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

bendix

For a university student, the OP seems to have a remarkable lack of attention.

But, then again, why doesn't that surprise me . .

atush

Well. oit seems all are consolidated now, whichmeans many of mone no longer make sense.

Sorry to say that the 15K you could have put into NSI ILSCs is no longer possible as they have now been withdrawn. You need to stike while the iron is hot. But if some of your money is easy access, keep tuned to here next year and we will tell you if they are offered again. Would have been a good place to put some of your cash.

For the best savings rates, try the sticky on page one.

You will need to revist all the savings accts you take out after you get a job. As once you pay tax you will need to put as much cash as possible into Cash ISas.

calypso_rhapsody

To be fair to the OP he probably posted when he heard about the inheritance and maybe it has taken the 5 months to get probate sorted? I think much of the advice given then still applies though the NSandI product has been withdrawn and the savings rates available will have changed a bit.

If you want the money to start a business on graduation, then i still think that putting most of it into a fixed term product which you can't get it out of has some attractions ... though maybe you won't be tempted to spend it! Take a look at the best savings rate tables (links already provided).

If you get a pension, i guess you may be a tax payer (or would be with interest included) in which case cash isas make sense - one this tax year and one next.

Good luck whatever you do!

atush

calypso_rhapsody wrote: »

To be fair to the OP he probably posted when he heard about the inheritance and maybe it has taken the 5 months to get probate sorted? I think much of the advice given then still applies though the NSandI product has been withdrawn and the savings rates available will have changed a bit.

If you want the money to start a business on graduation, then i still think that putting most of it into a fixed term product which you can't get it out of has some attractions ... though maybe you won't be tempted to spend it! Take a look at the best savings rate tables (links already provided).

If you get a pension, i guess you may be a tax payer (or would be with interest included) in which case cash isas make sense - one this tax year and one next.

Good luck whatever you do!

yes of course it takes time for the money to come thru.

Our problem was he posted two duplicate threads yesterday and didn't remove one when asked.

And of course intstead of saving for the future the OP is now talking starting up a business. Not something that is easy to do in a recession nor What one would automatically expect from a graduate- but then again we have no idea of the degree being studied.

My advice ont his would be get a job in the sector your business is in to see if you like it/have a talent for it. And don't put all of the money in the venture- keep some back so if the business doens't do well you have something to fall back on.

calypso_rhapsody

I didn't realise he'd started two threads yesterday - by the time i came to this debate it had been consolidated. But i did remember the thread from 5 months back.

I believe he is studying business ...

You are of course right that starting a business in the current economic climate is not low risk and some sort of safety net would be a good idea! Let's hope the outlook maybe better when he graduates in two years time - but i am not very optimistic!

Good advice to get a job in the sector - an entrepreneur i used to advise had spent sometime working in quite a lowly position for the company that would be his major competitor .... both his and the competing company are doing well but he definitely picked up some useful insights and understanding of what made that type of company tick

atush

calypso_rhapsody wrote: »

I didn't realise he'd started two threads yesterday - by the time i came to this debate it had been consolidated. But i did remember the thread from 5 months back.

I believe he is studying business ...

You are of course right that starting a business in the current economic climate is not low risk and some sort of safety net would be a good idea! Let's hope the outlook maybe better when he graduates in two years time - but i am not very optimistic!

Good advice to get a job in the sector - an entrepreneur i used to advise had spent sometime working in quite a lowly position for the company that would be his major competitor .... both his and the competing company are doing well but he definitely picked up some useful insights and understanding of what made that type of company tick

Common sense on the experience front.

I am just afriad having gone from saving 5 months ago to a new business now the excitement will override the responsiilbity /boring stuff.

Getting a low paid job in his sector is pretty key. Easy to fit this in when at Uni I think?