Hi guys, I wanted to ask a few questions about making good decisions with my money and realise I may not be doing that at the moment. Ill start by explain my situation. (throwaway for obvious reasons)
I think its important to say im from the UK so some things are slightly different to the US. I'm 22 now, currently finishing my masters degree, and looking at starting a new job in September that pays a salary of about £33K a year. When I start the job I will be moving house to rent at first, with an aim to buy in 2/3 years.
Currently i live off a student loan. Each year I take £9,000 of loan to cover my university fees and around £5,500 in loan to cover living costs. I currently live exclusively off that money (and a non repayable scholarship payment of £2,500). The total amount of student debt I have will be around £58,000 when I start working in September.
Unlike the US the UK student finance is slightly different - we are only required to pay back the loan when we are earning over 22K a year and even then we pay back as a fraction of our wage. If we haven't payed off the loan by age 40 the loan is wiped clean. So I have a fair amount of student debt but that is not too serious of an issue due to the way its repaid (or not).
When I was 7 (15 years ago!) my great grandfather unfortunately passed away, leaving me a portion of his estate worth around £75,000. Being 7 this was put into a trust and managed by my grandfather who invested it through a wealth management firm. On my 18th birthday the trust was transferred to me and has remained invested through the same firm since then. Its value now stands at £135,000.
I also have a few other savings in the forms of premium bonds and savings that come to about £10,000.
So my question is - what do I do? Should I continue on as things are, pay off my student loans, or keep the money ready to secure a low mortgage? Thanks in advance for any help you can offer!
On a side note I'm looking at purchasing a car when I move home and start working (i will need it to get to work) and was considering a Tesla Model 3. I'm keen on EV and have always wanted a Tesla. Is this something I could realistically afford on my wage?
Submitted December 02, 2017 at 09:08AM by Throwaway_1852470987 http://ift.tt/2jaa7ma
