Hi I am just looking for some advice to try and improve my standing financially so I can hopefully set up my own business.
I am recently graduated from university but luckily I have no debts. Unfortunately I have no savings or assets either.
I am about to start a new job where I will hopefully have the chance to save some money. I am hoping to raise a decent level of capital to start a business within the next 6 years. Unfortunately I will need to get a loan to do this. I have never had a loan in my life. The only credit history I have is for car insurance which I have always paid monthly.
I'll be earning about £12,000 a year before tax. This is likely to increase within year or so and may increase substantially after two years.
I want to get started a soon as I can.
Should I take out a loan for a car or something to get some credit history, or start saving?
I could probably afford to pay 200 a month towards either of these.
I have thought about investing, shares and mutual funds etc but I don't think this would be worthwhile in my situation
Thanks!
I am recently graduated from university but luckily I have no debts. Unfortunately I have no savings or assets either.
I am about to start a new job where I will hopefully have the chance to save some money. I am hoping to raise a decent level of capital to start a business within the next 6 years. Unfortunately I will need to get a loan to do this. I have never had a loan in my life. The only credit history I have is for car insurance which I have always paid monthly.
I'll be earning about £12,000 a year before tax. This is likely to increase within year or so and may increase substantially after two years.
I want to get started a soon as I can.
Should I take out a loan for a car or something to get some credit history, or start saving?
I could probably afford to pay 200 a month towards either of these.
I have thought about investing, shares and mutual funds etc but I don't think this would be worthwhile in my situation
Thanks!