Inheritance lump sum

louisaloves

So I have an amount coming to me from an inheritance, what's the best way to go to invest it? Don't have a clue how to make it work its hardesr

Linton

It very much depends on your circumstances - some very broad suggestions....

What do you want it for? Long term savings or for use within the next 5 years? If it's for use in the next 5 years (eg buying a house or other major expenditure) put it in a cash account, perhaps a high interest current account.

If its for the long term, how much is it? If its more than say £30K-£50K consider getting professional advice on investing from an IFA. Less than that there are still the high interest current accounts. You could consider paying extra into your pension if you have one.

atush

I agree and aser the above, but in a nutshell:

Pay off debt, can include mtg debt but i would not suggest doing so if you rate is low. If you dont own and house, and plan to save all in cash after the next rwo points are covered.

Have a cash buffer for emergencies and upcoming know costs (such as replacements of white goods, car if needed and 6 months living costs).

Pension. If you have one, boost it. If you dont, start one.

Lastly, if you own a home and arent paying off the mtg, open a S&S isa.