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What to do with a lump sum?
Catblack
Posts: 3 Newbie
Hi
I am a complete 'head in the sand' type person when it comes to investments etc so am having a hard time deciding/understanding what to do with my redundancy payment and would really appreciate some advice. I have around £50k to save/invest, some of which (£20k) I will need access to in 2 years. I have seen 3 IFA's, and am not impressed, it seems like they make more money than I would - (as an example they say after 1 year on an investment of £40k income to date = £492, Effect of deductions to date = £1580, What you might get back =£40100). I am hoping to get occasional freelance video work, I will receive a pension and lump sum in 3 years. I am a cautious person, so low risk investments only...therefore any advice? Should I just stick it in a savings account? I have cash ISA already. Or should I go with the IFA advice and let him do the work?
Any advice much appreciated.
I am a complete 'head in the sand' type person when it comes to investments etc so am having a hard time deciding/understanding what to do with my redundancy payment and would really appreciate some advice. I have around £50k to save/invest, some of which (£20k) I will need access to in 2 years. I have seen 3 IFA's, and am not impressed, it seems like they make more money than I would - (as an example they say after 1 year on an investment of £40k income to date = £492, Effect of deductions to date = £1580, What you might get back =£40100). I am hoping to get occasional freelance video work, I will receive a pension and lump sum in 3 years. I am a cautious person, so low risk investments only...therefore any advice? Should I just stick it in a savings account? I have cash ISA already. Or should I go with the IFA advice and let him do the work?
Any advice much appreciated.
0
Comments
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So you want to invest 30K? and put the 20K in a 2 yrar bond that will be avaialbel when you need it or instant Access savings?
TBH, if you are not willing to take any risk at all you will be restricted to savings accts and 1-5 year bonds. But you will risk losing ground to inflation over time.0 -
I have seen 3 IFA's, and am not impressed, it seems like they make more money than I would - (as an example they say after 1 year on an investment of £40k income to date = £492, Effect of deductions to date = £1580, What you might get back =£40100).
Sorry maybe I'm reading this wrong, but if the deductions are more than the income then 'what you might get back' after a year will be less than the original investment of £40kNever let the perfume of the premium overpower the odour of the risk0 -
besides seeing a few ifas what research have you done yourself?0
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