Investing for the first time

pennypincher64

Hi there

Has anyone any suggestions for investing for the first time? 

I looked at SeedInvest, Seeders and things like Hargreaves and Lansdowne but I'm just not sure what to do or expect. 

Thanks

SavingThosePennies

It would be really helpful to know roughly how much you're looking to invest. Lots of these platforms have different ways of charging fees and the scale of your investment can charge which one is the cheapest.

pennypincher64

I would probably go accumulatively small, so something like say £50pm maybe.. that I'm sure is laughable?

ndf9876

You'll probably get more specific help and guidance if you head on over to the Investments board : https://forums.moneysavingexpert.com/categories/savings-investments

pennypincher64

Ah thank you!

jangus74

Theres plenty of free resources out there. if you like reading then I suggest looking at "How To Own The World" by Andrew Craig, its a real eye opener and helped my think differently about money.....a really good book

maxie47

Haven’t any clue with stocks and shares. But with interest rates at an all time high perhaps investing into a fixed savings account, premium bonds or something like that.

lincroft1710

maxie47 said:

Haven’t any clue with stocks and shares. But with interest rates at an all time high perhaps investing into a fixed savings account, premium bonds or something like that.

Bank rate currently 1.75%, in the 1980s it was averaging around 10% and didn't drop below 5% until 2001. So currently hardly at an all time high!

pennypincher64

lincroft1710 said:

maxie47 said:

Haven’t any clue with stocks and shares. But with interest rates at an all time high perhaps investing into a fixed savings account, premium bonds or something like that.

Bank rate currently 1.75%, in the 1980s it was averaging around 10% and didn't drop below 5% until 2001. So currently hardly at an all time high!

Oh wow! Is that what it was back then? Banks are absolutely robbing us. I always think of the amount of interest they charge people (say for a mortgage) and the rate they give you for savings. It's crazy. They keep well over half the money. Any wonder people get into cryptocurrency 

Raveloe

Basic observation: every professional adviser has his or her nose in your trough. So you are doing exactly the right thing by posting here. In investing terms it is called doing your own research (DYOR). Stick with that approach. Charges are the investor's leaking hull and can sink your ship at someone else's profit.

My opinion (DYOR again!) is that you could cream off all your spare cash into Premium Bonds until you have built up about £1,025 of bonds. At those levels you are unlikely to be helped by any wins but, just the same, you could win something to help you on the way.

Then set up a stocks-and-shares ISA, transfer £1,000 into it and get investing. As preparation for that phase, these free investment guides are a good start: youinvest.co.uk/free-investment-guides

These guides are from one provider, so look for similar information elsewhere and form a view on it to work out your investment strategy. DYOR again.

Every loss (there will be some) is a valuable lesson, every gain is money in the bank. Keep growing your knowledge, skill and judgement and over the long term you will substantially increase your wealth. Enjoy the journey.

wjr4

Raveloe said:

Basic observation: every professional adviser has his or her nose in your trough. So you are doing exactly the right thing by posting here. In investing terms it is called doing your own research (DYOR). Stick with that approach. Charges are the investor's leaking hull and can sink your ship at someone else's profit.

That’s not true. I’m an adviser and have saved my clients thousands of money in tax and stopped them doing things that would change their lives eg investing too high risk and then the stock market crashing and they have to put off retirement. Financial planners (which I am) tend to care more than the old school financial advisers. Please do not tar us all with the same brush.