Im 23 - i have 40K in savings - what do i do?

bigtam20

Hey, keeping it brief, im 23 years of age, i have around £40k in savings, i own my house, my car, phone etc. what is the best thing to do that will get the most out of my money. 

DE_612183

are you mortgage free?

what sort of pensions do you have in place?

Albermarle

bigtam20 said:

Hey, keeping it brief, im 23 years of age, i have around £40k in savings, i own my house, my car, phone etc. what is the best thing to do that will get the most out of my money. 

Being too brief is not good for these types of questions. We need to know more about you to answer the question sensibly.

At age 23 getting the most out of your money, could mean spending it ( or some of it) on having a good time.

gravel_2

Do you earn? What tax band are you in?

boingy

Pension, pension and pension.

bigtam20

thanks all, sorry was a bit too blunt. Currently earning 30k a year, i have been looking at index funds i.e s&p 500 or an all world ISA. has anyone had experience with these before? would be able to pay like 400 per month into it. 

Albermarle

bigtam20 said:

thanks all, sorry was a bit too blunt. Currently earning 30k a year, i have been looking at index funds i.e s&p 500 or an all world ISA. has anyone had experience with these before? would be able to pay like 400 per month into it. 

There are numerous posters on this site who have stock market trackers. They are usually the recommended investment for someone with a long term outlook. Most would say just investing in a US tracker was too concentrated and a global index tracker is the usual go to. There a few different ones but they inevitably have very similar performance.
It is best to have the investment within a Stocks and Shares ISA to avoid any tax issues
However if you are investing for the very long term it is best to do it via a pension due to the tax relief and sometimes employers will match your increased payments to a point.  Also investigate how your pension is invested as it is normally possible to change investments.

xylophone

Assuming that you have not used your ISA allowance you could consider opening a stocks and shares ISA and investing up to £20,000.

You have a wide choice of providers and investments but as a beginner you might find Hargreaves Lansdown easy to use and not too

expensive for a modest pot.

https://monevator.com/low-cost-index-trackers/ might be worth a look.