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KENNA | Im 26 with £88,000 in my savings? |
What can I do to make this money grow? Does anyone know any informative websites or blogs for young people looking to invest? What do you guys do as far as savings/ investments go? thanks |
 |
 
Smilin'Bob_ The Enzyte Guy
|
Get a person in your bank to recommend some low-risk investments for that money...
Remember the law of 72's when looking at your investments. Divide 72 by the rate of return on the investment, and that number you end up with is how many years it will take to double your money. EXAMPLE: An investment in British Airways pays a 6% dividend. If you invested 40K BPS in that instrument , it would take you 12 years to DOUBLE that to 80K ( 72 divided by 6 is 12)... SO.... In this example, by the time you were 38 it would be 80K, by age 50 it would be 160K, by age 62 it would be 320K... etc etc
Compound interest is a WONDERFUL thing, and at your age, it is DEFINITELY on your side. Find an investment with a risk tolerance you can stand, invest the money---then FORGET ABOUT IT.
Watching the market every day will shorten your life, and you are in this for the long haul, not the daily fluctuations the market may make......
Good job on ending up with that much money at such a young age. You are WAY ahead of the game, and if you INVEST, instead of TRADE, you will be rich in our own right by doing nothing more than making your money work for you.... |
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magpyre
 |
Buy a flat or something, its a great time to buy as everything is really cheap, and you wont need a mortgage either, you could rent it out and save that money to buy another property, thats where the money is right now, if you have any!
Just make sure you get a good accountant, as you will have to pay tax on any income from the property.
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Sean L
 |
dont trust the broker, remisier or agent. it is always not a wise one.
if you really want to, ask them for their past record.
Had they really did investing for themselves?
More than 90% just know how to talk and dont know much about investing and fund/aset allocation.
invest in yourself!!!
that is the best investment and you will bring it along with you all your life.
Don't simply jump into any investment without any knowledge, you will end up zeroing your bank account.
Find out what you really wants in life and proceed to know more of it.
like seminar or books(cheaper).
you have $$, so make full use of it and spend your time wisely.
the return for stock is fast, but you will need at least 2-3 personal experience.
real estate is more conservative.
But you will certainly need education(yourselves) no matter industry what you are into.
best of luck
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Nightrider
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You are in a better shape than most.
Right now, do nothing. There is storm blowing across the stocks, bonds and banks, financial institutions - it is not very pretty. A huge storm brewing with Citigroup - likes of which we have not seen in history.
What one will do in a situation like this: Sit tight. Keep your money in treasury bills (or its equivalent in UK). I won't even trust the banks' savings account right now.
Do nothing between now and late 2009.
Then, in late autumn 2009, after the storm blows over, come into the stock market to buy beaten down stocks. Do bottom fishing. Then, sit tight.
By the time you are 62 (the reverse of your current age) - you will have so much money you wouldn't know what to do with it. This is my best advise to you.
You can thank me later. |
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Fast Money
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You need to ask a good financial advisor. I know one who could help you to earn 12% a year without risk. Email me via my profile. |
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MellowMan
 |
Well, you could give me half, as that's how much debt I'm in. |
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MGA
 |
Well done!
I'm surprised your bank hasn't contacted you offering to advise you.
Yes, get a good accountant, but during this economic crisis, aren't you supposed to split it so that you don't have more than £50,000 in any one account?
(That'll be £10,000. You can send me a cheque) |
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honey
|
An accountant justs prepares your account,whereas a 'financial advisor' can advise you on investments.
Its a very tricky time at the moment,lots of companies going under.So I would put off making any definite investments until the financial markets are stable.
When you do decide,avoid 'having all your eggs in one basket',go for a mixture of investments.
You need to decide how adventurous you are,do you mind a bit of risk,or do you want to play safe?
As for this moment in time,I wouldn't keep more than £50000 in more than account,just in case another bank fails.
As for Premium Bonds as mentioned by another poster,you can't have more than £30,000. |
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hrh
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buy some premium bonds, u don't have to pay interest on them, you could win a considerable amount of money and if you wish to return them you will get the same money back as you gave them for it |
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Lord Charlemount
 |
I am in similar situation (albeit with much less in savings). Despite all doom and gloom. share prices are at lowest in years. Banks are 90% cheaper than they were 2 years ago. I've taken view that the likes of Lloyds, HSBC, Barclays will have tough year, but in 2-3 years, things will have improved and although share prices may not quickly get back to prices 2 years ago, worth investing (spread across several to minimise risk), as you would think that at very least share price will have doubled (starting from low base now) in 3 years? |
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Michelle75
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Get an accountant, they can help or
Put it into an ISA Account or
Put them into Shares or
Buy Property
These are things i want to do with my money in the future... Good luck, wish you success with everything. |
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Champagne 7 SUSPENDED AGAIN
 |
Get a good accountant. They'll do all the work and explain your best options. |
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tlionhart
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stick it in a biscuit tin and hide it under your bed. I don't trust banks anymore. Especially with this credit crunch |
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