Very confused - where do you go for advice about saving?

rainbow143

Hi there,
I will soon have a reasonable amount of money to save, but don't know where to go to get some advice.
Having read Martins Facebook page about how banks are only there to make money out of you, I am reluctant to go to my bank.
But I'm unsure about Financial Advisors - aren't they about making money for themselves too?
Can anyone advise on where to get advice!? There is so much information in this forum, but I'm afraid of making a bad decision.
Many thanks.

Timingthemarket

The best advice i would say is to educate yourself. Not everyone can make money trading or investing. When you are a big player you need to con others to buy the stocks you want to sell. Why else would they hire so called salestraders..

atush

I agree that educating your self is always a good idea.

But unless you won the euromillions recently, people here can give you ideas if you post a thread incl the approximate amt you will have to invest. I certainly would have no idea what to initially do with 150 million lol. For a start, I don't think there are enough banks to spread your money around in ;-) But if we are talking 10K-250K or more, then I think some here can help you with some ideas to research initially.

First of all, pay off all debt (except maybe mtg unless you are talking half a million or more). Then do you have pensions? Do you pay tax? If you are a taxpayer (esp a higher rate one) you may be given different advice to a non taxpayer.

If it is a lot of money, and you want help, go to an IFA (the stress is ont he independat bit so don't go to your bank etc). You can find one thru Unbiased.co.uk. If you don't feel you can work with the person after your initial meeting, then try another.

lisyloo

Do you really mean saving or are you planning to invest?
There is a big difference.

Educating yourself is essential.
Even if you end up using advisors you will at elast know what questions to ask and understand what they are saying.

C_Mababejive

Why would you save? saving means your money loses value.

Investing is tricky.

How much did you have in mind?

Cash-Cow_3

Read the saturday and sunday money pages in the quality newspapers. Usually have something helpful on ISAs or explanations and risk profiles of other investments. There's usually a picture of a shiny, happy family with a story of their financial affairs.

C_Mababejive

Cash-Cow wrote: »

Read the saturday and sunday money pages in the quality newspapers. Usually have something helpful on ISAs or explanations and risk profiles of other investments. There's usually a picture of a shiny, happy family with a story of their financial affairs.

Indeed..the perfect nuclear family from the home counties and shires. Usually so called professionals with daddy retiring at 55 and children at private school.

Of course there is no mention that there are hardly any savings accounts to beat inflation and even ISAs are rubbish. You have to move into the slightly shark infested waters of shares and funds to try and beat inflation and you could lose big time.

Have you considered some solar panels ?

rainbow143

Wow - thanks for the replies.
I will have about £70,000 to put somewhere!! I would like this to make me a little bit of a return.
I have no mortgage and we retire this year with just about enough pension to get by on. So some of the money must be accessible just in case we need a top up.
I will pay tax - my hubby will not for the next 4 years.
Yes - lots of info here, but suppose it's all a bit scary. Halifax told us about gilt bonds - from the government? Supposed to be very safe. Have read you can invest in them in ISA's. But how to go about that? I would need IFA I think. Also read about the NS&I index linked saving too. They look interesting and again tax free.
Have already got limit for cash ISA's for this year.
Appreciate the support. It's quite addictive this saving!!

Thrugelmir

C_Mababejive wrote: »

Of course there is no mention that there are hardly any savings accounts to beat inflation and even ISAs are rubbish. You have to move into the slightly shark infested waters of shares and funds to try and beat inflation and you could lose big time.

Savings accounts have rarely beaten inflation. A fallacy to think otherwise.

Reward comes with risk. Risk can be minimised. If investment is spread across a range of asset classes. Some will lose some will gain.

The old fable of the hare and the tortoise is worth a read..

greenbubble

C_Mababejive wrote: »

Have you considered some solar panels ?

be very careful , an investment in a heavily subsidised arena which can easily be removed is frought with pitfalls , even with the government subsidies an electric pv solution is still incredibly poor return on investment.

the only solar solution that even comes close to being viable is a water pre-heating solution eg. used to pre-heat a tank of water (approx. 20-30 degree rise) before it goes through a boiler .

atush

RAINBOW,
after cash ISAs, think about the NSI ilscs. You and your partner can have 15K each. Fill next years Isas. Consider filling this and next year S&S isas too- not just cash. It is shares, so will have risk. but you can spread the risk orver say 5 funds, and try funds in different asset classes and different markets. Some in UK, some in NA, some emerging markets etc.

Make sure both of you have topped up your pensions. Then out the rest into fixed term savings if you want to be conservative. Or a mix of fixed term savings and some broad scope general investment trusts.

As for C_Mab,

Indeed..the perfect nuclear family from the home counties and shires. Usually so called professionals with daddy retiring at 55 and children at private school.

I am looking at a broadsheet newspaper FS page right now. It has a retired couple of 67 who lost capital in Arch Cru, a 30 yr old IT worker, a d a couple with one child who are property developers. It doesn't say if their child is privately educated. But why would that matter? have you got a chip lurking on your shoulder?

If private school is good enough for labour Mps children, it should be ok for those who can afford it in the private sector too.

In any case, they do give a lot of education in these papers, and the consumer advocate section helps those of all persuaions, incl many pensioners.