2 million - Where to save / invest?

runciblespoon

I think it's unfair to jump on people who may have obfuscated the situations they post for privacy reasons. So I wouldn't read too much into 'my friend', 'my aunt' etc - if the relationship to the person being asked about isn't relevant to the question (IHT etc) then ignore the relations.

Imagine someone posts that they've won £6.7m on the lottery. Meanwhile they have some gambling debts and the loan shark's about to break their knees, so they need some advice. It might be pretty easy to find out who they were from their past postings even if they chose no publicity for the lottery win. So their 'friend' 'inherits' '£7m' instead.

Since we're posting personal financial information on a public forum, don't be surprised if some people lie a little.

purch

Isn't that what this forum is all about? Saving money and not giving it away?

Yes it is...

The fact that you thought this anonymous forum was the place to get 'advice' on Investing such an amount rather than consult a 'professional' is a bigger blot on your credibility than any of the previous postings.

If you had any sense (which clearly you don't) you would be getting advice on this matter from a suitably qualified and experienced Wealth Managment Firm with the necessary expertise in all the numerous matters a case like this raises, rather than asking a bunch of nobodies on this forum !!!

Regmir

I can help OP with his finances.... if you don't believe...... OP has already earned around £220 since yesterday at 4% .... and we all lost around 220 volt of electricity each second we view this thread......ones gains is someelse's loss --i know!!!

Bumbles2

purch wrote: »

Yes it is...

If you had any sense (which clearly you don't) you would be getting advice on this matter from a suitably qualified and experienced Wealth Managment Firm with the necessary expertise in all the numerous matters a case like this raises, rather than asking a bunch of nobodies on this forum !!!

For someone with such a high post count you sure do converse with us 'nobodies' quite a lot!

[Deleted User]

I can't quite believe people think this is real?!!!!

2 million! Are you kidding me?

Why on Earth would you be on here if you had 2 million pounds. Just think about that for 1 second. Two million pounds!!

Still a funny thread though!

greenface

Whats the maximum you can have before you are banned from posting ?

Do you get a post ban warning and advice as to how to loose a few bob and still keep on posting

dunstonh

I think it's unfair to jump on people who may have obfuscated the situations they post for privacy reasons. So I wouldn't read too much into 'my friend', 'my aunt' etc - if the relationship to the person being asked about isn't relevant to the question (IHT etc) then ignore the relations.

It is relevant. The OP told us things that he/she had done and who he/she supposedly uses for financial advice. We now find out that none of that matters as the OP doesn't have £2 mill but £100k. That totally changes the options available.

cc004-2

Regmir wrote: »

I can help OP with his finances.... if you don't believe...... OP has already earned around £220 since yesterday at 4% .... and we all lost around 220 volt of electricity each second we view this thread......ones gains is someelse's loss --i know!!!

Tongue in cheek here, but has a financial basis
You didn't loose any volts at all, they're always there, around 230 of them. What you did use was a fraction of a chargable watt-hour.

For me on a desktop PC with a CRT monitor, reading this thread cost about 0.4p in electricity consumption. Oh, and while we're at it, about the same again to post this message back!

Enjoy,
C.

IGK

OK I'm going to give the OP the benefit of the doubt. I think she was perhaps a little naiive with her post and it didn't help by not being clear as to who's money it was or how it was obtained. But assuming her parents do now have this cash as a result of recent events, it's maybe quite undertandable that they might be a little overwhelmed as to what to do with it.

Anyway, I agree with the advice to see an IFA.

Otherwise to answer the OPs question about high interest accounts - there are plenty of accounts that pay decent interest, and IMO I would recommend keeping some (but by no means all) of the sum as cash. Nationwide are paying 7% I think for fixed-term bonds. Similar deals are available elsewhere - even with RPI inflation abov 4%, 7% isn't bad. Depositor protection is only £35,000 (likely to increase to £50,000) so they would need to spread that cash around a few institutions.
They would need also to be careful about income tax brackets, this is another reason an IFA is needed - if they earn too much interest they'll both be higher rate tax payers, and pay 40% tax instead of 20%.

saveallmymoney

Deleted_User wrote: »

I can't quite believe people think this is real?!!!!

2 million! Are you kidding me?

Why on Earth would you be on here if you had 2 million pounds. Just think about that for 1 second. Two million pounds!!

Still a funny thread though!

If i had 2 million i'd still be on here, maybe i'm just tight though....