'When I was 18 I was offered the role of duty store manager at Halfords on a full-time basis, with an annual salary of £14,000. I snapped their hand off initially'
After that my earnings slowly went down amid changes to my pay plan and shifts in the broader economy. By this point I had started taking on a more finance-focused role and helped customers with car finance proposals and credit agreements. I realised I wanted to have a career change and specialise in finance.
Luckily, I had some money saved up from my previous job and the academy firm I was involved with had a loan facility enabling me to borrow money if needed and pay it back once my business started earning money. I used £13,000 of this loan facility in a year to top me up when things were a bit tight! Without this I would have had to rely solely on my personal savings.
I also put £40 into a Hargreaves Lansdown Lifetime Isa each month. There are two ways to use a LISA – to buy your first home or to use it as another retirement planning tool. I’m using it for the latter. It will give me a tax-free lump sum from the age of 60 to complement my private pension provisions.
At the moment I’m not making any decent returns on my savings and investments, but my strategy is over the long term. Plus, because I’m investing monthly into my pension and LISA, I’ll benefit from pound-cost-averaging, which effectively means drip feeding your money so you can afford to buy more stocks for the same price when markets fall.
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