Advice on what best to do with my inheritance: investment

krazyk

dunstonh,

Ta for the great info. So keep away from these for the time being and perhaps look at them later on. So I could save now (for money towards a house) and potentially invest later (and speak to an IFA who may have such a service.

No worries. Thank you very much. This sounds like a long term plan rather than something to look into right now.

krazyk

ViolaLass,

Noted, thanks for your reply. :-)

colsten

Your priority should be on paying off your debts before you even consider investing. http://forums.moneysavingexpert.com/showpost.php?p=69514717&postcount=1
https://forums.moneysavingexpert.com/discussion/comment/69514679#Comment_69514679

Would have been a lot easier if you had put everything in one thread.

krazyk

colsten,

What forum would have been best to post this in? I couldn't find one that fitted all the queries I wanted to cover.

jimjames

krazyk wrote: »

colsten,

What forum would have been best to post this in? I couldn't find one that fitted all the queries I wanted to cover.

This one is fine but you've created multiple threads on same subject hence my comments about one pot. It's the overall amount not £55k to invest and save. But from the comments investment doesn't seem to be the right option.

krazyk

jimjames,

It didn't seem appropriate to continue my queries into property, pension, debts etc., in a savings and investment forum, hence me splitting up things.

Also, this would have been a hugely long post if put into one (like it was in my text editor). No one would have read it. It would have scared people off so bitesize felt a better solution.

I've not had any issues myself with splitting it up. All the advice has been more than helpful.

Thanks everyone.

moneyfoolish

As well as Nutmeg, you could have a look at Simplyeq, Wealth Horizon, Wealth Wizards, Money on Toast and Fiver a Day for examples of robo-advice. Most of them allow you to see a portfolio made from the answers to give to some questions without having to proceed to buy so it's interesting to see what they come up with.

bigadaj

OP you've massively complicated this by posting on different forums and as others have pointed out look like you are counting the money multiple times.

For many people the process of money management should be similar and straightforward. Firstly pay down debts where the interest is well beyond anything you can get in savings or current accounts. Make sure you are contributing to your employers pension to get the maximum a matching contribution. Emergency cash funds need to be held, these might typically be £5-10k for many people but from next year with the tax free savings coming in then larger sums up to £1000 interest per year look attractive if the money is in high interest current accounts. If you want to buy a property in the next few years then it's generally consider unwise to put this into investments due to the risk of losses, so keep this in cash.

Then put additional monies into investments, if you are a higher rate taxpayer then lay in as much as you can afford into a pension to get higher rate tax relief, otherwise stocks and shares isas might be more attractive as they don't lock the money away for many years.

krazyk

moneyfoolish,

Thanks for the list of names. I'll check them out but I'll probably take the advice I've had on these forums and skip them for the time being until after I've bought a house in 2-3 years time and go through a IFA.

krazyk

bigadaj,

I've answered your first point below. Any advice on this would be useful?

Thanks for the details. Yes so save now, invest later.