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

kavanagh123

i went in for taylor wimpey at 14p and sold 1t 44p so i made a pretty good profit. they are a good long term investment. lookign at 60p-80p by end of year

isofa

This thread is a pun a minute...

Rabbitx

Hi skytrotter81,
I am in a similar position, receiving 33k tomorrow! Unfortunately I am unemployed so can no longer receive benefits. I"m some years older than you, but still have to worry about getting a pension and getting on the housing ladder, and have been thinking a lot about it.
I would suggest you try to think of 4 or 5 different options, do lots research for each and do the sums. Try to think laterally. Then seek Financial advice to double check and maybe get some fresh ideas.
For example, although a tenant myself, I am pondering the option of getting 2 x 1 bed flats to let out, (staying in my current rented property which is cheap & secure), and when I'm back in work, putting the profit into ISAs each year. I am thinking along the lines of 5 & 10 year plans. This would mean at least the sum is generally safe and will grow. I am intending to research & do the sums for various scenarios and then see a financial adviser. Do as much research as possible. The BBC has a useful mortgage calculator, there are some great calculators on this site, and the goverment and FSA have useful websites. As you've got so heavily caught up with credit cards, I would also suggest you make a realistic estimate of much you are likely to overspend (ie. above your earnings) in the forseeable future and put that amount ino an easy access account. Hopefully you'll resist using it. I would also agree not to pay off the student loan at once.

barny_100

Rabbitx wrote: »

For example, although a tenant myself, I am pondering the option of getting 2 x 1 bed flats to let out, (staying in my current rented property which is cheap & secure), and when I'm back in work, putting the profit into ISAs each year.

Hmm not sure about this myself. No idea what interest rates are like on BTL mortgages now or if you could even get them. Either way doubt you would have profits after interest and with the chance of much higher interest rates in the future it seems very risky?

MiserlyMartin

DiggerUK wrote: »

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.

Bad advice to buy a house. We are miles away from any recovery. All that its happening now is increased unemployment, higher taxation, more gloom and other factors which will result in house prices to continuing to drop over the coming years. £30K is a tiny deposit anyway. When interest rates go back to 6% and high inflation is back those cheap mortgages will be 3 times more expensive. Be careful.