Cash Check: Brian Waterson, 25, London

Last update: July 24, 2007 - 11:46 AM

Annual earnings: Between £20,000 and £30,000 ($41,000 and $61,000). Education: Master's degree in international conflict from King's College, London.

Job: Program coordination in international education.

Dream job: My dream job would be working for the U.S. State Department at one of the embassies overseas.

How is the United Kingdom financially different from the United States for you? Living in London is a challenge, because it is one of the most expensive cities in the world and a salary doesn't carry as far.

What are your living arrangements? I rent a two-bedroom flat in Fulham, just outside of central London. I have a flatmate who rents the second bedroom.

Last major purchase: A last-minute trip to Cyprus.

Next major purchase: It will probably be a large shopping spree in the States to take advantage of the exchange rate. I take advantage of the U.K/U.S. exchange rate whenever possible. I buy the majority of my clothes and big purchases in the United States because they're so much cheaper.

Smart money: I always get my monthly expenses, such as television license and mobile phone payments, out of the way as soon as I get paid.

Stupid money: I do have a tendency to let debt accumulate on one of my credit cards.

Investments/savings plans: I have pension plans in both the United States and the United Kingdom and multiple U.S. savings accounts.

Best advice you have for others: If your company offers any type of pension plan, take advantage of it, because it's easier to save money if it comes out of your paycheck right away.

Best money advice you've received: A close family friend advised to start saving for retirement from my 20s.

Financial and/or career goals: I want to gain more experience in my field so that within five years I can have a more senior role and thus be in a higher income bracket. Also in the next five years to be able to buy a flat and stop paying London rent.

What do you do for health insurance? In the U.K. we have the National Health System, and thus a healthy person in his 20s has no need for private insurance.

Money or happiness? Money. As I've had a privileged upbringing, I've become accustomed to having money and thus being able to spend frivolously.

YELENA KIBASOVA

Note: Yelena Kibasova is a University of Minnesota journalism student touring Europe this summer. Ka-Ching asked her to check out the money habits of young folks across the pond and report back periodically. She caught up with Brian, who is originally from Rhode Island, in London.

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