I have £30,000. what should i do with it?

skytrotter81

Hi

This is basically a thread to ask anyone who would be kind enough to give up their time for a second to give me any help or advice.

Basically i was in alot of debt with 2 big credit card bills an overdraft and various people i owed money to. It amounted to about £7000 which for a 24 year old is not the best way to start life. This is not including the £10,000 student loan that after reading the information on this site informs me not to pay this back in one lump sum (so im leaving that alone for now).

Anyway, I was one of the lucky few and happened to come into some inheritance which has allowed me to clear all my debts and get myself to normal which has been amazing.

I now have £30,000 which i want to turn into a larger amount of money and make it work for me. Be this investments, savings, property etc im not sure yet and i am basically on here to ask advice from anyone.

Any opionions or information would be greatly received as i am abit lost as to know what to do with it.

Kind Regards

L

Andybez38

Give it to the government to help us out of the recession lol.

gozomark

do you have a pension ?
habve you used up your ISA allowances ?
do you have a mortgage - are you renting/living at home ?
are you working ?

Richard_Branston

Firstly you want to fill up an ISA, put £3600 into a cash ISA or £7200 into a a stocks and shares ISA if you want to gamble. Stocks and shares ISAs generally do better but have more variance (ie you could lose money). Do some research on which ISA.
Then put the rest in a savings account, look at the Savings accounts guide in the money saving expert main site.

- Sir Richard Branston OBE

Baldur

Richard_Branston wrote: »

Sir Richard Branston OBE

You seem to have got yourself into a bit of a pickle there, Sir Richard.....

DiggerUK

Skytrotter81,

If you are related to Del and Rodders you should ask them, you'll be a millionaire by this time next year. If you want advice off someone dodgier then go to an IFA.

Why not plan to buy a property?
You have enough to buy with a good deposit and still leave you with a 3-6 months emergency fund. Prices still seem to have a lot further to tank in my opinion.

Interest rates are all crap at the moment, so you might as well buy the max Premium Bonds and get an interest rate between 0% and 1 million pounds.
Cash ISA rates can only go up from here as well.

If your putting anything away for the long term I'm a fan of gold. Not everybody's cup of tea.

Look at a house purchase, prices are only this cheap once in a blue moon.

Best of fortune.

Lokolo

DiggerUK wrote: »

Interest rates are all crap at the moment, so you might as well buy the max Premium Bonds and get an interest rate between 0% and 1 million pounds.
Cash ISA rates can only go up from here as well.
.

LOL that did make me chuckle.

Money_Grabber13579

Baldur wrote: »

You seem to have got yourself into a bit of a pickle there, Sir Richard.....

You know this country's in trouble when Sir Richard Branson can't even spell his own name! :j:j:j:rotfl:

DiggerUK

Skytrotter81,

I missed your 10k student loan is outstanding. I read your post as if you had paid it off.
Do the sums, only leave it if you are receiving more in interest payments than what you are racking up in debt
make sure that 10k of your inheritance is tucked away to clear that debt.
Learn the lesson from your recent folly.

Richard_Branston

Andybez38 wrote: »

Give it to the government to help us out of the recession lol.

I relish the idea of recovering from the recession.

- Sir Richard

kavanagh123

go to a casino and stick it on black?!

Or invest in some shares. That sort of money would be pretty good investment. if u invested in share and it went up just 10% then you are looking at 3k profit. keep doin that and happy days. be prepared to lose sometimes tho