What to do with my £7,000 inheritance?

leona1

Babbawah wrote: »

Use the £7k, don't waste it, and certainly don't invest it at 3% - 4% as these MSE wasters would have you doing.

Invest it in you.

What would the originator of your inheritance do? Was it Granma / Granmps ?

If you have confidence in your future then tying up a paltry £7k today won't make much difference.

Thanks, but how would you suggest I invest it in myself? I'm a self taught, freelance web developer, & I'm planning to employ a few other people in the future too. This money has been inherited from my Grandma, she was extremely cautious with money & would want me to do something risk free, like saving up for a property.

leona1

masonic wrote: »

I can't speak for the OP, but if I was still living with my parents at 25, I'd consider finding a place of my own one of the most important investments in my future.

I agree. I also don't think 25 is particularly old to be living with your parents. My Dad moved out from his parents' house at 25 (when houses were a lot more affordable than they are now). My mum was 28. A lot of people seem to rush and move out quickly, & then get caught up in the renting trap.

Babbawah

leona1 wrote: »

Thanks, but how would you suggest I invest it in myself? I'm a self taught, freelance web developer, & I'm planning to employ a few other people in the future too. This money has been inherited from my Grandma, she was extremely cautious with money & would want me to do something risk free, like saving up for a property.

do you have a business plan for this freelance web developing that you hope to emply a few people in the future?

A £7k investment in YOUr business plan must surely be a welcome boost !

leona1

Babbawah wrote: »

do you have a business plan for this freelance web developing that you hope to emply a few people in the future?

A £7k investment in YOUr business plan must surely be a welcome boost !

I code generally e-commerce (shopping sites) & work with freelance designers on this currently. I will employ someone part time at 1st, & use the money saved up in my business for this :j

masonic

leona1 wrote: »

A lot of people seem to rush and move out quickly, & then get caught up in the renting trap.

It just so happens I'm still in the renting "trap", as you call it, with no real desire to change that in the short term.

Many people move out from the parental home in order to further their education or career prospects. I left home at 18 for exactly those reasons, but supposing I had been able to find work near where my parents lived, the thought of moving back in with them did not appeal.

Perhaps this isn't the case for you though, if you can build a career for yourself where you are currently living.

edinburgher

Use the £7k, don't waste it, and certainly don't invest it at 3% - 4% as these MSE wasters would have you doing.

Yes, curse these people who are trying to help out by offering appropriate and measured responses to someone who has asked for advice

anoncol

Babbawah wrote: »

Use the £7k, don't waste it, and certainly don't invest it at 3% - 4% as these MSE wasters would have you doing.

Invest it in you.

What would the originator of your inheritance do? Was it Granma / Granmps ?

If you have confidence in your future then tying up a paltry £7k today won't make much difference.

How charming you are.

System

Babbawah wrote: »

Use the £7k, don't waste it, and certainly don't invest it at 3% - 4% as these MSE wasters would have you doing.

I think the MSE 'wasters' as you delightfully put it (by posting on this forum, you are of course also referring to yourself) are referring to saving rather than investing.

masonic

Babbawah wrote: »

MSE is full of w@#k£rs and bankers

Well your presence is certainly confirmation of the former.