What to do with £7k?

Scrooge._2

Hi,

I'm a 20yo university student, I have about £7k coming in the next couple of months from a family member who I lent a loan to. Any suggestions on how to maximise growth and returns? I'm not interested in AIM shares or CFDs as I lost £7k this way over two-years..

My Current Portfolio:
£5640 in Cash ISA (3yrs fixed - matures 2015)
£1kish - Zopa
£1360 in JPM fund with monthly payments of £75-100..(looking to hold till 28)

I have about £1.5k debt at 0% till end of next year.

I'm aiming to have atleast £100k by 28.

All advice/comments are appreciated.

Thanks

All advice is appreciated.

somethingcorporate

Depends what your risk tolerance is - funds or bonds are an option for longer term growth but as I am sure you know from your JPM fund the value can go DOWN as well as up (my JPM is well down ).

If you have enough cash to tide you over then I think this is likely a good option to explore although make sure you do plenty of research first.

Scrooge._2

somethingcorporate wrote: »

Depends what your risk tolerance is - funds or bonds are an option for longer term growth but as I am sure you know from your JPM fund the value can go DOWN as well as up (my JPM is well down ).

If you have enough cash to tide you over then I think this is likely a good option to explore although make sure you do plenty of research first.

I was thinking of a lower-risk fund? My current JPM fund is Emerging Markets - Quite high-risk and long-term in this climate by any means. Or I could use it to top my cash ISA up next year..

somethingcorporate

Up to you - cash isa has it's own risks - shortfall and inflation risk compared to the investment risk associated with funds.

Cash ISA is generally lower return associated with the lower risk, funds etc have far greater variability but *should* perform better over the long term.

Nicholas-bloody-Parsons

You need to approximately double your money every 2 years to get to £100k. Or have annual growth of around 40%.

When you decide how to achieve this, please tell the rest of us.

Scrooge._2

Nicholas-bloody-Parsons wrote: »

You need to approximately double your money every 2 years to get to £100k. Or have annual growth of around 40%.

When you decide how to achieve this, please tell the rest of us.

Haha, I didn't mean it through investments alone. I meant through saving quite rigorously once I start earning after my degree..