Kenny Buckey, co-founder of The Pivot Place
Courtesy of Kenny Bucky
A millennial has managed to save enough money to buy her own property by the age of 25, despite the bleak economic landscape facing young people.
Kenny Boki, a UK-based professional under 30 years of age, is a compliance officer who has worked at companies including KPMG and Visa.
By the age of 25, she had saved £50,000 (about $63,000) and taken out a mortgage to buy her first home. Her savings and mortgage were verified by CNBC Make It.
Bucky explained that she had no financial help from her parents, and instead had to be very financially savvy, with inflation continuing to rise, the cost of living rising, and house prices skyrocketing. Shame on those under their thirties.
In fact, only 36.5% of adults say they feel better off financially than their parents, while 42.8% say they are worse off, according to CNBC International. Financial Security Questionnaire for Your Money April 2024.
As many young people feel they have passed adulthood, some of them do so increasingly Spending is torture To deal with stress because they don't think they will be able to own a home or start a family.
Bucky said that after she graduated in 2017, these concerns were top of mind for her.
“I came from a background where we had to be careful with money and money wasn't always in abundance. There was always a scarcity mentality around money and my upbringing,” Bucky said in an interview with CNBC Make It.
“I didn't take any financial lessons or anything from my parents at all…I hated the idea of being tied down by money and I started learning at an early age that if you save money, you have the freedom to do what you want.” “With this money.”
Here's how Bucky, who chose to keep her legal name and age private for privacy reasons, saved five figures in her 20s.
“I was obsessed with saving”
Bucky felt her degree in forensic science didn't have enough income potential – so she pivoted to the finance industry, starting as an analyst at banking firm RBS on £28,000. She was committed to saving money, even then.
One way Bucky has been able to save despite the rising costs of living is to continue living with her parents for as long as possible – something that is increasingly common. Common direction In recent years with the rise in the cost of rent.
This meant it was a two-hour commute to and from the office most days, but she said the savings were worth it.
“I was obsessed with saving at least 50% of my salary,” Bucky said. “So I could have easily moved, but I was prioritizing saving that money so I could invest and build toward financial freedom and independence. I lived at home as long as I could, even though it wasn't the best place.”
She added that saving money when you were on a lower salary created a saving habit that she has maintained until now. This increased her savings, as she was able to put more money aside.
Once Pocky had saved her first £50,000, she used almost half of it as a deposit to buy her first home in 2022 and invested the rest in the stock market.
Live frugally
Bucky coupled saving money with living frugally, including only buying clothes during sales.
However, growing up in the age of social media means it is easy for young people to fall into the comparison culture and feel pressured to live beyond their means.
“I understood the ultimate goal for myself. I knew what kind of future I wanted for myself. I didn't want a future where I struggled for money or had limited money. That was more important than any good life.” Bucky said.
However, she said she still manages to enjoy herself and budget for cheap vacations with her friends and going out to dinner.
She also admitted she got carried away when she first started earning around £40,000 – and buying a BMW.
“I fell into this trap temporarily and then I looked at it and thought: 'Actually, this isn't all I want to be. I need to focus on my goal.' So I owned a BMW for a few months and then I just sold it because I thought, actually, I wasn't even trying.” That's it now, let me get back to my Ford or something.
Smart millennials now earn more than £100,000 a year. She has invested more than £30,000 in the stock market, converted her first home into a buy-to-let property, and is on her way to purchasing a second property.
Despite this, Bucky said simplicity still appeals to her.
“There are certain things I still don't do at the moment, for example, I don't think this is the right time for me to buy a luxury car, even though I can fully afford it,” she said.
“I need assets to pay for it, not out of pocket, because, in my mind, that's how you get stuck in the rat race, once you have all these fancy things, because that's tied to your income. To me that's a form of slavery, where you're restricting yourself.” With these commitments.”
