What to Invest 7K In?

SamCo

Hi everyone,

I have recently sold an old car I refurbished and have £7,000. What would you recommend the best investment choice to make would be? ISA? Premium Bonds?

Looking forward to hearing your recommendations

Sam

webjaved

You could look at S&S ISA's.

What would the investment be for?

xylophone

Save or invest?

G_M

For how long?
Access required?
Other investments/savings held?
Debts?
Age/family?
Pension?

SamCo

For how long? No rush to get it out.
Access required? Not necessary
Other investments/savings held? None apart from a house / mortgage
Debts? Nope apart from a mortgage
Age/family? Girlfriend and dog
Pension? yeah, not much in it though. Couple of hundred quid

I'm 33 years old if that helps

kinger101

You really do need to think about the pension.

(a) are you employed?
(b) does your employer have a pension scheme ?
(c) are you enrolled ?
(d) are you getting the maximal employer contribution?

Zorillo

Another old car to refurbish?

SamCo

(a) are you employed? yes
(b) does your employer have a pension scheme ? yes
(c) are you enrolled ? yes
(d) are you getting the maximal employer contribution? No.

Shall I get premium bonds? / Shares? / Gold?

dunstonh

Shall I get premium bonds? / Shares? / Gold?

probably no / no / no

You are not really helping people narrow down the options.

you are behind in your retirement planning. We dont know if this is all the money you have or if there is more. We dont know the timescale as your responses are wishy washy
Solutions need to fit objectives. We have no objectives. We dont know your capacity for loss. We dont know your risk profile. Only real thing of use is the fact you are behind on retirement planning.

kinger101

SamCo wrote: »

(d) are you getting the maximal employer contribution? No.

Increase your employee contributions so you get the maximal employer contributions. Your take home pay will reduce, but if necessary, you can draw on the £7K.

In the meantime, if you have no other cash, I'd keep it in an instant access, and save £250 a month though a regular saver with a good interest rate.

Employer pension contributions = free money.

xylophone

Ever had a Nationwide Flexdirect current account?

If not open one and deposit £2500.

Open TSB Classic Plus and deposit £1500. Set to paperless.

Set up same day mid month SO for £1000 from TSB to NW and from NW to TSB.

Open monthly regular saver with NW and deposit £250.

Deposit £2750 In Marcus savings account.

Every month pick up the interest from TSB and FP to NW.

Deposit (together with NW interest and enough from Marcus to make £250 into the NW monthly saver.

At the end of the year keep £1 in FD, cancel the matching monthly SOs.

Deposit NW money in Marcus.

Set up a payment of £500 a month from an existing account to TSB and back again.

Think again about what to do with money in excess of £1500. Make a pension contribution?

Of course you would have to keep an eye on the rates etc during the year.