Should i invest my money?

Finchy2018

I know the advice is probably speak to a financial advisor which i will also but I've never really had spare money so have never learnt what to do with it other than save.

I have approx 60k. 33k is in an ISA the rest in a v. Low interest rate saving account.

I am bought a house earlier this year and have approx 400 each month left over which i use to over pay my mortgage and stick in savings (50/50)

Having been poor before I like knowing that this cash is there should I get made redundant, but i also want to pay my mortgage off Asap and retire as early as possible.

What I don't want is to risk losing everything from investing it. So do I just suck up the low interest rates and keep my money safe or is there something else I can be doing with it? (Maybe not all of it, maybe just the non isa money)

jaybeetoo

Have you considered putting some of it in a pension?

Finchy2018

I contribute 5% of my salary each month which is matched by my employer. I spoke to our pensions advisor at the office who said to increase my pension contributions but not put the money I have into one and it was financially more beneficial to do this through payroll. I will increase my contribution after my merit review.

AnotherJoe

10% is almost certainly not enough so putting more in via salary is best, with the proviso that yiu won't be able to use that before age 55.
Let inflation and normal payments take care of the mortgage. Too many here focus on mortgage at ultimately great cost to their pension.

Finchy2018

This might be silly but I've never thought much about my pension. No one in my family has lived long enough to enjoy retirement. Maybe something I should rethink.

bostonerimus

You are investing if you are putting money into your pension. I would increase your contribution and do some research to understand exactly how your pension money is invested ie what funds! I would also use a stocks and shares ISA and invest in something like VLS60. So if your current ISA is in cash maybe look at changing over to a S&S ISA.

DrSyn

First watch both of these:-

http://www.kroijer.com/

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

Then consider investing in a low cost Global Multi Asset Fund, at a risk grade you are happy with. Two such funds you might like to consider that have wide diversification while minimising risk, at low cost are:

https://www.vanguardinvestor.co.uk/investing-explained/what-are-lifestrategy-funds?intcmpgn=lifestrategyfunds_learnmore_link

https://www.hsbc.co.uk/investments/isas/hsbc-global-strategy-portfolios/

Or

Vanguard Target Retirement Fund :

A better name might be “ Special Year Fund”. You just chose your year and pay them your money.

https://www.youtube.com/watch?v=Sr-IFxRGT88

https://www.vanguard.co.uk/adviser/adv/investments/about-funds/target-retirement-funds


Remember there are no guarantees with investing. This is what has happend in the past in the US market. Look at the charts next to the photo:-

https://www.getrichslowly.org/bull-bear-markets/

You should always have an emergency cash fund.