35 grand what to do with it?

davebarber

I have inherited this sum.

If you could do anything with it, what would you do? Im in my mid 20s, no degree (with no view to going back just yet), and do not own my own house.

any advice thoughts insights, be as wild as you like

cheers

Alex92_2

If you have debts, pay them off.

If you want something, buy it.

If you dont know what you want to do, save it in the highest interest banks about.

kerry87_2

davebarber wrote: »

I have inherited this sum.

If you could do anything with it, what would you do? Im in my mid 20s, no degree (with no view to going back just yet), and do not own my own house.

any advice thoughts insights, be as wild as you like

cheers

Take a lovely caribbean holiday whilst pondering what to do with the rest!

Good luck with whatever you decide to do.:)

xylophone

Debts? Get rid?

Isa allowance, this tax year and next certainly cash but might consider stocks and shares isa as well perhaps for part of it?

Treat?

atush

Debt, Cash ISa, house deposit

grey_gym_sock

pay off any debts, convert the rest into 50p's, build a scale model of the bismarck ...

i dunno, what aims do you have? we can't tell you what they are, but can perhaps give advice on how to achieve them.

Blackpool_Saver

yes, give it to me

AdamKels

Use it as a 20% deposit on a 100k house. 5k goes towards fees. 5k Towards setting up, furnishing and whatnot.

welshmoneylover

I'd have a good holiday and enjoy it, once you start saving it becomes quite addictive and painful to part with any cash for whatever reason.:o

donniej

The standard advice applies:

1. pay off debt
2. make sure you have some cash put aside in case of emergency. Usually, 3-6 months' salary
3. think about investing.

If you don't own your own home, you may also want to look into doing that.

On investing, some popular ways of doing this are:
- funds/ETFs/investment trusts: collective investments, you can invest in a wide range of things. You can go DIY (i.e. manage your own investments) or see an IFA (i.e. the financial adviser manages your money for you.) I'm not sure many IFAs would be interested in 35k though - they mostly seem to cater to people with 50-100k+ to invest (and they cost more.)
- buy to let: there is some debate as to whether this is a good idea given the current property prices, but lots of people seem to be doing it.

The thing about investing is that it's not guaranteed - you could lose money. However, you at least get a chance of beating inflation, which is more than you can say about saving in cash (current inflation is 2.7%, average cash interest rate is lower than that, meaning you lose money in real terms.)

roxannafy48

donniej wrote: »

The standard advice applies:

1. pay off debt
2. make sure you have some cash put aside in case of emergency. Usually, 3-6 months' salary
3. think about investing.

If you don't own your own home, you may also want to look into doing that.

On investing, some popular ways of doing this are:
- funds/ETFs/investment trusts: collective investments, you can invest in a wide range of things. You can go DIY (i.e. manage your own investments) or see an IFA (i.e. the financial adviser manages your money for you.) I'm not sure many IFAs would be interested in 35k though - they mostly seem to cater to people with 50-100k+ to invest (and they cost more.)
- buy to let: there is some debate as to whether this is a good idea given the current property prices, but lots of people seem to be doing it.

The thing about investing is that it's not guaranteed - you could lose money. However, you at least get a chance of beating inflation, which is more than you can say about saving in cash (current inflation is 2.7%, average cash interest rate is lower than that, meaning you lose money in real terms.)

All here - kudos, donniej! :beer: