Got my first job, what do I do with my money?!

[jcthesword]

I just landed my first job, I earn around £1,600 a month and have around £400 outgoing per month. Where do I put my money to make the biggest profit possible?
Do I:
A) Split it between an instant savings account, ISA, Funds etc
B) Buy a house, rent it, sell for profit in years to come
C) Invest in Stocks
D) Transfer it to Ukrainian currency, wait for the war to be over and the inevitable economical boom that will increase their currency’s worth tenfold (saw this on Reddit, seems slightly unethical)
E) Something else
F) All of the above

Please, I need advice!

 

[truthandlove]

@jcthesword Flowchart.

Don’t do D

Invest in yourself where possible to maximise your chance to increase income.

 

[danit1999]

@truthandlove

Don’t do D

OP is actually protected from their own insane plan here by the fact that Ukraine's currency is a closed currency (this has been the case for years not just since the war), i.e. it can't readily be bought or sold outside of Ukraine.

 

[papabear101]

@jcthesword Definitely not D. Do not trade FX, options, crypto or meme stocks based on things you read on Reddit. That's just asking to lose money.

Build up a few months worth of expenses in an emergency fund. Buy some stock ETFs with whatever is left over.

 

[resjudicata]

@jcthesword All in on D

 

[rodm89]

@jcthesword Just follow the flowchart as it has a good guidance on what to do with your money.

I just dump whatever I have left in a S&S ISA after factoring in savings pots for a holiday, gifts, subscriptions, and house deposit.

 

[royalpriestess]

@jcthesword Something I post on here quite a bit for people in your position....

Enjoy the money for a year or 2.
No point putting away all your disposable income from Day 1 and never actually enjoying life.

 

[missguidedsheep]

@jcthesword Where do I put my money to make the biggest profit possible?

Currently Lifetime ISA - £4000 + bonus of 25% from the gov

A- following https://ukpersonal.finance/flowchart/ you need an emergency fund and a holiday before anything else.

B - Currently Lifetime ISA - £4000 + bonus of 25% from the gov - Your need 10% - 25% deposit - Not sure they are many BTL mortgages at present if so charges are high. ensure you have Secure shelter. a home for yourself first.

C - Need the above first.

D) Transfer it to Ukrainian currency, - the Ukraine is likely to become the new Yugoslavia and cease to exist then what happens to the currency, - it going to split betwwen Poland (EU, Nato , USA) and Russia have already agreed the new Borders

E) - I would https://ukpersonal.finance/flowchart/ and start FIRE - Financial independence retire early - I started with my emergency fund via premium bonds which i maxed out at £30000 ( now 50k) As it safe - 3% - 7% return as well. then max out my ISA yeary £20,000 then or on top GPI - S&S 500 - plus salary sacrifice to pension £40k - ensure I undstood about tax and limited how much I paid.

F) - A,B E then C

 

[resjudicata]

@jcthesword Ask your parents if they want you to contribute more?

 

[jnicole]

@jcthesword Contribute to a pension should be in your list of options.