I want a monthly income from my inheritance, what should I do?

Brilley

OP gone very quiet?....probably had a bit of a dull moment and read "2% interest, paid monthly" as "2% interest paid monthly"

MovingForwards

I was hoping OP would come back and say where this 2% interest per month account was so we all could move our money to it!

eskbanker

OP is presumably still coming down/round from whatever he was smoking/necking/injecting yesterday evening....

dan958

Probably having a little cry right about now.

smashy

Ok guys I checked the savings account and you were right it is 2%PA (per annum).

I'm not a troll but I am very bad at numbers stuff and saving/investing money as I had zero education about it.

I am now trying to learn as much as I can to be able to know what I am doing. Even if I get a financial advisor I still want to know what I am doing.

I would love to invest my inheritance money and get dividends from it that allow me to live comfortably , as well as saving for the future.

It seems to me that all those stocks and shares funds and pension funds and etc are all into the future, not into giving dividends in the present, am I right?

Robin9

[QUOTE=smashy;76291401..................

I would love to invest my inheritance money and get dividends from it that allow me to live comfortably , as well as saving for the future.
...................[/QUOTE]

Although £120,000 sounds like a lot - it isn't really. You certainly won't live on the income no matter how you invest it.

If it was me - I would clear my debts and mortgage , have a good holiday in memory of the deceased, and take a long term investment of what remains -perhaps in your business.



Was the daughter's £1000 a month correct ?

smashy

Robin9 wrote: »

Although £120,000 sounds like a lot - it isn't really. You certainly won't live on the income no matter how you invest it.

If it was me - I would clear my debts and mortgage , have a good holiday in memory of the deceased, and take a long term investment of what remains -perhaps in your business.



Was the daughter's £1000 a month correct ?

Yes exactly, if I take out the paying off debts and mortgage, remains £70k.

Might do exactly that, take some good holidays, treat myself and my daughter a little and invest the remaining in funds and stocks (will go to a financial advisor for that).

No, the £1000 was incorrect (my bad)

MaxiRobriguez

Ignoring the gentle mocking from some, what you should take from this thread is to not make decisions before you fully understand them.

Read, read and read again before making plans/judgement on things, it'll save a lot of pain in the future! We were all dumb and naive once, no one is born into financial literacy.

CharlesD

Its okay Smashy - we've all been through the early stages of learning something new and getting to grips with things. I think its fantastic that you want to put the money to work.

Afraid I can't offer any insight about stocks and shares, as I'm still trying to learn enough to dip my toes into that myself. But over the last few years my partner and I managed to save up about the same amount of money you are looking at having spare from the inheritance and have been trying to milk as much interest from it as we can (without investing, I'm able to produce about £135 a month in interest off £80,000 - but thats all easy access).

I would say if you still learning about investing it long term and aren't ready to take that step already - at least get the money to work now.

Nationwide has current accounts available that earn 5% interest on balances up to £2500 - easy to open and manage just like any other bank account. If you have a partner you could open three of them and earn 5% on £7500. Its a pretty unbeatable savings rate by today's standards.

You can then at least put the remainder of your inheritance in a decent paying easy access saver - think the market leader at the moment is Al Rayan which is offering 1.6%. We used Marcus by Goldman Sachs at 1.5%.

Afraid as others have said, £120,000 isn't enough to enable to you live off interest.
Depending on how risk averse you are - there could be some very aggressive investment strategies that could make a lot if lucky, but could cost you a lot if unlucky (like peer to peer lending).

Sea_Shell

I'd just add that...if you see a deal that looks too good to be true...it probably is.

Ask here first before parting with any cash. Even experienced people can get scammed out of their life savings!!