Long Term Savings

Rottie_Fi

I am wondering if there is anybody out there that can give good advice on long term savings?
I have a young son and want to save regularly for his future, college or what-have-you.
Where is the best place to invest for the long term?

Aegis

If you're talking about very long term savings (i.e. 10 years or more without touching this pool) then you might be better off investing the money on a monthly basis into a unit trust or an OEIC, or several if the amount you want to save allows it.. It's a form of investing rather than saving, but with the right selection based on long-term potential and risk, you could potentially end up with a lot more money than you started with. The drip feeding then allows you to take advantage of any short term downturns while the fund grows in the long run.

Of course, if you got within a few years of needing the money, it would then become wise to start siphoning off some of it each month into a savings account to make sure it stayed safe.

If you want to stay 100% safe, then be aware that cash accounts over the long term will be lucky to outperform inflation, meaning that they essentially stay at the same real value over time rather than appreciating.