100k what to do with it

100k what to do with it

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Discussion

anonymous-user

54 months

Tuesday 22nd January 2019
quotequote all
petemurphy said:
well almost..

i have 85-90k which is just sat in lloyds account at the mo.

whats the best thing to do with it in your opinion ( bar a 911 )

70k is mine and 15k is technically for my daughter although its sat in the same account at the mo.

we have no debt or mortgage. whilst we have no immediate plans to move we are constantly looking at houses and if the right one came up would want to buy it so the money cant be tied up for too long.

i'm rubbish with money so needs to be easy as does sorting out any tax etc incurred.

are financial advisors worth seeing or do they just sell you commission based stuff?

nothing too risky as it was inheritance so dont want it to disappear on bitcoin.

any advice appreciated thanks
It depends how old you are and what income you already have

AndrewEH1

4,917 posts

153 months

Wednesday 23rd January 2019
quotequote all
mackay45 said:
That plan looks pretty sensible to me.

On the tax return point, you won't need to do one as confirmed here:

https://www.gov.uk/apply-tax-free-interest-on-savi...
Read that link again carefully...tax will be due depending on your circumstances and how much interest you earn over the tax year.

(Unless all the interest earned is from ISA/Premium Bonds)

funinhounslow

1,628 posts

142 months

Thursday 24th January 2019
quotequote all
petemurphy said:
well almost..

i have 85-90k which is just sat in lloyds account at the mo.

whats the best thing to do with it in your opinion ( bar a 911 )

70k is mine and 15k is technically for my daughter although its sat in the same account at the mo.

we have no debt or mortgage. whilst we have no immediate plans to move we are constantly looking at houses and if the right one came up would want to buy it so the money cant be tied up for too long.

i'm rubbish with money so needs to be easy as does sorting out any tax etc incurred.

are financial advisors worth seeing or do they just sell you commission based stuff?

nothing too risky as it was inheritance so dont want it to disappear on bitcoin.

any advice appreciated thanks
I wish I was this rubbish with money smile

petemurphy said:
the money cant be tied up for too long.
...
nothing too risky as it was inheritance so dont want it to disappear on bitcoin.
If you're likely to want a significant proportion of this back in the next five years I would "play it safe" and stick it in a mixture of Premium Bonds and a Marcus account.

You might get slightly more by dividing it up between various accounts, but to me it doesn't seem worth the faff for the extra interest.

This is an "interesting" time to be investing in the stock market, but if you're confident you won't need the money for at least five years it might be worth considering investing some in the stock market. Drip feeding some into a Vanguard tracker will smooth out some of the volatility, But this would be strictly for the longer term...

petemurphy

Original Poster:

10,122 posts

183 months

Thursday 24th January 2019
quotequote all
ha thanks!

Westkirbyman

19 posts

165 months

Thursday 24th January 2019
quotequote all
Rather than worrying about what to do go and buy a 911 and put a smile on your face every day.

petemurphy

Original Poster:

10,122 posts

183 months

Friday 25th January 2019
quotequote all
Westkirbyman said:
Rather than worrying about what to do go and buy a 911 and put a smile on your face every day.
i have a wife frown

mackay45

832 posts

171 months

Monday 28th January 2019
quotequote all
AndrewEH1 said:
Read that link again carefully...tax will be due depending on your circumstances and how much interest you earn over the tax year.

(Unless all the interest earned is from ISA/Premium Bonds)
The question wasn't whether tax would be due, it was whether OP would need to do a tax return via self-assessment or not.