Lump sum saving

cloud_dog

Possibly a subject you may not want or have to consider but, have considered what/how things are manage if/when you may not be there for him?

Also, is this a situation where it may be prudent to obtain power of attorney for him? Obviously, a lot of this depends on the severity of the situation.

Yorkie1967_2

I do have the power of attorney for his finances already. To be honest not really thought too much about the future if I'm not around for him, but obviously something to think on about. Just wanted something simple to put his money into. Is investing in stocks and shares straight forward?

badger09

Yorkie1967 wrote: »

I do have the power of attorney for his finances already. To be honest not really thought too much about the future if I'm not around for him, but obviously something to think on about. Just wanted something simple to put his money into. Is investing in stocks and shares straight forward?

Not as straightforward as choosing a simple savings account, but in the long term likely to be more rewarding.

Have a read around this website and come back with any questions.

https://monevator.com/category/investing/passive-investing-investing/

For a 'fire & forget' many would advocate a global fund which diversifies your investment for you, such as Vanguard Lifestrategy, Blackrock Consensus, Legal & General Multi Index etc


Just to add, you don't need to rush into anything. Put it in a savings account while you have a think about it.

Sir_Robin

I’ve spent the last few days looking into investing conservatively for the first time.

Some of my take aways were:
Theres always risk of loseing money but you can influence it to an extent.
Individual shares are high risk/reward not suitable for an amateur.
The Vanguard Lifestrategy funds are highly recommended for first timers.
A fund is basically when investors pool their money together and its invested on their behalf.
The ratio of shares to bonds in the Lifestrategy funds dictate the level of risk as shares are more volatile.
Lifestrategy funds are passively managed funds heavily weighted into tracking various stock market indexes.
Passively managed funds are highly automated resulting in lower fees.
The theory behind passive tracking is that they make a profit from the longterm upward trend in the stock market rather than trying to cherry pick profitable investments.
You should invest for 5yrs plus to ride out short term downturns.
Vanguard offers income and accumulator versions of the funds the income one pays dividends whilst accumulator reinvests the profits instead. Accumulator will give you the benefit of compounding.
Cheapest platform for vanguard funds is via their website but your limited to vanguard funds.

Hope that’s some food for thought. My advise is do your own research till you feel confident.

Yorkie1967_2

Thanks for all the help and replies. Think I'll have to do a lot more reading up to fully understand what's the best for us. Thanks again.