What to do with a large sum of money ...?

[Blukoo]

I need some advice for a friend...

My friend currently has over £350k in a building society. He's recently been informed that if the building society was to go tits up and arse for elbow, they could only guarantee £35,000 of that money. Those of you with more than five brain cells will realise thats not very comforting...

I am no good with money and i was hoping that you could throw a few ideas my way.

As my friend is a huge car fan, one idea I had was to invest in a car (to be put in storage) which is likely to appreciate in value. Are there any cars that would guarantee a profit in a few years time? I thought about the likes of an F40 (i assume they're going up in value).

[10 Pence Short]

Whack it into Northern Rock if he's worried and doesn't want any hassle.

[V8mate]

Bradford & Bingley are offering 6.7% at the moment

Edited by V8mate on Sunday 5th October 13:58

[Marf]

10 Pence Short said:

Whack it into Northern Rock if he's worried and doesn't want any hassle.

Havent they just pulled their savings products due to hitting their deposit limits?

Another option would be to put the money into an Irish Bank with 100% protection. Only thing to take into account there is the exchange rate.

[Blukoo]

swerni said:

your not very good with money are you.

Correct, and you're not very good at spelling are you?

I love the edit function

Edited by Blukoo on Sunday 5th October 14:05

[CommanderJameson]

Put down a deposit on one of these:

[10 Pence Short]

Blukoo said:

swerni said:

your not very good with money are you.

Correct, and <b>you're</b> not very good at spelling are you?

And your formatting is pants.

[smilerbaker]

Blukoo said:

I need some advice for a friend...

My friend currently has over £350k in a building society. He's recently been informed that if the building society was to go tits up and arse for elbow, they could only guarantee £35,000 of that money. Those of you with more than five brain cells will realise thats not very comforting...

I am no good with money and i was hoping that you could throw a few ideas my way.

As my friend is a huge car fan, one idea I had was to invest in a car (to be put in storage) which is likely to appreciate in value. Are there any cars that would guarantee a profit in a few years time? I thought about the likes of an F40 (i assume they're going up in value).

LOL with friends like you he doesn't need enemies, 'invest' in a car LOL, at the start of a resession, there are just too many holes in that plan for me to start to point them out lol

[andy400]

£350k!?! In a Buidling Society??!!?

What he should do is give it to me to invest, as I have a working brain cell, and I'll pay him what the BS pays in interest, and keep the rest as commission! Ok?

Everyone's a winner!

[Oilchange]

make a silly offer on 3 or 4 houses listed at around £400k or so. See them squeel when you won't budge on price and when one crumbles make the offer. Then, with a week to go before completion, threaten to pull out unless they reduce the price by a further £50k.

Then, once you have the bargain property, rent it out.

Its a buyers market...

[andy355]

put it in national savings. ok their rate is on the low side but anyone who cares about the difference between 4% and 6% at the moment has got their priorities wrong.

alternately spread it around in 7 x 50k (the new protection limit) but make sure the banks are seperately licensed

[TommyTT]

Marf said:

Another option would be to put the money into an Irish Bank with 100% protection. Only thing to take into account there is the exchange rate.

Open a Sterling account in an Irish Bank.

[Blukoo]

smilerbaker said:

LOL with friends like you he doesn't need enemies, 'invest' in a car LOL, at the start of a resession, there are just too many holes in that plan for me to start to point them out lol

I'm sure the resession you speak of won't effect the price of certain cars (but what do i know).
I know its not the most bullet proof plan in the world, but it seems a lot more exciting than keeping the money in a bank. It would be like investing in a piece of art.

[Rocky Balboa]

Irish bank.

HTH

[supersingle]

Buy some gold and hide it under your floorboards. HTH

[smilerbaker]

Blukoo said:

smilerbaker said:

LOL with friends like you he doesn't need enemies, 'invest' in a car LOL, at the start of a resession, there are just too many holes in that plan for me to start to point them out lol

I'm sure the resession you speak of won't effect the price of certain cars (but what do i know).
I know its not the most bullet proof plan in the world, but it seems a lot more exciting than keeping the money in a bank. It would be like investing in a piece of art.

Well in the 2 previous resessions the price of exotics and classics fell through the floor. Then of course there is the cost to store it (properly) and the cost to get it out of storge, if its been stored for any lenght of time things like rubber belts will have perished. No idea how much a cam belt change on an f40 is but 3k on a 355 used to be around the norm.

Either stick it in a 100% guaranteed bank, or gamble and make a silly offer on a house.

[Spam]

Cocaine.

[Ry_B]

Scary having that much in a building society!

[TimJMS]

supersingle said:

Buy some gold and hide it under your floorboards. HTH

In for the win.

[cymtriks]

350K?

And he just sits there looking at the building society statement of his account?

There are:

• shares (banks are very cheap, some will fail but others will be worth a lot more in the next "boom" after this "bust")
• cars (not as an investment, just to enjoy your money while you're stiil on this Earth)
• property(you could get something very nice and never have a mortgage)
• holidays (why not, you oly live once)
• your family (treat them)