After years of hard work, im now very lucky to have a few pound saved up for a rainy day
At the moment its just in my current account, looking for any help or suggestions where to move it for the best.
No funny comments please, just suggestions |
Reply privately, Reply in forum +quote
or View forums list | |
5.1% at Leeds right now or a little bit less if you need it in an ISA. At your age you would need to be crazy to risk it on the markets.
But if you are crazy, HSBC Jersey can get you 8-10-% on a US dollar high yield income bond. |
Reply privately, Reply in forum +quote
or View forums list | |
 |
By (user no longer on site) 50 weeks ago
|
"5.1% at Leeds right now or a little bit less if you need it in an ISA. At your age you would need to be crazy to risk it on the markets.
But if you are crazy, HSBC Jersey can get you 8-10-% on a US dollar high yield income bond. "
I like his ^^^^ advice on finance stuff, helped me loads a year back and motivated me again to keep in top of stuff.
OP look at Money Saving Expert for latest info and have a good read on their advice.
|
Reply privately, Reply in forum +quote
or View forums list | |
I would suggest looking at an ISA depending on the amount you can invest up to £20k a year in them.
One thing i do advise is not to have large amounts in a current account .They are more open to fraud.
ideally they should be in a saving account until you decide where you want to invest.
Also be aware interest payments on savings depending on the amount and your income may be liable for tax.
There is also a very wise saying .
Don't put all your eggs in one basket.
The FSCS protects 100% of the first £85,000 you have saved, per UK-regulated financial institution (not per account). So in simple terms, if your bank were to fail, the FSCS aims to get any savings up to this amount back to you within seven working days. |
Reply privately, Reply in forum +quote
or View forums list | |
Better to talk to an independent financial advisor.. Buying individual shares unless you're tracking company activity, government policy, geo political shit, trends and wider economic shifts takes knowledge. Yes you can get good returns but it's less risky buying funds. One bit of advice if you do would be to ensure money is spread - US, Europe, Global, Asia, Large, Medium, Smaller and across wide market sectors, is regularly reviewed given the above influence.
(for what my input would say) |
Reply privately, Reply in forum +quote
or View forums list | |
It depends how much you have. Is it financial advisor level or Martin's Moneymaker level?
When we inherited a smallish sum we went to see a building society person who suggested the best way to invest it, which included recommending each other for accounts to get £200 each. When we had pension pots to sort out we saw a financial advisor. If we ever have small (we should be so lucky) amounts we check the moneymaker site.
|
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) 50 weeks ago
|
How much, for how long? What sort of access do you want to the money?
Whats your appetite for risk or your tax situation? Do you have any debts? Are you concerned what you invest in from an ethical standpoint?
All good reasons to seek proper advice…. |
Reply privately, Reply in forum +quote
or View forums list | |
I have a chunk of money in Tesla and right now is a good time to buy.
Caveats though being I’m investing not trading and I don’t need access to that money for at least 10 years. Tesla is a high-beta (volatile) stock and can shift quickly up and down. You need to leave it in, not look at it and come back to it in a few years.
In general buying index trackers at the bottom (just before the official figures declare a recession) is decent investing move depending on your risk tolerance and how long you can tie your money up for.
Hades
X |
Reply privately, Reply in forum +quote
or View forums list | |
If you are a joiner, you are in stronger position than most to make a property renovation investment as your own Labour costs are negligible, plus you probably know all the right guys to cover the jobs you can't do yourself. Also you are probably aware that most local authorities grant a 12 months council tax exemption on homes under renovation so you shouldn't even have that overhead giving you a whole year to complete the job at your leisure. The only sting is the extra stamp duty on the purchase if you are already a home owner. |
Reply privately, Reply in forum +quote
or View forums list | |
If your not into huge speculation.. but after a fairly solid / dependable return.
Loads of stocks and shares isa / trackers available.
Tbh I'd go more specialised and do a ftse 100 tracker. As these generally go up (big corps always go up)
If you want an investment and don't mind a bit of gooogle / waiting.
House builders. Basically they own most of thr prvt owned land in the UK.
It's common for them to dip as much as 25-30% in share value... over a cycle of say 5 years.
Then suddenly planning / developments approved or political pressure..
They bounce back.
If you track them all ( easy to do on a phone) wait for a 10-15% drop... buy ... then sell or hold when recovers.
These are the easy / v little effort investing tips.
You can do forex .. but you need to learn a lot 1st.
Even then I'd not do more than 2- 5 trades a day myself |
Reply privately, Reply in forum +quote
or View forums list | |
"I have a chunk of money in Tesla and right now is a good time to buy.
Caveats though being I’m investing not trading and I don’t need access to that money for at least 10 years. Tesla is a high-beta (volatile) stock and can shift quickly up and down. You need to leave it in, not look at it and come back to it in a few years.
In general buying index trackers at the bottom (just before the official figures declare a recession) is decent investing move depending on your risk tolerance and how long you can tie your money up for.
Hades
X"
Op is 62, Tesla would be an awful choice.
I invested in Tesla before and would do again but you have to very careful with the entry and exit point he is all over the place. There is one thing that will make me invest again it’s not Cars, IT and it’s not space travel - it’s diesel alternatives for emerging markets but he is 10-15 years away |
Reply privately, Reply in forum +quote
or View forums list | |
Open an ISA if you haven't already. Although it all depends on what you are trying to achieve. Is it a quick return, longer term for some big purchase, securing your finances for the future. And ultimately how much money you have to invest/ save. Personally i spread savings across products for different needs, some short term investment in things I can access easily when I need the cash but still gives a reasonable return. Medium term investment in my isa for tax free growth. And longer term saving for retirement in my pension. I always leave a little in my bank but they don't offer good returns on most cash holdings. Whatever you pick you want it to be a rate of return that beats inflation or is tax efficient else stick it under your mattress |
Reply privately, Reply in forum +quote
or View forums list | |
The stock market is a risk and you can lose big time. One read of the Sirius Minerals story would be enough to put any one off. People did risk all (some lost life savings and pensions). Maybe premium bonds and a high interest account in a known bank if you lock it away for a year or so. |
Reply privately, Reply in forum +quote
or View forums list | |
There are some clever people on here money wise, so ill just elaborate if i may and take more advice
I have a couple of properties i own and rent out, no mortgage and these give me my income.
I have around 60K in the bank doing nothing, so thats the amount im looking to invest
A good friend used a financial adviser and invested 90k - lost the lot. Im not sure how he invested but hes going through the ombudsman at the moment
Thank you in advance you kind people |
Reply privately, Reply in forum +quote
or View forums list | |
|
By (user no longer on site) 50 weeks ago
|
"After years of hard work, im now very lucky to have a few pound saved up for a rainy day
At the moment its just in my current account, looking for any help or suggestions where to move it for the best.
No funny comments please, just suggestions"
Buy premium bonds on a monthly basis and they generally give a decent return |
Reply privately, Reply in forum +quote
or View forums list | |
"After years of hard work, im now very lucky to have a few pound saved up for a rainy day
At the moment its just in my current account, looking for any help or suggestions where to move it for the best.
No funny comments please, just suggestions"
I used a wealth adviser who manages all my investments. |
Reply privately, Reply in forum +quote
or View forums list | |
You need to spread it out across different products. Defo get an isa and top it up. You should look at your pension provision too, giving you security for the future..the rest do a variety of things high interest accounts, premium bonds. Try investing but do your research. Alternatively invest in more property as seems like that is working for you. |
Reply privately, Reply in forum +quote
or View forums list | |
|
By *usie pTV/TS 50 weeks ago
taunton |
A financial advisor will take a good whack every year to advise, you need to decide on the risk factor you are willing to take, if its low you can probably sort it yourself with basic saving plans, if you are willing to take higher risks then its probably likely to be invested in the stock market in one form or another, but they have performed very poorly for at least the last ten years at least unless you have been very lucky, with your experience in property I should think you probably already have the answer. |
Reply privately, Reply in forum +quote
or View forums list | |
» Add a new message to this topic
