Inheritance money - How to invest?

spangly79

I've recently inherited £30k

I've been looking on here for an idea of the best way to invest.

My current situation is that I'm unemployed but have some seperate redundancy funds which I'm using to live on until I go back to work.

I have just under £3k left to pay on a student loan and under £1.5k left on a 0% loan. Other than that no other debts. Currently renting so no mortgage.

Ideally I'd like to increase my savings as much as possible and am prepared for an element of risk/long term investment. I already have an isa, but no cash isa.

Any suggestions or tips welcome!

Lokolo

What is in your current ISA then? And what year did you put money into it?

Forget the student loan and 0% loan, pay them off as late as possible (without fines etc.).

I would keep £5k in savings seperately, just incase, for all you know something could happen and you need to get it sorted before you get anew job.

Other than that, it gives you £25k, with this I would think what risk level you want to take; low, med, high and how long is longterm in your mind? Then once this has been decided, go to an IFA (independant financial advisor) and he/she will help you decide where to invest this money that best suites you.

spangly79

Approx £8k in the isa - been paying small amounts in monthly over the last 8 years.

Thanks for the advice. Always intented to leave the 0% loan - its currently been paid off over a few years on DD so thats fine.

Wasn't sure about the student loan

Will probably talk to the IFA then.

Regarding risk levels - does high risk = possibilty of losing the lot?

Lokolo

Technically yes. But it would most probably lose around 40-50% if markets were bad, but after 5 years and good markets it would gain around 200%+, which is obviously a nice gain. But if the markets were bad, yes, you could lose it all. Depends if you want that risk or not.

Well student loan rate is 3.8% at the moment so its kinda worth not paying that off as money is better off elsewhere.

[Deleted User]

Give this a read re. your student loan: http://www.moneysavingexpert.com/loans/student-loans-repay

Farway

Given your circumstances [unemployed] I would hang on in a high interest cash account until you do get a new job, then think about tying money up in shares

I do not know any details, maybe your redundancy money is squillions, but if not and given current turmoil you could be out of work longer than expected, I hope not