Advice for large savings

MelodyJennifer

Hey guys,

Just wondering if anyone can give me a bit of advice. I have recently come into a large amount of money after my dad passed away (>£100k) and need some advice on what options I should be considering?

I have put some away in the Marcus account but want to spread it around slightly - I am open to investing but not really sure where to start and am also slightly aprehensive regarding 'losing' some money as I still feel it is my fathers.

Any advice would be greatly appreciated.

Thanks

xylophone

https://www.moneysavingexpert.com/savings/safe-savings/

Savings rates here


https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Inflation is currently at 2.4% CPI or 3.3% RPI.


Do you have a pension? Did you wish to consider increasing your contributions?

In the hope of longer term growth, would you wish to consider using some of your inheritance to take up your ISA allowance in stocks and shares?

Below may be worth a look.

https://monevator.com/using-vanguard-lifestrategy-funds-life/

https://monevator.com/vanguard-direct-uk/

If you wished, you could seek advice from an Independent Financial Adviser.

Tick "confirmed independent" and any other specialism from menu

https://adviserbook.co.uk/

MelodyJennifer

I will check out those websites and that's really helpful to know about the financial advisors. Thanks for your reply

DrSyn

In addition to reply 2.

https://www.citizensadvice.org.uk/debt-and-money/getting-financial-advice/

Make sure you understand what these terms mean.

Savings (low risk): Money in a bank or building society covered by the FSCS scheme. You expect to get your money back. If you need the money within 5 years keep it in a savings account.

Gambling (short term): Very high risk. Lotto,horses, cards, etc. High chance of loss of your money.

Investing (risks vary): This is a long term gamble. You put your money at risk in the hope and expectation you will get a better return than from a savings account. But nothing is guaranteed.

If you do think of investing have a look at these.

http://www.kroijer.com/

https://www.ifa.com/indexfundsthemovie/

https://www.moneysavingexpert.com/investments/


Good Luck on whatever you decide to do.

funnymonkey

MelodyJennifer wrote: »

I will check out those websites and that's really helpful to know about the financial advisors. Thanks for your reply

The problem with financial advisors is that they're not any good.
The fact that they're still working proves that fact
If they're unable to make money for themselves and retire how do you expect them to make money for you??

Herbalus

funnymonkey wrote: »

The problem with financial advisors is that they're not any good.
The fact that they're still working proves that fact
If they're unable to make money for themselves and retire how do you expect them to make money for you??

This comment displays a significant misunderstanding about what a financial advisor actually does.