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What would you do with £10k besides spend it?
Audity
Posts: 11 Forumite
Hi all,
A question to the forum, just to get some different perspectives: If you were given £10k today, and rather than spending it on perishable goods you wanted to have your money work for you, what would you do with it?
Surely, an ISA is not the best solution. I'm willing to learn, but with such a modest amount, I would be fairly risk averse. Here are some other thoughts I've had:
- Invest in currency/commodities?
- Invest into mutual funds
- Invest in crowd-funded startups like Kick Starter or Funding Circle
- Pay for some personal tuition from a money making guru
Any thoughts? Questions?
A question to the forum, just to get some different perspectives: If you were given £10k today, and rather than spending it on perishable goods you wanted to have your money work for you, what would you do with it?
Surely, an ISA is not the best solution. I'm willing to learn, but with such a modest amount, I would be fairly risk averse. Here are some other thoughts I've had:
- Invest in currency/commodities?
- Invest into mutual funds
- Invest in crowd-funded startups like Kick Starter or Funding Circle
- Pay for some personal tuition from a money making guru
Any thoughts? Questions?
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Comments
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http://www.sportinglife.com/racing/racecards/02-10-2013/kempton-park/racecard/585714/reindeer-racing-at-kempton-park-06-12-13-handicap-div-1
'Kielty's Folly' is well priced.0 -
You say you're risk averse and then list some of the highest risk choices that there are!0
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Go to a bloodstock agent & buy nominations in the best young stallions I can afford. Then sell the nominations to broodmare owners, keep tabs on the progency & grin smugly when the 10K races & wins.
You recover your costs & get an inside view of racing without having to risk a penny more. Unless you start betting...0 -
opinions4u wrote: »You say you're risk averse and then list some of the highest risk choices that there are!
I agree, you don't really understand risk if you say you are averse and then list 3 really bad ideas for investing (the mutual funds are OK).
Where are you located? USA (as you mention mutual funds)?
Is this your only 10K? Do you have a pension? Mtg? Family? Debt?
Pay off debt, cash emergency fund then invest the rest if you have a time horizon of needing the money 5 years+0 -
The first time I came into a fair wodge of money, I totally blew it and have no idea what on. However, I was 21 and assumed that making that much money was something I could just keep doing without really thinking about it.
The 2nd time, I paid off the mortgage I had acquired by then, put some rainy day cash aside, and also invested in some shiny new things that had just come along called PEPs. That latter money is still there, and has been added to over the years, and is now a tidy sum.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Bought a Porsche. Depreciation should now be virtually non-existent and hopefully will rise over the longer term. Bonus is that you get to drive it as well so also a practical investment compared to having a new car.Remember the saying: if it looks too good to be true it almost certainly is.0
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Bought a Porsche. Depreciation should now be virtually non-existent and hopefully will rise over the longer term. Bonus is that you get to drive it as well so also a practical investment compared to having a new car.
A £10k porshe is likely to be a rust bucket that will be in and out of the garage every month......
Without knowing the financial circumstances of the OP I would recommend 1. have an emergency fund of £5k 2. pay off high interest debt like bank overdrafts 3. invest in an investment trust0 -
I don't agree but only time will tell!doughnutmachine wrote: »A £10k porshe is likely to be a rust bucket that will be in and out of the garage every month......doughnutmachine wrote: »Without knowing the financial circumstances of the OP I would recommend 1. have an emergency fund of £5k 2. pay off high interest debt like bank overdrafts 3. invest in an investment trust
My reply was slightly flippant as I assumed all the basics were sorted but these are definitely good options to take. Personally I would put item 2 higher - paying off high interest debt before saving would seem to make sense and save more money than paying 15% on debt but getting 1% on savings.
If the OP doesn't have ANY savings then that is really the best option, whether in an ISA or savings account but having the emergency cash buffer is worthwhile to avoid potential problems in future. If this is all sorted then pension is also worth looking into. With tax relief you will get a boost to your savings and help to setup for later life.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Definitely not a Porsche - perhaps a TVR instead, they are apparently appreciating quite nicely these days
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i'd play for time by increasing my application for royal mail shares by £10k. then i'd just need to decide what to do with the c. £9.5k that would be returned 0
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