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I Need Help Planning For My Future!?

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I Need Help Planning For My Future!?

Postby Keane » Tue Oct 03, 2017 7:34 pm

I'm 17, I'm going to be new to everything in a year when I'm 18, and I want to buy a house or farmland shortly after high school. How do I build a strong credit score or something along the lines of that to ensure I can get a home/ farmland loan? It would be greatly appreciated. Also, what kind of work should I get into for the future? I would prefer a desk job that doesn't require any college. I am considering owning my own business, so suggestions for business, jobs, etc. would also be greatly appreciated! 10 Points!!

Also, don't say military, because I wont join the military
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I Need Help Planning For My Future!?

Postby amaury » Wed Oct 04, 2017 6:10 pm

Seeing that you are 17 to turn 18, I don't think you will get a personal loan (mortgage) big enough to invest into a house or business that quickly. The way I see you can get a loan big enough for either of those options, for a good credit score, is that you get the suitable/eligible income for once, because the bank will need to know if you can pay off any mortgage plan you wish to take e.g. monthly/weekly installments, because there will be interest on the loan you will have to repay (mortgage interest). A secure job is very desirable, and it's security for yourself because if you cannot pay the bank back, they will repossess you house and sell it to cover the cost. Pretty sure you will need a letter from your job and the papers to confirm that you have a good income to cover the costs. Make sure you do not have any debts or expenses over the years because that can be a flaw (bad credit history).

You will need to research: unsecured/secured loans + fixed/variable loans as how much interest you pay and when and how much you repay depends on those key features. You need to know how much you will need which will determine what sort of loan and repayment method you require or will want. You will need to have certain amount of money in your bank first too - deposit will be placed on the house, you will need to know how much that will be etc. Not only that, you will need to have a job that will be able to give you enough income to pay your tax, loan, bills and miscellaneous costs! There are first time buyer options and they differ per bank as well as terms and conditions including repayment and interest rate. - Do you research on these areas, get a job, do comparisons by going to the banks and having a chat (it won't hurt to find out what advice they have for you even if you are just asking for now and thinking of the future) and start planning. Even though you are 18, it's not a bad start to begin questioning and collecting information ;)

With no credit history, since you're under age, you have no credit history - you will have a credit/debit card/history once you are eligible (18) and using/working. So I think you will need to work for couple of years or more - find a secure job and it ain't that easy but you never know, I don't know what you are capable of so I won't lecture on that but just so you know, you will require a secure job or you can be in a right twist with the bank if you can't pay off in time. You will be given a NI (National Insurance card) at 18 which will be essential for working and getting loans as well as repaying them!

I don't know which country you are in, but if you are in U.K. for jobs I would suggest you go to a Job Center and register there, it's sufficient, efficient and best way to get a job. Other than that, go online on DirectGov: http://jobseekers.direct.gov.uk/homepage.aspx?sessionid=40443923-8755-443f-88f9-9ca6815c2f59&pid=3 and seek jobs from there either by specifying words or using the category section. There's a newspaper called 'Jobs' where you can seek for any jobs and any proper newspapers will have jobs listed somewhere in the back.

You will need to create a C.V. and I know you want a specific job but sometimes you have to have lots of experience and academic qualifications for certain jobs so don't be dissapointed if you don't find a desk job or any specific job that you like right from the start (if you do, woot!) because it takes time for a graduate to find a secure job and a job they want let alone for someone who doesn't have a higher education qualification.

Note that with a desk job, doesn't mean you will be well paid because even a highly qualified grad student with a secured job starts off with low income and will have to wait for couple of years or so to get enough income to be able to get a loan and repay it.

And if anyone lectures you on how you SHOULD get a degree, I understand where they are coming from because it does boost yours options, widens your horizon and makes you more desirable than a non-qualified applicant, but it's not an 'easier' road than a road taken by a non-grad because a grad ends up in debt anyway so your way or the way people lecture you to go through are both equally exhausting - it all boils down to where you go and how hard you work and how great you are!

I have also witnessed people, young adults 18 to 21 trying to get a lone, it's not impossible, just hardly successful because 24/25+ are more seriously taken.

Give it few years! You will have more experience, history and will be prepared for the adult world.
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