Best way to start off with £190k

steampowered

None of this is particularly complicated. You don't need an IFA, though it can be worth seeing one if it helps give you confidence.

The basics are:
- Contribute as much as possible into your pension to maximise the tax relief.
- Max out your stocks & shares ISA each year.
- Put the rest into a regular stocks & shares account.

In terms of investment choice, unless you fancy yourself as a stock picker, would be a good idea to go with a diversified passive investment fund. Vanguard funds are one option.

Brie

All very good advice I'm sure but I would certainly look at getting rid of the mortgage as soon as is feasible.  Basic principle of getting rid of debts before investing.  I know mortgage rates are relatively low but they may go up given a recovering economy.  And as someone has suggested a off set mortgage might be a good idea to give you some flexibility on the investments should good opportunities appear.

Hexane

wheelygreat said:

Albermarle said:

MX5huggy said:

£180k salary plus 75% bonus, non working wife. All bets are off go and see an IFA. Should be able to guide you to some tax efficient savings beyond ISA’s and Pensions. 

I was thinking the same, as soon as I saw that pretty massive salary . Probably one of the largest that I have seen from a poster on this forum, especially if the 75% bonus pays out !

Ha, am new to the salary, not always been that way, just got lucky with a particular specialism that a tech company is looking for.  When i worked out what the income taxes would be, trust me i was a bit in despair...

Thank you for your contributions to the coffers of our great nation

wheelygreat

The tax of £140k is certainly an eye opener. A bit different to when i was on £30k

JohnWinder

wheelygreat said:

Thanks - yes i think ill go see an IFA - ...- they should teach us more of this stuff in school! For someone that is involved in detailed research in a technical field and got 2 degrees from university, this all seems way beyond me!

Learning 'this stuff' in school would be of limited value as it's repeatedly changing as governments respond to economic and social conditions. They teach us information literacy in school so we can teach ourselves what's current when it's current.

If you need to get a better idea on investing lots of money, try Tim Hale's book Smarter Investing. I usually suggest the local library, but you could have your own copy. You'll be as smart as the next person on this forum with that under your belt.