We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
What to do with ten thousand pounds?
red_devil
Posts: 10,793 Forumite
family member has this and has 5 of it in premium bonds in case of a big win and the other five in high interest account any ideas how to make more of 10 grand?
:footie:
0
Comments
-
Usual questions...
Invest or save?
what timescale?
what tax rate?
what risk profile?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
sorry dont understand questions. no timescale just how to make it go further.:footie:0
-
bump. anyone know?:footie:0
-
sorry dont understand questions. no timescale just how to make it go further.
In other words you're being far too vague. To get sensible advice you have to elaborate a little. There are hundreds of things you could do to make more of your £10K.
Savings/ISA's/Stocks/Bonds ?
Easy Access/restricted access/some risk/no risk ?
Tax status - Non tax payer/lower rate/higher rate ? It makes a BIG difference.0 -
Could anyone advise on where would be the best place to put 200k. I am selling my home and moving into a free one (long story) and will have 200k from the sale of my house.
I dont want to lose it, so dont want to take any risks.
earning 33k PA
probably have between 3-5 years to invest it.
Am i right in thinking that the best would be to put in a 6% savings and get a return of 12K PA in interrest.
Thanks for reading!Halifax CC [STRIKE]£1322.88[/STRIKE] £0 :j 11.9% Virgin CC [STRIKE]£1534.76[/STRIKE] £1384.76 0% until AUG 13. Grant over payment [STRIKE]£166.66[/STRIKE] £0 :j DFD 31 JUL 13 #102 :beer:
Weight[STRIKE] 164lbs[/STRIKE] :mad: 05 May 164lbs
Target 146lbs by 30 JUN 13
Happiness is a way of life not a destination.:j0 -
3-5 years is a tad short to invest it and your risk profile suggests cash based savings.
Am i right in thinking that the best would be to put in a 6% savings and get a return of 12K PA in interrest.
Not quite. It will take you into higher rate tax if you stick it all on a savings account so you will lose 40% on a chunk of it.
You should perhaps look to maximise your ISA allowances and possibly Nat Savings Certs to reduce your income tax liability.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
In other words you're being far too vague. To get sensible advice you have to elaborate a little. There are hundreds of things you could do to make more of your £10K.
Savings/ISA's/Stocks/Bonds ?
Easy Access/restricted access/some risk/no risk ?
Tax status - Non tax payer/lower rate/higher rate ? It makes a BIG difference.
easy access low risk, non tax payer.:footie:0 -
you could always buy a house and rent it out. House will probably increase in value also so you won't lose the original investment.0
-
shadowspy24 wrote: »you could always buy a house and rent it out. House will probably increase in value also so you won't lose the original investment.
Daft statement of the day goes to shadowspy.
buying a house for a three year timescale is daft but even more so at a time when property prices are on decline.
..wont lose the original investment..... oh dear. You must have been an endowment salesman in a past life.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Wouldn't you also require a substantial deposit for buy to let mortgages, making such a strategy impossible with only £10k?I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards