£5000 lump sum to invest and then add to

MikeInOman

Hi everyone,

Sorry if the title doesn't make sense but i have a lump sum of about £5k to kick start a savings/investment plan with. I am a non UK resident in that i am living and working in the Middle East and have a Dubai residence visa. This i think means that ISA's are not for me…but i am not sure.:o

My wife and family home is still in the UK and while it is early days things with my Middle East business seem to be going well.

I do not think that i am definitely in a position to start saving £1k per month but could probably manage half that but may need a break as one does when a business is new and funds are erratic in coming in.

What would your suggestions be - anything that isn't rude would be very gratefully accepted.:rotfl:

thanks in anticipation

Mike in Oman

gozomark

First thing is - do you want to save or invest, or a combination of the two

gozomark

ps , yes ISAs are out - only for UK residents

MikeInOman

Hi Mark,

Thanks for taking the time to respond, i appreciate that.

I think investment. We have some savings and my wife is taking care of those, this is a bit of extra cash that i want to do something with and am prepared to take a bit of risk with rather than just savings.

I am new to the whole 'having some spare money' thing and feel very naive so don't want to make the sort of mistake that would cause the more experienced to roll their eyes. I am not an idiot just inexperienced. Hope that makes sense.

m

gozomark wrote: »

First thing is - do you want to save or invest, or a combination of the two

jimjames

gozomark wrote: »

ps , yes ISAs are out - only for UK residents

But the wife in the UK could still use an ISA with the money.

MikeInOman

True and she is

jimjames wrote: »

But the wife in the UK could still use an ISA with the money.

jimjames

MikeInOman wrote: »

True and she is

An ISA could be ideal then. One with a company such as Hargreaves Lansdown allows you to stop, start and vary payments each month from £50 up to the maximum for the ISA. It would give you that flexibility without tying you into a set term or fixed monthly amounts.

MikeInOman

And is it invested in things like Jupiter and different markets or is it just a savings vehicle?

If my wife is already (i think she is) using her ISA entitlement (not sure what that is) then what would you suggest? (obviously without prejudice) i consider this conversation to be 'between mates'.

jem16

MikeInOman wrote: »

And is it invested in things like Jupiter and different markets or is it just a savings vehicle?

The ISA with HL is a S&S ISA and invests in funds/shares.

http://www.h-l.co.uk/investment-services/isa

If my wife is already (i think she is) using her ISA entitlement (not sure what that is) then what would you suggest? (obviously without prejudice) i consider this conversation to be 'between mates'.

ISA entitlement is currently £10,200 of which you can put a maximum of £5100 in cash.

maxmycardagain

gold....

Aegis

maxmycardagain wrote: »

gold....

"Past performance is no guarantee of future performance, and the value of investments can fall as well as rise"

It's very dangerous to try to play the commodity game as a beginner.