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What to do with ten thousand pounds?
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# 1
red devil
Old 11-12-2007, 2:32 PM
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Default What to do with ten thousand pounds?

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?
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# 2
dunstonh
Old 11-12-2007, 5:13 PM
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Usual questions...

Invest or save?
what timescale?
what tax rate?
what risk profile?
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 3
red devil
Old 12-12-2007, 12:28 AM
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sorry dont understand questions. no timescale just how to make it go further.
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# 4
red devil
Old 13-12-2007, 1:45 PM
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bump. anyone know?
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# 5
exel1966
Old 13-12-2007, 1:58 PM
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Quote:
Originally Posted by red devil View Post
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.
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# 6
youknowwho
Old 13-12-2007, 7:48 PM
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Default 200k to invest

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!
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Last edited by youknowwho; 13-12-2007 at 7:49 PM. Reason: Sorry was meant to start new post
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# 7
dunstonh
Old 13-12-2007, 9:30 PM
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3-5 years is a tad short to invest it and your risk profile suggests cash based savings.
Quote:

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 a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 8
red devil
Old 14-12-2007, 2:38 PM
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Quote:
Originally Posted by exel1966 View Post
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.
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# 9
shadowspy24
Old 18-12-2007, 2:49 PM
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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.
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# 10
dunstonh
Old 18-12-2007, 3:38 PM
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Quote:
Originally Posted by shadowspy24 View Post
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 a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 11
Aegis
Old 18-12-2007, 4:21 PM
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Wouldn't you also require a substantial deposit for buy to let mortgages, making such a strategy impossible with only 10k?
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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.
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