn about all the variations. You might decide on something else that interests you. Then it is not just about spending your loot on something to save you wasting it. It also becomes an interest. i would get something you can put in cases and you can look at. If it is in a capsule you can get it out to examine and you won't damage the coin.

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Some people like slabbed bullion coins, some people don't .  I like them and there's something aesthetically pleasing about the slab as well.  You can pick up say MS69 eagles relatively cheaply. Don't do what I did though and end up with loads of the same year, which kind of takes the edge off of it.

I also collect older silver coins going back around 300/400 years.  Got me interested in history again  -  George III dollars got me interested in 8 Reales which got me interested in cobs (of which I only have one but it keeps me interested and looking).  Good luck with whatever you choose.

PS - steer clear of commemoratives.

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grow, make, bake is always satisfying. you could put your

monthly money into sovereigns and spend time creating,

improving things. eg maybe start by making a sovereign

holder, or a pirates chest to fill up with junk silver. read

more explore more the possibilities are endless.

 

HH

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I don’t want to sound like a teacher or parent but..... saving through silver/gold is a fantastic thing BUT IT CAN ALSO BE ADDICTIVE.       You have enough for 1oz a month but then you see a heal on 1/4oz so buy it then next month have a good deal on 2kg silver and so on.     If you have an addictive personality just be careful because pm’s can also take you down that route.   The good think is if you sell straight away you will only loose a few % but if you drink and gamble you loose 100%.     Good luck and be carful

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Reading this thread has reminded me of when I was young, anyway 900-1000 a month a good amount left after bills and we all have them.  What you are saying is you are bored. You stack silver on payday or within a few pays of payday?  Let's say you change to gold  you are 25 and you buy 10oz of gold a year until you are 60 = 350Toz gold a tidy sum!  or you could get a hobby  in the coin collecting gold and silver always looking for the right price.  Or you could look at antique silver.  Or antient gold coins. There made lots of ways to have a hobby and make money at the same time you are lucky you came across when you were young. 

Edited by Pipers

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Firstly you’ve got your head screwed on so don’t worry so much! Im late 20s and most people under 30 are living champagne lifestyles on lemonade wages.

My advise would be make the most of having such a high disposable income while living with your parents. Open a help to buy isa and take full advantage of all the incentives offered to first time buyers. 5-10% deposit could be easily attainable by yourself within 12 months. Fix in on the low mortgage rates - they wont get any lower for a long time. Just as a simple example If you have 5% in a 100k property and house prices go up 5% you will double your small stake (equity) in the property. If you had the same in any other investment your £5000 stake will increase by £250. Like anything house prices could also drop by 5% but realistically once your a home owner you will always be and price fluctuations are only relevent when you sell as long as you can afford your mortgage - and even then with property you are usually buying back into the same market if you do sell high or low.

Your definitely on the right path, saving in PMs is a great way to prevent you wasting money and helps with poor spending habbits but getting yourself on the property ladder is one of the best moves you will ever make in my humble opinion. Good luck whatever you do and keep up the good work ?

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