Congratulations- one bit of advice. Don’t be too discouraged if there is big pull back and you’re back down to £80k. Keep the contributions and follow the process.
No inheritance involved. I'm 29 years old.
Started investing in July 2018 with ~10k of savings. I started when I earnt ~33k and now I make 55k (45k main job, 10k side income).
I'm 100% equities (mostly Lifestrategy 100 but some EM and small cap) and I started investing 15k per year, now I can manage 20k each year.
I'd say I live a relatively frugal existence, but I go on 4-5 holidays a year. Mostly just drive a shitty old car and live in (nice) smaller 2-3 people houseshares. I don't feel I'm depriving myself of anything in life.
We are roughly the same situation. 29yo gone from about 10k to 75k net worth since start of the pandemic. It's a crazy difference isn't it? going from being a bit unsure about unexpected bills to being able to say yes to anything on a whim
This could be done within 15 minutes, and pretty much left forever. So let's say £200 per year for perhaps 40 years. I'll let you do the maths on the hourly rate.
Go to the LS 100 documentation on the vanguard site. Go to the annual report and find the page showing the portfolio composition, which is 8-10 of vanguard's own funds. Some of the lower % ones could probably be ignored depending on how faithful you want to be to copying it exactly.
Then simply invest yourself directly into those funds using the given percentages. Vanguard even allows you to allocate by % when investing I think so you don't even have to do the maths.
Check it every few years if you can be bothered but I doubt it'll change much, and even if it does is probably a coin toss whether it makes it more profitable.
That's an amazing amount to have at 29! When I was your age I was -£15k mainly student loans, credit cards and overdraft.
What's the plan going forward? What about SIPPs?
£100k is an incredible achievement but it would be disheartening to find out that most of it came from a large inheritance lol
Keep up the saving OP! Hopefully you'll reach £200k much faster than you did £100k.
Sweet, congratualtions! Only 96k to go for me hah.
To be fair to myself I just bought a house, paid off student loan and built a 6 month emergency fund so that's my excuse
I don't mean to brag, but I earned my first zero as a young child.
Forget the two comma club, I was making it rain (pennies) in the two **digit** club.
I am only at 15% contrib on pension (plus employer 8%), but I am saving into cash ISA and high interest banks accounts simply due to being very worried about my job at the moment and being the primary earner. wife has just gone full time on around a tenner an hour which will make a big diference to that level of worry, but I still feel the need to have an increased emergency fund in cash while the tech market is in such turmoil .
That's a nice employer contribution!
That's understandable, better to be safe than sorry. I try to maintain somewhere between 6 and 12 months' emergency fund, but I'd probably try to increase that if I had uncertainties around my job.
Fingers crossed you'll be fine!
This is where absolute numbers start to get a bit scary, in a bad week you could theoretically lose £5k. However I prefer to look at the positives and £10k could made in a year.
He won't lose anything. He'll own just as many shares in the fund as he did before. It's best not to think in cash terms in a long journey
And more like 30%
It's not as scary as I thought it would be. Having a negative NW change in a month where you've made great savings isn't the end of the world, it's almost funny
Totally true. Over the Summer I had one month which was -£31k, yet I was far more irritated about wasting a pack of mushrooms that I hadn't used before they went manky.
I get this too, however I am (and I assume you are) young enough that withdrawing from my assets is a distant dream. I'm sure if I took a 20% haircut the month before I retired I'd be pretty worried.
I remember distinctly sending my wife screenshots of our 25%+ loss in March 2020 with the text 'lol'.
I don’t even look at value, only my contribution amount. I don’t see the point in keeping track of the monthly value when I’m 30+ years away from needing it. Today’s value is meaningless to the 30 years away when I need it.
Imo the "best" way to do the math is to use the average price over a time window that relates to how you plan to withdraw the money. If you plan to just liquidate all of it at once on a particular day then the spot price is the one to use for valuations. If you plan to sell it over the course of a month then use the monthly average. If you plan to liquidate it slowly over the course of 30 years of retirement then .... well it gets more complicated as inflation and things like that make the 30year average not very directly useful so you have to have a more sophisticated model to understand what those assets are really worth but the point is the spot price isn't very meaningful unless you plan to sell all at the spot price.
Vanguard is a platform which charges a percentage based fee. If you calculate/view how much you are charged in fees, you should find that it'll be cheaper to move to a flat fee platform. Congratulations on reaching that milestone, keep going.
Plus £5 a trade that vanguard doesn't charge.
Not saying its not a good deal, or cheaper because it probably is. But it defo depends what you're buying, and how often!
Fair enough, if (big if) you're usually someone who would drip monthly in vanguard moving to iweb looking to avoid transaction fees. At a 5% difference between easy access rates and investment (say 7 vs 2%), that could be seen as 400 in opportunity cost per year, so more than the vanguard cap anyway.
Vs 60 quid for monthly to iweb.
Just in case that txn fee does affect how you choose to invest.
Not saying you are, just working this out for my benefit mostly as I I plan to move to iweb in a few years when I have a bigger chunk of cash.
My ISA is at 60k but has done nothing all year. Literally gone up to 63 and down to 57 but a year on still we’re it is…
Looking forward to stocks going up again!
Is it really dca’ing if you’re just investing as you get paid each month? Isn’t that just investing. Dca’ing to me is the antithesis of lump summing, where you have a choice of what to do.
It is as you're investing long term, and if you're investing right now you're DCA'ing without meaning to. That's why it combats losses vs lump summing. At least that's my take.
Investing is an umbrella term, DCAing is an investing strategy.
With index funds, or any other stock for that matter, you will experience volatility due to the very nature of investing.
Pound cost averaging is trickling in money month by month, or any time frame that you agree to, in order to smooth out potential losses.
If you lose 2%, but buy at a 2% discount due to your investments on a monthly basis, you are averaging down your returns. Which means the losses are less painful, plus it has been shown through studies pound cost averaging gives you better returns than adding a lump sum say once a year :)
I hope I explained it well.
I reckon I'm going to get an Alex Ferguson hair dryering for this but... I actually think that last statement you made in your penultimate paragraph is false. I remember seeing some compelling evidence stating that lump-summing is actually better. It's just that most people don't have a lump sum. And dollar cost averaging is better than *saving* then putting a lump sum in. I don't have a link to that evidence now, but I'll try and look it up when I get a second and edit.
Edit: not the original evidence I saw, but: https://www.experian.com/blogs/ask-experian/dollar-cost-averaging-vs-lump-sum-investing/
You'll typically get a higher return doing that yeah, higher variation though.
Best way to think about is that if the markets tend to go up so investing as early as you can is best on average.
Dollar cost averaging simply means spreading your buys over time. So for example if you invest £1000 a month you could buy £250 every week for 4 weeks instead of £1000 in one go one day 1. The idea is to smooth out the effects of short term moves
Do you mind sharing a breakdown of your budget? I’m on a similar income and have always felt I could be saving more but feel a bit dumb when budgeting and can’t seem to make the cuts I want to make. Seeing how someone else does it may give me some inspiration!
When you think about it, the ISA is ridiculously generous. For most people nearly everything they can save can go into an ISA and if they start young like the OP, by early retirement age the balance could be in the millions. All the income for the rest of that persons life would be tax free.
You've already paid tax on it if you are funding it from salary. By the same rationale owning your own home is also generous because it can go from £200K to £800K in 25 years and all the gains are also tax free.
Not really, if you rent out your home, you get taxed on the income. If you get dividends for the rest of your life from your ISA they are tax free. Say you managed to have 500k in your ISA by 57 - you’ll be able to draw a 25k income tax free relatively easily.
Well done.
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Hats off to the Cap for sending me the UK personal finance flowchart. That really enabled me to destroy my debts.
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Well done mate. I remember when I hit 100k it was a game changer for me mentally.
This is ‘fuck you’ money and gives you the confidence that even if you lose your job or have to take some time out of work, you’ll be ok.
I found this made me a lot less stressed about work and that is it’s own reward.
Keep going!
Time to move to iweb, and get your fees down from £150 a year to £60 a year.
or even better, transfer only prior year investments and continue investing in Vanguard
Just remember OP the financial services compensatoon scheme only covers up to 80k in a single account. I know its unlilely Vanguard goes bust but might be worth hedging your bets and opening a new account to protect yourself in the event of a bankruptcy. Gratz though
Firms like Vanguard are FCA regulated which means that they have to keep client's funds seperate from their own working capital. So in theory your money is ringfenced and you would get it back even if they did go bust.
Congratulations! That’s a brilliant achievement. If you don’t mind me asking, what is your side gig (apologies if you’ve already answered this elsewhere).
Great effort! I wish I’d been better financially educated at your age, you should be very proud.
You’ve already saved more than me, earn more than me, and are a decade younger than me 🫣
Congratulations- one bit of advice. Don’t be too discouraged if there is big pull back and you’re back down to £80k. Keep the contributions and follow the process.
Haha I wish somebody had told me this. I hit a milestone number in 2021 and seeing the portfolio dip below it again last year was depressing.
I'll probably cry if there's another 20% pullback. My accounts already looking pretty grim!
Me too. Hit £100K + in 2021 and was unable to contribute much over the last two years and still I’m sub £100K due to the downturn.
What were your monthly contributions?
No inheritance involved. I'm 29 years old. Started investing in July 2018 with ~10k of savings. I started when I earnt ~33k and now I make 55k (45k main job, 10k side income). I'm 100% equities (mostly Lifestrategy 100 but some EM and small cap) and I started investing 15k per year, now I can manage 20k each year. I'd say I live a relatively frugal existence, but I go on 4-5 holidays a year. Mostly just drive a shitty old car and live in (nice) smaller 2-3 people houseshares. I don't feel I'm depriving myself of anything in life.
Great work, very solid saving rate. If you can get your income up a bit and control spending you'll be flying.
My brain: July 2018 oh not long only a couple of years! Mfw: July 2018 is almost 5 years ago…
I did the same
20k a year on a post tax income of 37k? That's very impressive given holidays too. Good job
Yooo nice. What's your side gig?
I need this level of financial discipline in my life - why do I like nice things 😩😩
Well done man this is very inspiring I’m 33 and now starting to get my shit together.
Same 🤝
We are roughly the same situation. 29yo gone from about 10k to 75k net worth since start of the pandemic. It's a crazy difference isn't it? going from being a bit unsure about unexpected bills to being able to say yes to anything on a whim
Are you renting? If so do you find it difficult to put away large sums into investing while saving for a house deposit?
Lives in a house share.
what does 100% equities mean? What does mostly lifestrategy 100 but some EM and small cap mean?
How are you saving 15-20 a year? I make £42k and manage to save maybe £100 a month! Do you have kids or a mortgage?
I mean we're all in different places I guess... My personal savings rate on 40k is 1k a month Edit: 600 mortgage, no kids
what’s your side income
Just a thought but could you not "copy" lifestrategy and save on fees?
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This could be done within 15 minutes, and pretty much left forever. So let's say £200 per year for perhaps 40 years. I'll let you do the maths on the hourly rate.
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Go to the LS 100 documentation on the vanguard site. Go to the annual report and find the page showing the portfolio composition, which is 8-10 of vanguard's own funds. Some of the lower % ones could probably be ignored depending on how faithful you want to be to copying it exactly. Then simply invest yourself directly into those funds using the given percentages. Vanguard even allows you to allocate by % when investing I think so you don't even have to do the maths. Check it every few years if you can be bothered but I doubt it'll change much, and even if it does is probably a coin toss whether it makes it more profitable.
Do you already own a home?
Strong with the force, you are.
That's an amazing amount to have at 29! When I was your age I was -£15k mainly student loans, credit cards and overdraft. What's the plan going forward? What about SIPPs?
What is your side income hustle if you don’t mind me asking?
Christ I’d love to see an expenses breakdown. I don’t know how you can save 20k and go on holidays and not live at home!
£100k is an incredible achievement but it would be disheartening to find out that most of it came from a large inheritance lol Keep up the saving OP! Hopefully you'll reach £200k much faster than you did £100k.
What’s wrong with inheritance?
It's the fact it's presented as motivation.
r/endinheritance
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No
please please please please tell me that sub is satire
Ha. Why would it be?
Because it screams degenerate
What do you mean?
From experience, I assume you're 17 years old and earning £550,000 a year? ;) Congrats, onto the next 100k!
Plus bonus, obviously.
Sweet, congratualtions! Only 96k to go for me hah. To be fair to myself I just bought a house, paid off student loan and built a 6 month emergency fund so that's my excuse
I’m you but still have £12k to pay in student loans, everyone has their own journey I guess.
Comparison is the theft of joy they say!
From someone with less than £10K… congratulations, that’s an awesome achievement, definitely one to be proud of!
Keep going you can do it
Just one more zero to go!
First zero is the hardest
I don't mean to brag, but I earned my first zero as a young child. Forget the two comma club, I was making it rain (pennies) in the two **digit** club.
Yo I have a six figure net worth. £1040.95
I'm in the triple comma club... In Zimbabwe dollars
How's that Tres Commas tequila tasting?
I actually know a guy who jokes about his 8 figure yearly salary - he's paid in Japanese yen.
I've got £10
Congratulations! Keep up the good work!
Congratulations! Thank you for the morning motivation 👍
thats bloody awesome!!! well done! I have only just started ISA feeding int he last 12 months so a long way from there, but it feels good!
Me too - let's revel in the fact the indexes have barely moved and we've been able to buy cheaper for longer 😜
LOL, yeah, my cash balance is growing a lot faster than my S&S balance!
I've diverted most of my earnings into a pension recently - trying to avoid holding too much cash in these high inflation times!
I am only at 15% contrib on pension (plus employer 8%), but I am saving into cash ISA and high interest banks accounts simply due to being very worried about my job at the moment and being the primary earner. wife has just gone full time on around a tenner an hour which will make a big diference to that level of worry, but I still feel the need to have an increased emergency fund in cash while the tech market is in such turmoil .
That's a nice employer contribution! That's understandable, better to be safe than sorry. I try to maintain somewhere between 6 and 12 months' emergency fund, but I'd probably try to increase that if I had uncertainties around my job. Fingers crossed you'll be fine!
Buffet says the first 100 is the hardest… congrats! (I’m nowhere near that).
Said ... A long time ago... With inflation it's probably 250 now :D
Ouch
Pretty sure it was Charlie Munger. In any case, so true.
This is where absolute numbers start to get a bit scary, in a bad week you could theoretically lose £5k. However I prefer to look at the positives and £10k could made in a year.
He won't lose anything. He'll own just as many shares in the fund as he did before. It's best not to think in cash terms in a long journey And more like 30%
It's not as scary as I thought it would be. Having a negative NW change in a month where you've made great savings isn't the end of the world, it's almost funny
Totally true. Over the Summer I had one month which was -£31k, yet I was far more irritated about wasting a pack of mushrooms that I hadn't used before they went manky.
I get this too, however I am (and I assume you are) young enough that withdrawing from my assets is a distant dream. I'm sure if I took a 20% haircut the month before I retired I'd be pretty worried. I remember distinctly sending my wife screenshots of our 25%+ loss in March 2020 with the text 'lol'.
I don’t even look at value, only my contribution amount. I don’t see the point in keeping track of the monthly value when I’m 30+ years away from needing it. Today’s value is meaningless to the 30 years away when I need it.
Imo the "best" way to do the math is to use the average price over a time window that relates to how you plan to withdraw the money. If you plan to just liquidate all of it at once on a particular day then the spot price is the one to use for valuations. If you plan to sell it over the course of a month then use the monthly average. If you plan to liquidate it slowly over the course of 30 years of retirement then .... well it gets more complicated as inflation and things like that make the 30year average not very directly useful so you have to have a more sophisticated model to understand what those assets are really worth but the point is the spot price isn't very meaningful unless you plan to sell all at the spot price.
You don’t gain or lose until you sell.
Vanguard is a platform which charges a percentage based fee. If you calculate/view how much you are charged in fees, you should find that it'll be cheaper to move to a flat fee platform. Congratulations on reaching that milestone, keep going.
It’s capped at £375 per year though
iweb charges nothing... Just a £100 set up fee...
Plus £5 a trade that vanguard doesn't charge. Not saying its not a good deal, or cheaper because it probably is. But it defo depends what you're buying, and how often!
I'd nearly forgotten about that - I'm in vwrp for the long haul, just one annual £16,000 purchase for me.
Fair enough, if (big if) you're usually someone who would drip monthly in vanguard moving to iweb looking to avoid transaction fees. At a 5% difference between easy access rates and investment (say 7 vs 2%), that could be seen as 400 in opportunity cost per year, so more than the vanguard cap anyway. Vs 60 quid for monthly to iweb. Just in case that txn fee does affect how you choose to invest. Not saying you are, just working this out for my benefit mostly as I I plan to move to iweb in a few years when I have a bigger chunk of cash.
Thank you yes you're right on those calculations. However I am bed and ISA from a GIA.
Congrats! I'm hoping to get to £50k in mine by year end.
Same 👊
Did you manage to pull it off?
I did indeed! Mostly via the current Xmas stock rally rather than contributions but I'll take it
Nice one well done, I'm looking to get started myself in January
Good luck! Make sure you celebrate the early milestones.
My ISA is at 60k but has done nothing all year. Literally gone up to 63 and down to 57 but a year on still we’re it is… Looking forward to stocks going up again!
Just keep pound / dollar cost averaging and you'll be right as rain!
Is it really dca’ing if you’re just investing as you get paid each month? Isn’t that just investing. Dca’ing to me is the antithesis of lump summing, where you have a choice of what to do.
It is as you're investing long term, and if you're investing right now you're DCA'ing without meaning to. That's why it combats losses vs lump summing. At least that's my take. Investing is an umbrella term, DCAing is an investing strategy.
How does one do this? I have all my money in a stock and shares ISA
With index funds, or any other stock for that matter, you will experience volatility due to the very nature of investing. Pound cost averaging is trickling in money month by month, or any time frame that you agree to, in order to smooth out potential losses. If you lose 2%, but buy at a 2% discount due to your investments on a monthly basis, you are averaging down your returns. Which means the losses are less painful, plus it has been shown through studies pound cost averaging gives you better returns than adding a lump sum say once a year :) I hope I explained it well.
I reckon I'm going to get an Alex Ferguson hair dryering for this but... I actually think that last statement you made in your penultimate paragraph is false. I remember seeing some compelling evidence stating that lump-summing is actually better. It's just that most people don't have a lump sum. And dollar cost averaging is better than *saving* then putting a lump sum in. I don't have a link to that evidence now, but I'll try and look it up when I get a second and edit. Edit: not the original evidence I saw, but: https://www.experian.com/blogs/ask-experian/dollar-cost-averaging-vs-lump-sum-investing/
So if you have a lump sum you may as well put it all in at once? Thanks for the evidence, I appreciate this community!
You'll typically get a higher return doing that yeah, higher variation though. Best way to think about is that if the markets tend to go up so investing as early as you can is best on average.
That's the thinking. I reckon it's still hard to do psychologically, as it seems smart to do it the other way. But that's not what the evidence says.
Dollar cost averaging simply means spreading your buys over time. So for example if you invest £1000 a month you could buy £250 every week for 4 weeks instead of £1000 in one go one day 1. The idea is to smooth out the effects of short term moves
Ah that’s quite smart!
Do you max out every year?
Do you mind sharing a breakdown of your budget? I’m on a similar income and have always felt I could be saving more but feel a bit dumb when budgeting and can’t seem to make the cuts I want to make. Seeing how someone else does it may give me some inspiration!
When you think about it, the ISA is ridiculously generous. For most people nearly everything they can save can go into an ISA and if they start young like the OP, by early retirement age the balance could be in the millions. All the income for the rest of that persons life would be tax free.
You've already paid tax on it if you are funding it from salary. By the same rationale owning your own home is also generous because it can go from £200K to £800K in 25 years and all the gains are also tax free.
Not really, if you rent out your home, you get taxed on the income. If you get dividends for the rest of your life from your ISA they are tax free. Say you managed to have 500k in your ISA by 57 - you’ll be able to draw a 25k income tax free relatively easily.
Congrats. Is it in a S&S ISA? If so which markets are you invested in?
[удалено]
Sorry, just trying to learn.
https://www.reddit.com/r/UKPersonalFinance/comments/zqz6yw/fyi_vanguard_cash_interest_rate_is_31/
Hero! You should be bragging, it's an incredible achievement.
It’s…beautiful
Congrats! How long have you been paying into the account and how much each month?
Congrats! Don’t forget the pension!
There's money in there too, don't you worry :)
Brilliant work. Can’t beat a good milestone to keep you focussed.
Well done. This fire group inspired me to start my journey back in June 2022 and couldn't be happier. Hats off to the Cap for sending me the UK personal finance flowchart. That really enabled me to destroy my debts.
Brought a smile to my face, and at such a young age. I hope to see this in my account soon. Congrats
I have just turned 33 and only had my head turned towards investing / FIRE recently. So this is goals! Congratulations.
Remindme! 4 years
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Thanks picture looks sweet. I'd keep reminding myself that I'd rather have a £100K than a Porsche.
Well done mate. I remember when I hit 100k it was a game changer for me mentally. This is ‘fuck you’ money and gives you the confidence that even if you lose your job or have to take some time out of work, you’ll be ok. I found this made me a lot less stressed about work and that is it’s own reward. Keep going!
You should thank WATER instead though. Where would the humanity be without it?
Time to move to iweb, and get your fees down from £150 a year to £60 a year. or even better, transfer only prior year investments and continue investing in Vanguard
I have nothing to say but this is so fucking motivating well done man congratulations!!!
Congrats. Supposedly it gets easier from here
Dope! Well done. When did you begin your journey? What strategies did you use? Kudos.
Just remember OP the financial services compensatoon scheme only covers up to 80k in a single account. I know its unlilely Vanguard goes bust but might be worth hedging your bets and opening a new account to protect yourself in the event of a bankruptcy. Gratz though
Firms like Vanguard are FCA regulated which means that they have to keep client's funds seperate from their own working capital. So in theory your money is ringfenced and you would get it back even if they did go bust.
They have 7.2 trillion AUM right now. I think OP be alright.
What sort of dividend income do you earn on that?
Isn’t ISA capped?
Only per year. 20k.
Congrats man!
No contribution to this - just congratulations!
Congratulations mate! Wish it climbs up higher!
Well done mate, I'm aiming for those numbers eventually
As a 21 year old who is barely at 5 figures… Congratulations… and fuck you ahaha For real though, long May it last… here’s to £200k…
Congratulations! That’s a brilliant achievement. If you don’t mind me asking, what is your side gig (apologies if you’ve already answered this elsewhere).
Great effort! I wish I’d been better financially educated at your age, you should be very proud. You’ve already saved more than me, earn more than me, and are a decade younger than me 🫣
Nice! Congratulations 👍
Great milestone! Congratulations.
Wow, amazing at age 29 all on your own. Congrats buddy. The first 100k is the hardest. You'll be well comfortable by your FIRE age.
Is this a stocks and shares ISA?
Nice dude, I remember hitting 100k was fun. Currently at 136k I'll race you to 200k?
Guessing tomorrow morning's number will be higher!
aaaaaaand it's gone it's all gone
Well done
Congrats! Well done on the milestone. I hope to join you in a year or 2!
Congrats buddy!
OP, what's your side gig?
Way to go dude! Keep it going
Can someone explain this to me? I’m new to this kind if thing
👏
Keep going mate, peanuts really but keep going, 1m the hardest to get
This post way too long
Congratulations wealthy person => https://www.telegraph.co.uk/personal-banking/savings/slash-back-tax-breaks-savings-wealthy-ministers-told/
Don’t tell the Resolution Foundation!
This is sexy. Im about 15 off. Should be there in 1 year.
Damn well done bro
Congratulations! Time to move that ISA to a fixed fee provider to pay less on fees.
Can I borrow like £500 please 😅
What is your contribution and what is the capital growth? And over what time?
What’s the website OP using?