Where to put my money

hi guys,


ive come into some cash just wondering what my options might be... seen all the interest rates...rubbish.


So looking for ideas...amount is roughly 65k
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Replies

  • p00hsticksp00hsticks Forumite
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    People will need a lot more info to be able to offer sensible suggestions.

    How old are you ?
    For how long could you leave the money untouched ?
    What's your attitude to risk - are you prepared to lose any of the capital ?
    What other assets / savings do you have- do you have an adequate rainy day fund ?
    Are you currently paying into a pension ?
    What do you see as the eventual purpose for the money (long term savings / pension, house deposit etc?)
  • jimjamesjimjames Forumite
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    Ideas? Pension, S&S ISA, current accounts, BTL
    Remember the saying: if it looks too good to be true it almost certainly is.
  • ok...


    im 52
    pay into a company pension scheme
    have shares in company
    got money already invested for 8 years till whenever I feel its time to cash them in
    maxed isa's till aprill2017
    got rainy day fund
    so what now...
    where do I put my money.....65k
  • YorkshireBoyYorkshireBoy Forumite
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    Own your own property? Mortgaged? Happy with it? Fancy another?
  • yes paid off mortgage ...no debts...
  • bowlhead99bowlhead99 Forumite
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    These kind of "I can't be bothered thinking through what to with my money and don't have any wants or needs or ambitions, just tell me what to do please" type questions, are a bit crap really.

    So,
    - you have a rainy day fund so won't need the money in a hurry.

    - you have money already invested until 'whenever you feel it's time to cash them in', so presumably you are ok for medium to long term cashflow needs and won't need this money back other than in the long term.

    - you are using a pension scheme but presumably have not maxed out the annual allowance this year or the lifetime allowance or you would have mentioned it, but have not given us a clue how much allowance is remaining available for the current year, but we know that at age 52 you are only 3 years off being able to access money that's put into any private pension arrangement today.

    - you have another £20k of annual S&S ISA allowance coming available in about four months time, but given you maxed the current year allowance you might well have enough money coming in from your job to be able to max the next one as well without using any of the £65k.

    - you have shares in a company so are presumably comfortable with a reasonably high level of investment risk

    - you didn't answer the question about the eventual purpose for the money but I guess we should assume you don't want it for a further house deposit to upsize, or any home improvements; you don't have an existing mortgage.

    - you don't have any wants, needs, goals or aspirations or you would have mentioned them to give us a hint. You don't have any friends or relatives or charities that are dear to your heart, nor any dependents who would need the money more than you.

    - you haven't mentioned whether you are a high rate taxpayer or whether you expect to be one in retirement so we should not favour any particular tax planning technique or assume that you have a specific amount of high rate taxable income that you're looking to eliminate.

    I would suggest the following:

    £30k into a pension as I'm going to arbitrarily assume you have this much salary left over after your own pension contributions, and also enough allowance left over after considering both you and your employer's pension contribution for the current tax year but including carry forward of prior year unused allowance if your current year remaining allowance isn't sufficient.

    £20k ready to go into your 2017/18 S&S ISA account

    £10k into the highest paying current accounts you can find and drip fed into a few 'regular saver' accounts for a year- likely the current accounts can be 3%+ but presumably you are already using some of the best ones for your existing rainy day fund. In a year's time make further pension contributions using the £10k plus the interest income accrued, unless you have found something more interesting to do with it by then.

    £5k to have a nice holiday or two.
  • Thanks Bowlhead 99... you have gave tons of info I didn't know about.. i'll need to read your reply a couple of times to take the most of your advice... love this site ...cheers mate
  • MalthusianMalthusian Forumite
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    bowlhead99 wrote: »
    These kind of "I can't be bothered thinking through what to with my money and don't have any wants or needs or ambitions, just tell me what to do please" type questions, are a bit crap really.

    You can't really call it a crap question if you're going to give an answer as helpful and detailed as that one : D

    Remember class, there are no stupid questions, only stupid people.
  • bowlhead99bowlhead99 Forumite
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    Malthusian wrote: »
    You can't really call it a crap question if you're going to give an answer as helpful and detailed as that one : D
    At least if my answer is anything other than perfect I can blame the inadequacy of the question :D

    Looking back at the post history now, he asked a few months ago about the best place for his son to save £55k. Was pointed to the savings section and a relevant thread, and didn't make any followup comments or questions.

    Now the amount is £65k and it's his, but he still doesn't know what the money is ever likely to be used for. It's probably just a fiction.

    Post #2 suggested he tell us "What do you see as the eventual purpose for the money?" Without that, any answer may be laughably inappropriate; we can but try!
    :beer:
  • money is going to be used for my old age or just handed to kids when I die...
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