| Money advice 09:21 - Oct 31 with 10225 views | stickymockwell |
I've been left a good sum of Money from my Grandma and don't know what to do with it. It's not enough to get me a on next rung of the housing ladder and there is nothing I really need to do with it at the moment and because it was from her I don't want to blow it on drink and hookers.
I'm struggling to think of how to get it to grow as the savings accounts are so bad at the moment and the only thing I can think of is Premium bonds.
Any advice from the money peeps on here would be great. |  |
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| Money advice on 09:24 - Oct 31 with 7143 views | factual_blue |
Get in touch with Keno. |  |
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| Money advice on 09:24 - Oct 31 with 7144 views | itfcjoe |
I've got a bit for my boy in Premium Bonds, they are decent enough and very secure and liquid.
I'm sure there are better places to put it, but I'd be tempted to stick it somewhere like that until you do have a use for it - I'd also say try and make good use of it, I know a lot of people that have sat on inheritance forever because they don't feel it is theirs, but ultimately the person who left it to you would want it to improve your life and not just sit there untouched. |  |
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| Money advice on 09:25 - Oct 31 with 7133 views | stickymockwell |
| Money advice on 09:24 - Oct 31 by factual_blue |
Get in touch with Keno. |
Will do!
Mr O did suggest drink and hookers the last time I asked | |
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| Money advice on 09:27 - Oct 31 with 7117 views | stickymockwell |
| Money advice on 09:24 - Oct 31 by itfcjoe |
I've got a bit for my boy in Premium Bonds, they are decent enough and very secure and liquid.
I'm sure there are better places to put it, but I'd be tempted to stick it somewhere like that until you do have a use for it - I'd also say try and make good use of it, I know a lot of people that have sat on inheritance forever because they don't feel it is theirs, but ultimately the person who left it to you would want it to improve your life and not just sit there untouched. |
It is strange. It's my first experience of in heritance and it doesn't feel like it's mine. | |
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| Money advice on 09:27 - Oct 31 with 7113 views | bluewein |
Enter Sprucey in 5...4...3... |  |
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| Money advice on 09:28 - Oct 31 with 7106 views | factual_blue |
| Money advice on 09:25 - Oct 31 by stickymockwell |
Will do!
Mr O did suggest drink and hookers the last time I asked |
Ah, but his advise on the division of your cash between the two will be invaluable. | |
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| Money advice on 09:30 - Oct 31 with 7089 views | chicoazul |
I am not an FA and this is my opinion; put it in an Index Tracker. Minimal fees, minimal effort. |  |
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| Money advice on 09:33 - Oct 31 with 7074 views | ITFC_Forever |
TWTD Acca. |  |
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| Money advice on 09:44 - Oct 31 with 7050 views | Oldsmoker |
Premium bonds are an easy risk-free investment. Any winnings are tax free and even the £25 minimum win on say £1000 of bonds is more than you'd get at a building society after tax.
What about the stock market?
There are many companies that offer shareholder perks. You will need to find what the minimum investment is to get the perks but if you use a hotel chain, department store, airline, holiday firm regularily then it might be worthwhile. |  |
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| Money advice on 09:46 - Oct 31 with 7043 views | Marshalls_Mullet |
When i received an inheritence from my gran I knew she would have wanted me to spend it sensibly, so I think youre right not to just blow it.
I put it in the bank and used it for a deposit on a house, but like you say interest rates arent great.
I guess you could use it to invest in a buy to let? |  |
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| Money advice on 09:47 - Oct 31 with 7034 views | portmanking |
Is it enough to get a buy-to-let mortgage on a 2nd property? Could be a ready-made pension pot for you in 20-25 years. |  | | |
| Money advice on 09:47 - Oct 31 with 7031 views | m14_blue |
| Money advice on 09:24 - Oct 31 by itfcjoe |
I've got a bit for my boy in Premium Bonds, they are decent enough and very secure and liquid.
I'm sure there are better places to put it, but I'd be tempted to stick it somewhere like that until you do have a use for it - I'd also say try and make good use of it, I know a lot of people that have sat on inheritance forever because they don't feel it is theirs, but ultimately the person who left it to you would want it to improve your life and not just sit there untouched. |
So your vote is for drinks and hookers then? | | | |
| Money advice on 09:49 - Oct 31 with 7025 views | factual_blue |
| Money advice on 09:47 - Oct 31 by portmanking |
Is it enough to get a buy-to-let mortgage on a 2nd property? Could be a ready-made pension pot for you in 20-25 years. |
Who in twenty-five years time is going to buy all these houses? | |
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| Money advice on 09:49 - Oct 31 with 7025 views | Archer4721 |
Interest rates are at last rising which is good news for savers. Just stick it in a savings account for the time being. Interest rates will continue to rise so you should get a good return. |  | | |
| Money advice on 10:07 - Oct 31 with 6971 views | stickymockwell |
| Money advice on 09:47 - Oct 31 by portmanking |
Is it enough to get a buy-to-let mortgage on a 2nd property? Could be a ready-made pension pot for you in 20-25 years. |
Yeah its enough for a deposit but I don't think the banks will touch me with my financial track record over the last few years. If I were to move I could only keep the mortgage I already have as they wouldn't lend me anymore even with the hefty amount of equity I will have accrued on my house. She has left me 30k. | |
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| Money advice on 10:15 - Oct 31 with 6944 views | stickymockwell |
| Money advice on 09:44 - Oct 31 by Oldsmoker |
Premium bonds are an easy risk-free investment. Any winnings are tax free and even the £25 minimum win on say £1000 of bonds is more than you'd get at a building society after tax.
What about the stock market?
There are many companies that offer shareholder perks. You will need to find what the minimum investment is to get the perks but if you use a hotel chain, department store, airline, holiday firm regularily then it might be worthwhile. |
I think the stock market is a good idea. I have no experience of it, but it could be fun. | |
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| Money advice on 10:55 - Oct 31 with 6888 views | Reuser_is_God |
Invest it in Football Index, it'll be doubled in less than 12 months. |  |
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| Money advice on 11:06 - Oct 31 with 6859 views | hampstead_blue |
" I don't want to blow it on drink and hookers. "
I was going to suggest fine wine and older women, but you cut me off in my prime. |  |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
| | Poll: | Best Blackpool goal |
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| Money advice on 11:08 - Oct 31 with 6853 views | hampstead_blue |
| Money advice on 09:30 - Oct 31 by chicoazul |
I am not an FA and this is my opinion; put it in an Index Tracker. Minimal fees, minimal effort. |
That's were I would go as well....
It's liquid as well.
We've just invested in this; https://www.cogressltd.co.uk/
Worth a look. Their Due Dilligence is very good. A member of our family is also a Fund Manager and he liked it.
P.S I used to be an IFA and have the IMC as well. [Post edited 31 Oct 2017 11:11]
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| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
| | Poll: | Best Blackpool goal |
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| Money advice on 11:09 - Oct 31 with 6845 views | Deano69 |
Why not spend half on booze and hookers, then squander the rest?
In all seriousness, get it into an ISA or Premium Bonds ASAP then it wont burn a hole in your pocket. There's no such thing as easy money really, unless you have £10,000's to invest. Keep hearing stuff about BitCoin and all sorts of stories about huge gains, but suspect its more hype than a sensible and steady moneymaker. Why not buy something to remember her by that you keep (piece of art/furniture/jewellery/antique) and lock away the rest? |  |
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| Money advice on 11:10 - Oct 31 with 6840 views | itfcjoe |
| Money advice on 10:15 - Oct 31 by stickymockwell |
I think the stock market is a good idea. I have no experience of it, but it could be fun. |
Sounds like you are well qualified for it then....! | |
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| Money advice on 11:16 - Oct 31 with 6814 views | dirtyboy |
If it's a not inconsiderable amount of money a Financial Advisor is worth getting involved.
Pensions are popular again, due to the ability to drawdown and keep outside of your estate for IHT purposes and name beneficiaries. If you're thinking that far ahead!
Get advice. |  | | |
| Money advice on 11:17 - Oct 31 with 6815 views | WeWereZombies |
| Money advice on 10:15 - Oct 31 by stickymockwell |
I think the stock market is a good idea. I have no experience of it, but it could be fun. |
Thought about a Stocks and Shares ISA? Mine is doing very nicely two or three years on. |  |
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| Money advice on 11:21 - Oct 31 with 6798 views | No9 |
At the moment Premium Bonds are a good bet because of security of cash in a very uncertain world. | | | |
| Money advice on 11:35 - Oct 31 with 6769 views | Ryorry |
I'm also completely unqualified!
Partly depends what your interests and beliefs are. I'm into environmental issues, and put a couple of £K into a community hydro-electric generation scheme which, because it feeds into the national grid, pays an annual dividend above bank savings rates.
If you live in a rural location, you could buy a few acres of land - they're not making it any more, so very unlikely to lose value. Would need a bit of management - if you don't want to do that yourself, rent it out to a local farmer or horse owners, there usually seems to be a shortage for them - standard rental agreement forms can be downloaded online.
My old advisor (R.I.P.) always advised against PBs, as what they pay out in prizes doesn't compare well with other forms of investment. However, if like me you get a buzz from wondering if you've won a biggy at the start of each month, and like having a safe but easy access place for your dosh, they're great! |  |
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