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

atush

My first advice is to ask the forum moderator to close one of your questions as you have posted the same one twice. Which means you will get confused going back and forth and the rest of us will be repeating each other adnauseum.

I have replied on your other thread.

jem16

You don't want to invest it all - 1 year is far too short a time frame.

Simply find the highest paying instant access account.

Have a read here;

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Duplicate thread apparently.

Please keep all replies to the one thread.

https://forums.moneysavingexpert.com/discussion/3486901

atush

I knew this would happen How irritating ;-)?

Copy of my reply on other thread, so close the other one- just click report post and tell them you duplicate posted:




Why just a year? Why not for longer? Why not save some for retirement? Save some for a house deposit in say 5 years? What does you mom think?

Do you pay tax, or are you not working at Uni? If you pay tax I would suggest putting 5300 into a cash Isa. If you will be working in just over a year it might be a good idea to do this anyway before next april, then you can put in another lot after april 6th. That way in the future the money will be there, but you won't pay income tax on the interest. These ISAs can be instant acess or better yet on 1-5 year deposits. If you don't lock some of it away some where, you may find yourself getting the idea to spend it on things that wont last such as cars, clothes, holidays and the like.

Then the rest of the money- I would save some in cash and put some into equtites, esp any that you want to grow over time to be something bigger. Otherwise you will find the buying power of your 35K will reduce each year due to inflation so you will be losing out.

If you have some adults in your family incl your mother and grandparents who are good with money, ask them for advice.

krisknox1

hi no I have no family to ask advice off hence why I was asking on here.

Im currently not working while at uni because I have other means of income (widows pension)
i am looking to keep 5000 handy and the rest I want to save for 2 more years untill I finish my university course

thanks for your feedback so far

jem16

krisknox1 wrote: »

i am looking to keep 5000 handy and the rest I want to save for 2 more years untill I finish my university course

thanks for your feedback so far

For investing you really need a timeframe of at least 6 years, preferably 10 years.

With only 2 years as a timeframe, the best answer is a savings account.

I'm assuming when you say Widow's pension you really mean that you have a pension from your late father's pension scheme? This would be a dependent's pension rather than a Widow's pension.

krisknox1

I think that would be the best idea. Do you know which bank is offering best interest rates at the minute, I know they are all pretty crap!!

When I leave uni I want to use the money to try and start a small business. so just need something for two years

yes i did mean a dependents pension thanks for the correction!

jem16

krisknox1 wrote: »

I think that would be the best idea. Do you know which bank is offering best interest rates at the minute, I know they are all pretty crap!!

I did give you a link to read.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

When I leave uni I want to use the money to try and start a small business. so just need something for two years

You were actually give a lot of useful advice on this very subject less than 5 months ago. Nothing seems to have changed since then?

https://forums.moneysavingexpert.com/discussion/3323066

jem16

Thread already running on this - please use that thread instead of this one.

https://forums.moneysavingexpert.com/discussion/comment/46906653#Comment_46906653

DotMatrix

krisknox1 wrote: »

Hi im kris and im 19,

I am coming into a bit of money this week from my late fathers will. I am going to be inheriting around £35000. Basically I want to know the best place to invest my money for another year or so untill I leave university.

any advice given would be appreciated!!

Firstly, sorry to hear of your loss.

As you are at university I would advise you take advantage of the many savings products based on cash. This will ensure you don't have any sleepless nights worrying about your funds and can concentrate on your university studies.

The first point of call would be taking advantage of the yearly cash ISA allowance which of course is tax exempt. If you only want to look forward a year with your funds there are some excellent e-based savings accounts offering 3%+ interest rates with monthly interest an option without penalising on cash transfers out of the account. Be aware of the fact that a lot of these e-saver accounts have yearly bonus interest rates factored in and return to a very modest interest rate after the 1 year anniversary.

atush

DotMatrix wrote: »

Firstly, sorry to hear of your loss.

As you are at university I would advise you take advantage of the many savings products based on cash. This will ensure you don't have any sleepless nights worrying about your funds and can concentrate on your university studies.

The first point of call would be taking advantage of the yearly cash ISA allowance which of course is tax exempt. If you only want to look forward a year with your funds there are some excellent e-based savings accounts offering 3%+ interest rates with monthly interest an option without penalising on cash transfers out of the account. Be aware of the fact that a lot of these e-saver accounts have yearly bonus interest rates factored in and return to a very modest interest rate after the 1 year anniversary.

And thanks (not!!!) for keeping this thread to the top. If he can't be bothered to delete his duplicate thread, he may not actually read our answers?

Post on the other one PLEASE.