50 odd k - not sure what to do with it?
Discussion
Hi,
I know this has probably been asked many times (I have done a search, however each persons situation is different) I have also searched MSE etc, but a lot of the information baffles me.
My situation is now this, I have sold the house I had with my ex-wife (all very amicable and nice, split 50/50 all good) I have paid off everything we needed to. Spent a few quid on a few nice weekends with the mrs etc. and put some by for the house we are going to hopefully be moving into shortly (I'd sold most of my old furniture, and mrs is in furnished rent)
This will leave just over 50k in my current account, and while I have nothing I can think of to do with it, It seems silly just sat there not doing anything.
I have no immediate plans for any large expenditure, my wage will cover costs of new place per month including bills, I have some money set aside to fix M3, and I work too many hours for any holidays at the moment anyway.
Has anyone any guidance on what may be a good idea in my situation?
Appreciate any advice.
Cheers
I know this has probably been asked many times (I have done a search, however each persons situation is different) I have also searched MSE etc, but a lot of the information baffles me.
My situation is now this, I have sold the house I had with my ex-wife (all very amicable and nice, split 50/50 all good) I have paid off everything we needed to. Spent a few quid on a few nice weekends with the mrs etc. and put some by for the house we are going to hopefully be moving into shortly (I'd sold most of my old furniture, and mrs is in furnished rent)
This will leave just over 50k in my current account, and while I have nothing I can think of to do with it, It seems silly just sat there not doing anything.
I have no immediate plans for any large expenditure, my wage will cover costs of new place per month including bills, I have some money set aside to fix M3, and I work too many hours for any holidays at the moment anyway.
Has anyone any guidance on what may be a good idea in my situation?
Appreciate any advice.
Cheers
Will you still have the 50k after you move into your new house?
If so maybe you should look at speaking to a financial adviser. I recently got one and have now got all my spare cash invested. Obviously there are differant risk strategies when investing but generally even low risk will give a better return than bank interest.
Other than that you could invest in shares yourself although this is risky.
Another thing you could do is purchase a buy to let?
If so maybe you should look at speaking to a financial adviser. I recently got one and have now got all my spare cash invested. Obviously there are differant risk strategies when investing but generally even low risk will give a better return than bank interest.
Other than that you could invest in shares yourself although this is risky.
Another thing you could do is purchase a buy to let?
jeff m2 said:
Not a great time to get 50K.
Pound in the toilet.
Market at a relative high
Low interest rate scenario.
Staggered CDs until things change.
I'm no expert, but as Jeff said it's not the easiest time to invest at the moment. I haven't looked into them, but the general impression I get is premium bonds are not that great a return, but generally will be a bit better than just money in the bank. Shares/ bonds/ mutual funds are options but bonds don't give much return at all these days, and a lot of markets are pretty high, so likely to have a bigger downside than up now.Pound in the toilet.
Market at a relative high
Low interest rate scenario.
Staggered CDs until things change.
I would probably consider using it to pay down a little more of the new house you will be getting. Mortgage interest is low, but it will help save money due to the effects of compound interest over a longer period of time, particularly if/when interest rates go up. You could use this calculator to do a simple calculation to see how it would benefit you approximately:
http://www.moneysavingexpert.com/mortgages/mortgag...
Very boring but I'd suggest (if you haven't already) earmarking some/all to overpay on your mortgage. It's scary how much you can "save" by overpaying. Also may be look into pension stuff, to make sure you have a nice one when you retire.
Alternatively fritter it away and nice/fun stuff....it all depends what floats your boat.
Alternatively fritter it away and nice/fun stuff....it all depends what floats your boat.
NickCQ said:
In case not obvious, that's a PH classifieds search filtered for £45 - 50k, petrol, manual > 300 bhp...BFleming said:
btchudson said:
Bitcoin!
But then i'm biased
Top thread resurrection here... if the OP had put £50k into bitcoin back in October 2016, buying 93 coins, they would today be worth £1.64m. Incredible return, and (retrospectively) top advice btchudson!But then i'm biased
Telling someone to invest in bitcoin is no better investment advice than telling someone to buy premium bonds that subsequently win the £1m prize, or indeed, sticking it all on red. It might come good, it might not. It's far to volatile to be serious advice, imho.
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