What to do with the money...

[Ajax123]

I am lucky enough to have a modest sum of money coming to me from a matured endowment late this month. It is not a life changing sum but is significantly more than I have had at any one time before.

Anyway... I am now in the situation of trying to decide what to do with it apart from the two week cruise I've booked to celebrate my 25th wedding anniversary...

i could put it into some sort of isa but I have looked around and the interest rates are rubbish... Almost not worth waiting for but at least it would earn something. It would however be tied up for a long time

I could put it in the bank and access it any time but earn even less interest

i could put it into stocks and shares but know nothing about this so worry about losing it all.

i could put it into premium bonds and possibly earn nothing and possibly win the jackpot...

anyway. I was interested in your thoughts... What would you do if it were your dosh.... ??

 

[White Room]

Santander 123 account do 3% interest with monies upto £20'000 and cash back on fuel, domestic shopping and gas/electric bills.

 

[Rookery]

First I'd pay off any borrowings such as credit cards and mortgage etc. Then I'd stick the max allowed in an ISA cos its tax free. Then I'd buy a load of Premium bonds cos your moneys safe and you might win a few quid.

 

[Ian]

I'm looking for a sponsor. For £10,000, I will have your name written on my van and work clothes. A good investment :smilewinkgrin: on a serious note, it may well be beneficial to speak to a financial advisor, someone who has no links to the banks as they don't exactly have the best track record in recent years.

 

[judge]

I think ive a little room in my bank account if you want to keep it there for now :lol:

 

[peteablard]

:drool5::drool5::drool5:

 

[John Benton]

My step-sons wife's father, stay with me, bought £5k worth of Premium Bonds and won £8k after only 4 weeks.

I'm guessing that you've been paying more than you should have to pay off your mortgage, hence you actually got some money from an endowment, first person I know of.

If you're looking for long term Alan, bricks and mortar, small terrace, deposit down and and monthly rental income from it.

 

[Ajax123]

First I'd pay off any borrowings such as credit cards and mortgage etc. Then I'd stick the max allowed in an ISA cos its tax free. Then I'd buy a load of Premium bonds cos your moneys safe and you might win a few quid.

I don't have a credit card and my mortgage is at such a low interest rate I am not sure it is worth paying it off in one although I have thought about that too... Mind you the amount would not cover it anyway

 

[Ajax123]

I think ive a little room in my bank account if you want to keep it there for now :lol:

No problem just send me the account number and sort code and of course your PIN number and I will have a look at the idea..

 

[Ajax123]

My step-sons wife's father, stay with me, bought £5k worth of Premium Bonds and won £8k after only 4 weeks.

I'm guessing that you've been paying more than you should have to pay off your mortgage, hence you actually got some money from an endowment, first person I know of.

If you're looking for long term Alan, bricks and mortar, small terrace, deposit down and and monthly rental income from it.

Yes I've been paying more off the mortgage so that is covered. The bricks and mortar idea would be lovely but there will be no where near that much money left over.... Still thinking premium bonds as the money is safe...

 

[Stef]

Classic cars, read an article somewhere a few months ago & it gave 1 of the best returns on your money,
Whiskey is another good investment, just don't drink it!!!

 

[Ajax123]

I'm looking for a sponsor. For £10,000, I will have your name written on my van and work clothes. A good investment :smilewinkgrin: on a serious note, it may well be beneficial to speak to a financial advisor, someone who has no links to the banks as they don't exactly have the best track record in recent years.

Tats the trouble Bri.. I have no faith whatsoever in the banks and I don't really trust financial advisors as they always seem to have hidden agendas... I'd be happier keeping the cash in a tin in the chimney...

- - - Updated - - -

Classic cars, read an article somewhere a few months ago & it gave 1 of the best returns on your money,
Whiskey is another good investment, just don't drink it!!!

Hmmm... Classic cars sounds like fun... Not sure about the whiskey... My mrs might have something to say about that

 

[Rookery]

Yeah I wouldnt trust a financial advisor either. I'd be constantly thinking he'd recommend whatever got him the best commission. Trust your own judgement on this one.

 

[CJ]

Make a bucket list.......and start on that.

Sometimes it's nice to have a blowout.....and if that involves a few quid, then it'll have to be something that Your'll remember for life.

 

[Ajax123]

Make a bucket list.......and start on that.

Sometimes it's nice to have a blowout.....and if that involves a few quid, then it'll have to be something that Your'll remember for life.

a bucket list.... I got some gorilla tubs... Well that do??

 

[CJ]

I'm trying to be young & trendy.

isn't a bucket list a list of things you want to do before you drop??

 

[Del W]

Gold !!! or "wine, women & fast cars, & just waste the rest" George Best I think.

 

[Stef]

Gold !!! or "wine, women & fast cars, & just waste the rest" George Best I think.

Gold prices are dropping just now in expectancy of Greece & other countries cashing in their reserves!!

 

[Del W]

Gold prices are dropping just now in expectancy of Greece & other countries cashing in their reserves!!

Bugger ! My broker hasnt told me that !

 

[Peter]

Know nothing about bonds but if it were me I'd buy a cheap terrace or two for renting out, some bargains about. The whisky investment is a bit of a slow burner in that you'll wait 20 years and only gain inflation + a few quid. All the collectable bottles are expensive to start with.

 

[widler]

Bricks and mortar alan. I got a bit off something, i bought 2 houses over here,did them up, now i have 2 houses which are worth over 60 grand more between them and get over £600 a month profit off the rent

 

[Rookery]

If I had some spare cash I'd buy the one thing that will always decrease in availability and so will always increase in value........
Land.

 

[Daveshadowman]

Well I need a new van ( transit custom in black would be nice )

 

[Concrete guy]

My first port of call for extra cash is Premium Bonds. It's like playing the lottery once a month with a load of free tickets.

I like the instant access if it's needed (get registered for on line stuff it's very quick these days).

 

[hotrod]

Couple of things to consider 1) no financial adviser is allowed to earn commission anymore so you should have no need for suspicion on that count, what that does mean however is that as they can no longer earn commission then you have to to pay a fee for their advice which depending on how much you have to invest can make it not worthwhile hence most decent financial advisers now will only consider clients with circa 50k plus. 2) everyone knows someone who has had a win on the premium bonds but the truth is the average person with the average luck (whatever that is) earns less than half a percent on premium bonds, fine for a few grand for the fun of having the chance of a win but still need to accept that if you leave it in their your capital is eroding and will not buy you as much when you come to spend it. Personally i would say if you don't want to see an adviser pop to the post office and ask for all the national savings leaflets as there are a lot better products available than prem bonds , they usually have an index linked savings bonds available which will keep your funds in line with inflation and tax free. Really depends on what the funds are for so if for example it's money for retirement despite all the REMOVED that the average joe comes out with you still cannot get better value than a decent pension, the taxman will actually give you money! And they are far more flexible than ever when you want to use the money in the future.
just my opinion as a financial adviser (for now!)