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First time Investor - Any Advice?
MP2609
Posts: 49 Forumite
Hi Everyone
Given how rubbish the savings rates are at the moment, I have decided to take the plunge into investing. I have around £100-£150 a month to invest and it would be great to hear what anyone else in a similar position does for this?
I am around the medium risk level so would be happy to spread the funds around and these funds would be purely for investing so I am looking at long-term in addition to my pension contributions through work.
I have looked into a Stocks and Shares ISA, Peer to peer lending, and Robo-investing with the guides on the MSE page too.
Many thanks in advance
Given how rubbish the savings rates are at the moment, I have decided to take the plunge into investing. I have around £100-£150 a month to invest and it would be great to hear what anyone else in a similar position does for this?
I am around the medium risk level so would be happy to spread the funds around and these funds would be purely for investing so I am looking at long-term in addition to my pension contributions through work.
I have looked into a Stocks and Shares ISA, Peer to peer lending, and Robo-investing with the guides on the MSE page too.
Many thanks in advance
0
Comments
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I usually point newbie investors towards sites such as:
https://www.ifa.com/indexfundsthemovie/
as well as highlighting a number of key points of principle:- Only consider investing once you have adequate accessible cash reserves.
- Only invest if you're happy to commit for at least 5-7 years and preferably 10-15 or more.
- Diversify - ignore individual shares, etc, and concentrate on collective investments that spread your eggs over many baskets. Global multi-asset funds are a good place to start, available from the likes of HSBC Global Strategy, Vanguard LifeStrategy, Blackrock MyMap and L&G Multi-Index.
- Choose what you want to invest in before considering which platform to hold it/them on.
- Keep an eye on ongoing costs for funds and platforms - they shouldn't be the primary consideration but can make a noticeable difference over the long term.
- Use a Stocks & Shares ISA as a tax-efficient wrapper to avoid liability for income and capital gains tax.
3 - Only consider investing once you have adequate accessible cash reserves.
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Also scroll through the forum as the same question is asked many times .
Here are three just below yours
After advice for investing. — MoneySavingExpert Forum
Best way to start investing regularly — MoneySavingExpert Forum
cash LISA + fund investment for retirement? — MoneySavingExpert Forum
I would avoid Peer 2 Peer which is going through a rough patch , unless you really understand what you are doing.
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