what would you do with £3,000?????

needstoknow

hi, i have 3k to do with what i please! lucky old thing you are thinking! i can be as risky as i like, however lets not go down the road of 3000 lottery tickets! i was thinking shares but i have never done that before so would not no where to start! anyway any suggestions? what would you do if you were me? many thanks!

Kazza242

needstoknow wrote:

hi, i have 3k to do with what i please! lucky old thing you are thinking! i can be as risky as i like, however lets not go down the road of 3000 lottery tickets! i was thinking shares but i have never done that before so would not no where to start! anyway any suggestions? what would you do if you were me? many thanks!

I would say putting it in a mini cash isa would be a could place to start. Each tax year (between 6th April to 5th April the following year) we all get a new mini cash isa allowance of £3,000. If you don't use it before the end of the tax year, you lose it. A mini cash isa is an excellent way of saving because you receive the interest from it tax-free i.e. you get to keep all of the interest it earns.

For info on the mini cash isa's, check out the MoneyFacts website:
http://www.moneyfacts.co.uk/savings/charts/savings_mini_cash_isa.htm

el-dog

Whether you decide on shares or savings it should be definitely in an ISA so as to avoid Mr Brown doesn't take his slice.

Many articles on here for best cash ISA so have a look around for something around the 5% interest mark.

For shares, it really depends on if you can afford to lose it or not - at one end of the scale there are Russian and Emerging Market funds with returns in the order of 100% in a year but almost off the scale in terms of long term risk. At the other end there are lots of well established funds around with more modest returns but always with an element of risk.

There is of course a 3rd alternative completely worry free - give it me and I'll guarantee to spend it extremely quickly and unwisely on things your Mum wouldn't approve of!

El-Dog :rolleyes:

Bargain_Annie

Ooohhh what is your attitude to risk??? I recently read about Zopa (Zone of possible agreement)- it's fairly new so still to be tried and tested I guess, but I must admit that I'm thinking of investing a little myself. If you would like to know a bit more read last weeks Motley Fool article called 'How I opened my own Bank' - and then you can decide for yourself!

needstoknow

so far risky shares is winning, any better offers! besides giving it to u el-dog u cheeky munky!

meanmachine_2

Yeah I'd have a look at Fidelity or Jupiter etc etc - managed funds.

There's a cost p/a attached to these though, and tend to be seen as long term (5yr) investments, meaning that, should the stock market crash, you can afford to wait out a recovery.

Personally I'd mentally write off the 3K, put it in a Far Eastern fund and then be pleasantly surprised if there's any cash left after, say, 3 years.

But that's just me.

maforduk

I'd put it in a 10% Savings account for 1 year.
After that, invest in shares!

Debt_Free_Chick

How would you feel if, after one year, there was a fifty-fifty chance that you could (a) double your money? or (b) lose all your money?

el-dog

maforduk - I'd put it in a 10% Savings account for 1 year.
After that, invest in shares!

I'll have some of that but where's this 10% savings account for a lump sum???

El-Dog

bjornmarian

'I'll have some of that but where's this 10% savings account for a lump sum???'


Barclays. Hope they don't read your thread because they advertized it every where.

Alliance and Leicester would be better because their current account has a higher interest.5% compared to Barclays 0.1%. Plus on A&L is that you only have to get 500 pounds a month in the account compared to barclays 1000 pounds.

needstoknow

debt free chick i like those odds, what you got in mind?