£70,000 to invest

affordmylife

I need to get an income from £70,000 that I have to invest.

I’m open to suggestions. Please. Thank you.

central

I'd pay that £3,500 off first

affordmylife

Thanks. It!!!8217;s actually more like £10,000 as I!!!8217;ve had a couple of housemoves since then.

And part of my plan is to generate an income to pay it off.

Or I could pay it off and generate an income from the remainder.

Either way I need it to earn me something x

AnotherJoe

what is your position ?
Are you 25, 45, 75?
Earning?
Pension?
What are these debts? Zero % credit card , Santander 10%, or Tony "break your legs" Genovive at 25% a month ?
How long will this "income "need to last for ?
Until Auntie Bertha passes and leaves you her country estate?
Until State Pension? In ??? Years or forever ?

Audaxer

affordmylife wrote: »

Or I could pay it off and generate an income from the remainder.

That seems the better of the two options.

If you want to generate an income from the remainder you could invest it in globally diversified funds or Investment Trusts, but before doing anything I would suggest you learn as much as you can about investing on sites like Monevator. You will be able to generate a better income by investing rather putting it in savings accounts, however you need to have it invested for the long term, at least 10 years, as the capital value will fall a lot at times of equity crashes, which do happen from time to time.

enthusiasticsaver

You can invest in income funds but there are no guarantees and you will probably only earn 3% to 4% and access to the capital is not advisable if the stock market is low so usually you would have to leave it invested.

Unless the debt is at 0% you are better off paying it off from capital. Assuming you use £10k to pay off debt and invest £60k a conservative estimate of annual income is £1800 per year depending on where you invest it. I suggest you research income funds first though as investing in stocks and shares doesn't come with guarantees.