Retirement planning – meet the couple who bought a house at 23 and are now investing | Personal Finance | Finance
Not only that but the prudent pair are now knuckling down and saving for their retirement. The young couple shared with Express.co.uk the sacrifices they had to make as well as some advice for others looking to follow in their footsteps.
The average age of a first time buyer in the UK is 34-years-old so to achieve it more than 10 years earlier than the norm is quite an accomplishment.
Josh and his wife Tabitha bought their first home in Swindon three years ago when they were just 23-years-old.
Although it wasn’t easy, the couple say the sacrifices they made were definitely worth it.
In fact, buying their own property is one of the best things they’ve ever done.
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The couple are still enjoying having their own space but now that they’re on the property ladder, they haven’t exactly put their feet up.
Josh is investing any spare cash they have in their Freetrade ISA so that they can be financially free when they retire.
Although investing is still quite new to him, Josh’s confidence is growing every day.
He said: “As my investment experience has grown, I’ve learned to handle the fact that markets go up and down, so volatility doesn’t phase me as much as it did when I first started.
“I also learned over time to make sure I have a diversified enough portfolio to help handle market volatility.”
Josh continues: “Currently, I have investments in alternative energy sources such as ITM Power and Plug Power as well as investments in electric vehicle companies NIO and Tesla”.
The green investing movement is estimated to be worth £30trillion globally — and this is expected to grow rapidly in the coming years as climate change, energy security concerns and spiralling oil prices spur investment in renewables.
Josh wants to use his ISA to provide financial freedom for when he retires.
He added: “I’m currently paying into a workplace pension and intend to a buy-to-let property or two in the future so I’ve got as many sources of income as possible.
“For me, it’s all about staying true to your investing goals, no matter what the market is doing. The main thing is time in the market, not timing the market.”
Simon Jones, chief executive of Investing Reviews, said the younger generation is taking their financial future seriously and it’s even possible for someone to retire a millionaire in their forties if they start investing early enough.
He said “Assuming an average annual return of seven percent, it would take an investor maxing out their £20,000-a-year allowance around 22 years to reach millionaires’ row.
“Someone starting their investing journey in their teens or early twenties could potentially amass a million by the time they are in their 40s.”
