Twenty Two Years And Counting.
ChatterBank3 mins ago
50,000 spare cash to invest
6 Answers
wot should i do with it? invest overseas property market? isa? i just dunno....i can leave it for about 3 yrs max
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keep your money in premium bonds think the max is up to 40k. Then my partner is thinking of investing a simlar amount into a food business for me which the gp is around 60-80% if you have a wife who would want to do that or employ staff. I looked at bulgaria which has become saturated, morroco is the up and coming place at the min, it all depends on what risk you want to take and how long you want a return from you money.
WARNING I am not a financial adviser. Seek proper advice from an Independent Financial Adviser on fee, not commission basis.
A few things spring to mind immediately:
1. Clear debts, esp. store and credit cards; pay off the most expensive first.
2. Use your tax free allowances (you & your partner, if you have one). So, up to �3k (each) in a cash mini-ISA and up to �4k each in a stocks and shares mini-ISA - take advice on which fund(s) according to your appetite for risk. AND do the same in the next tax year, starting April.
3. Create an "emergency fund" to cover you/your outgoings for 3 (better, 6) months if for any reason you no longer had an income through accident, ilness or unemployment. Put it in a high-interest earning account; good rates are available, even with instant access.
4. If you have money left over (or you don't have to do any of 1-3 above) then investment decisons depend on a) the level of risk you will accept and b) the length of time you are prepared to leave the money/investment alone.
Where should you invest? Stock exchange investments have proved to deliver greater benefits over the medium (say five years) term and longer. The least risky stock exchange investment would spread across a number of stocks ("diversification") would be a tracker fund focused on the FTSE 100.
Individual stocks (especially those on the AIM or PLUS markets) are always more risky but offer greater rewards if you back a winner.
Property has been successful over the past ten years - but by the time it reaches the retail market many think it's past its peak and on the way down.
THE BEST THING TO DO is talk to an INDEPENDENT financial adviser who operates on a fee basis (like consulting a solicitor) and NOT on a commission basis. Ask around for personal recommendations.
Hope this helps.
A few things spring to mind immediately:
1. Clear debts, esp. store and credit cards; pay off the most expensive first.
2. Use your tax free allowances (you & your partner, if you have one). So, up to �3k (each) in a cash mini-ISA and up to �4k each in a stocks and shares mini-ISA - take advice on which fund(s) according to your appetite for risk. AND do the same in the next tax year, starting April.
3. Create an "emergency fund" to cover you/your outgoings for 3 (better, 6) months if for any reason you no longer had an income through accident, ilness or unemployment. Put it in a high-interest earning account; good rates are available, even with instant access.
4. If you have money left over (or you don't have to do any of 1-3 above) then investment decisons depend on a) the level of risk you will accept and b) the length of time you are prepared to leave the money/investment alone.
Where should you invest? Stock exchange investments have proved to deliver greater benefits over the medium (say five years) term and longer. The least risky stock exchange investment would spread across a number of stocks ("diversification") would be a tracker fund focused on the FTSE 100.
Individual stocks (especially those on the AIM or PLUS markets) are always more risky but offer greater rewards if you back a winner.
Property has been successful over the past ten years - but by the time it reaches the retail market many think it's past its peak and on the way down.
THE BEST THING TO DO is talk to an INDEPENDENT financial adviser who operates on a fee basis (like consulting a solicitor) and NOT on a commission basis. Ask around for personal recommendations.
Hope this helps.
Moneysavingexpert.com has a very good forum with a section devoted to savings and investment but if you're a notice (and it sounds as if you are) you really should seek the advice of an Independent Financial Advisor, but DON'T go to your local banks as they will only recommend their own products which may be totally unsuitable.
I'm not a financial advisor either, but advice in such situations is usually to pay off all debts, reduce your mortage or top up your pension scheme. If you've not invested in the stock market before, now may not be a good time if you're worried about a rocky ride and three years is generally considered too short a period to be invested in equities. . If it's currently sitting in a current account earning no interest, find a good interest paying savings account temporarily and put the money in there until an IFA has come up with some recommendations suitable for your own circumstances and risk profile. With interest rates forecast to drop, a two or three year savings bond might be another possible option.
I'm not a financial advisor either, but advice in such situations is usually to pay off all debts, reduce your mortage or top up your pension scheme. If you've not invested in the stock market before, now may not be a good time if you're worried about a rocky ride and three years is generally considered too short a period to be invested in equities. . If it's currently sitting in a current account earning no interest, find a good interest paying savings account temporarily and put the money in there until an IFA has come up with some recommendations suitable for your own circumstances and risk profile. With interest rates forecast to drop, a two or three year savings bond might be another possible option.
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