If it is the later one, then read this : Saving Up Journey II
I should have posted this after exactly a year, but the journey hasn't been so smooth for whatever the reason was. As I came across this amazing well-explained book called "The Money Ladder" by Franklin Asante, unknowingly getting myself addicted to read every pages of the book every day after work and before go to bed. I can't say this book is for everyone, but it does help an amateur people like me to understand wealth in pounds.
Mr Munger quoted, the first 100 thousand is the hardest because it requires a radical change in your lifestyle. Well, it took a lot in me to start over. I used to spend my off-days jaggling in stores looking for something to spend money on. Now, I used these free days to keep myself busy with work, because the most important thing for me right in this moment is, to have control over my own money and that is the first tiny step of climbing the ladder.
I am also a risk-adverse person, so Stock/Cash ISAs definitely on my top list considering the tax benefit you can get out of it. (£20,000 invested/saved get you tax free on any capital or interest gained). Earnings in pounds has its own perks, tax is unimaginable. You received your monthly payslip, you skipped from checking the tax you paid column and straight to the net amount, to keep your mental health at optimum. Bare in mind, if you earned more than £100,000 annually, you might want to check the tax you have paid for your self-assessment tax return.
This book as well relates a lot to all my google searches about personal money management and the work I am doing now. It explains in the best way for anyone who read to understand even from the simplest concept. It has given me a lot of input and felt like I am actually doing it right.
I am indeed in my very own race. So, you do you. Till then…
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