Im 20 and dno what to do with my inheritance, please help!!!!

krisknox1

Im 20 years old and have 40k inheritance coming to me this year, im still not really sure what to do with the money, i dont want to waste it and regret loosing it, any ideas?????


cheers
:beer:

Lokolo

Put it into a savings account until you do have an idea.

You haven't really given us much to go on; Do you work or are you a student? If you work, how much do you earn? Do you have a partner? Do you rent or have you bought a house? If you rent, would you like to buy? Do you need a holiday?

The options are endless (within reason)...

goodgirl80

krisknox1 wrote: »

Im 20 years old and have 40k inheritance coming to me this year, im still not really sure what to do with the money, i dont want to waste it and regret loosing it, any ideas?????


cheers
:beer:

Are you single? :rotfl:

Doooford

Stick it on Andy Murray to win Wimbledon. Then you can buy a house if he wins.

krisknox1

Lokolo wrote: »

Put it into a savings account until you do have an idea.

You haven't really given us much to go on; Do you work or are you a student? If you work, how much do you earn? Do you have a partner? Do you rent or have you bought a house? If you rent, would you like to buy? Do you need a holiday?

The options are endless (within reason)...

sorry i was a bit vague.
im a 20 year old male i study business at university, i dont currently work. i dont really wana touch the money till i leave uni in 2 years, just dno where to invest it.......

opinions4u

I'd suggest finding the best paying easy access savings account but not touching it. 2.80% upwards is the sort of rate to expect.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

Review when bonuses expire (usually a year).

Alternatively you could fix for a couple of years. www.moneyfacts.co.uk will help you find top paying accounts.

opinions4u

goodgirl80 wrote: »

Are you single? :rotfl:

Why, are you?

<checks Mrs o4u isn't looking>

jem16

krisknox1 wrote: »

i dont really wana touch the money till i leave uni in 2 years, just dno where to invest it.......

if only 2 years you don't want to invest it at all.

Look for a good savings account.

goodgirl80

opinions4u wrote: »

Why, are you?

<checks Mrs o4u isn't looking>

Why are you 20 year old with 40k in the bank as well ?:D

OP- don't forget your tax free allowance

SliAbhaile

BMW 1 Series M? - that's £40k.

Seriously, you are to be congratulated for recognising the question. Many would simply p1ss it away.

Everyone's circumstances are different. There are many here much better qualified than I to give advice so I will leave it to them to ask more of your circumstances and make suggestions but I will offer my own limited experience.

In my early twenties I was fortunate to be earning good money. My current account was healthy and then I inherited a small sum. Like you I now I guessed it would be too easily spent on cars and booze, it was too small to buy a place in London, so I put a deposit on a flat in the French Alps and took out a mortgage. Not the best investment ever made, had I put the same money in a simple tracker fund I would done better but I still have that flat, mortgage long paid off, and have had innumerable great holidays and ski seasons there over the years.

Maybe not everyone's cup of tea but I'm so glad I didn't fritter away what I still see as my dad's money, not mine, and I intend passing it to my daughter. In fact French inheritance law gives me no choice on the matter!

ChopperST

First thing to do is to pay off debt as it will always cost you more in the long term.

If you want easy access £5k straight away into an easy access ISA Santander is market leader at the moment paying 3.5%

Lloyds Vantage allows you 3 a accounts with £5k in each.

Various other instant access savings at around 3% AER for the rest.

There's also the NS&I 5 year saving bond which does allow withdrawals at the end of year 1 with no penalties and will track inflation. (Maximum deposit is £15k I think)

There is also the option to invest the rest for a longer term...

It all depends how "liquid" you want the funds to be.