Sounds investment advise, please!

Lassebabba

After the only second time have some money to invest (the first time I lost everything in the last economical downturn and also borderline went in to personal bankruptcy) I desperately need some sound advise. It's 'only' a few 10k GBP so won't by me a penthouse on the Thames but if handled correctly I think it could be a life changer for me.

What do I do? With the current uncertainty I am not too keen on property.

A huge thanks in advance!

Prism

How long are you willing to invest this before you need any of it?

AnotherJoe

Money doesn't (or shouldn't) be invested in isolation.
An adviser would want the bigger picture of your financial circumstances- do you own property, is it mortgaged, are you employed, do you have a pension, how old are you, how much is in your pension, are you married or with a partner?

MaxiRobriguez

As others have already stated, need more information on your personal circumstances before any advice can be given.

Some may decide to wade in before knowing that with advice to buy global index trackers. Generally this is OK advice but may not be appropriate in your specific circumstances.

bostonerimus

With 10k I'd pay off things like credit card debt and loans and then keep anything left in the bank. I would understand any workplace pensions you have and make sure you are contributing as much as you can and then research stocks and shares ISAs and the funds you can buy within them.

PS do a budget and find places you can save money.

Lassebabba

First, thanks for all replies! It is most appreciated.

Then, to give more info about my situation;
- mid 50's
- divorced with one 12 year old son (lives with his mum)
- no cc debt
- own no house or car (or anything else really)
- pension fund saving; roughly 50k
- no other saving or assets (until now)

Hopefully this helps.

Albermarle

Then, to give more info about my situation;
- mid 50's
- divorced with one 12 year old son (lives with his mum)
- no cc debt
- own no house or car (or anything else really)
- pension fund saving; roughly 50k
- no other saving or assets (until now)

One more important question :
Are you working ? if so how much approx. is your salary ? and how many years do you think you will continue to work?
Once we know that then no doubt some good advice will follow.

xylophone

Sounds investment advise

Musical shares?:)

own no house

Is it enough for a deposit on a home?

Lassebabba

The money comes from just having been made redundant. I strongly believe that I should be back in work latest within a few weeks. Salary level should be around 70k annually. If I could afford it I'd retire ASAP (who wouldn't...) but I assume I'll be working another 10 years at least.

Albermarle

Firstly I would put the redundancy money in a safe instant access savings account for now.
Once you are back working ( hopefully ) and the first couple of pay cheques come in , then you can start to plan what to do with it . Normal advice on the forum would be as follows:
Keep some in the savings account for emergencies / sudden loss of employment. Minimum 3 months normal pay .
Then increase your pension contributions , either from your salary or also with a lump sum from the redundancy money . If your salary is £70K , then adding £20K pa will gain maximum tax relief at 40% .
As you will be a higher rate taxpayer and already mid 50's then better to concentrate on improving your pension and not worry too much about other investments .

Audaxer

Lassebabba wrote: »

The money comes from just having been made redundant. I strongly believe that I should be back in work latest within a few weeks. Salary level should be around 70k annually. If I could afford it I'd retire ASAP (who wouldn't...) but I assume I'll be working another 10 years at least.

In your position I would invest as much of the redundancy money as possible in a SIPP, probably in a low cost multi asset fund. If you get back into work soon with that sort of salary, it would also make sense to save as much of it as possible, investing it in the SIPP or workplace pension over the next 10 years until you retire.