Not sure why im posting this here but oh well, here goes.

Skyline On Fire

Skyline On Fire

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Luke
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Im currently 20. In a few months time i will be receiving 50,000 pounds. Now im not rich and currently unemployed. What would you suggest the best way to use this money to make more money would be? Rather vague i know, im just very unsure as to what i should do next. Thanks.
 
Not sure. Id like to keep it as risk free as possible too. Only thing ive come up with at the moment is to put it in a high interest savings account, and dip into it when i need to.
 
People on here will be able to give you some vague ideas, but honestly, if you're serious about investing this money see a financial adviser.

They will consider your current earnings, background information and probably help you find a good broker.

Without knowing how much your current salary is there's not much to advise to give.

ISA's / Shares / Invest in a small company / bonds / NS&I are some options you have.

Do you plan on buying a house soon, properties are a great investment (generally).
 
Keep a sum aside for fun stuff and put the majority into a good pension fund.
 
Go and see an independent financial advisor - you need to really understand your options before making any decisions and I'm not sure a photography forum is the best place to start...
 
See a financial advisor. Be aware though that if you're claiming benefits, when you recieve the money your benefits will stop until either the money has gone and you can prove you spent it wisely (eg, buying a house) or you find employment, spend all the money and then the employment is terminated.
 
Obviously i wasnt going for concrete advice here, just an idea, as im a bit baffled. The benefits thing is a bit of an issue, but im hoping i can find work soon, its irritating how little employment there is these days.
 
What sort of rates are you paying on your mortgage (if you have one?) you might consider throwing the money that way..
Not worth it if you are paying low rates - you could do a short term fixed bond and earn more than you are paying in interest on a mortgage.

I've seen bonds for much lower amounts than that promising 4% (or more) over 1 or 2 years, so for 50k you should be able to get some pretty good investments.. for the moment only do short term though, might even be worth holding off until after the GE to see what happens with interest rates.
 
Skyline On Fire said:
Obviously i wasnt going for concrete advice here, just an idea, as im a bit baffled. The benefits thing is a bit of an issue, but im hoping i can find work soon, its irritating how little employment there is these days.
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You are still very young so. if you dont have enough qualifications to get a careeer you would like, how about using some of the money to live off for the next 1-3 years ( try to keep to £10000 a year which is more than benefits)and do a course that would make you more employable and even help you to earn more for the rest of your life.It doesnt have to be an academic course- it could be HGV driving, flying, mechanics, plumbing ( there are never enough plumbers)...... The list is endless.
 
PROPERTY!!! It's at it's lowest at the mo and going up slowly!!
 
Ok first, if your not single, don't say a thing to your other. Second, if you are single then tell all the women in the world. Third, blow it on a nice car, nice photo equipment and buy 20k worth of shares in Man City. Forth, start wearing a suit. :)
 
If I could have my life again and I got %0k cash given to me for what ever reason it would go straight into property.

I would buy myself a littlew flat and buy a second to rent out.
That way you have a roof over your head and one that is bringing you some income in.


Like said above property is at its lowest and will soon go up, maybe not tomorrow or even in a years tine but its one of the only things you can garrantee that will makie you money.


Get financial advice speak to an INDEPENDANT financial adviser and ask him what is on offer.

Good luck, spend it wisley and it will give you a great start.

Spike
 
answer a)
well obviously - give me the money and I'll look after it for you, trust me! :nuts:

answer b)
if you have a business idea - use the money to set yourself up (photographic business of course) :thumbs:

answer c)
get independent advice from a reputable firm :thumbs:

answer d)
never, ever, take advice from anyone you "meet" on the internet! :nono:
 
Andy said:
Ok first, if your not single, don't say a thing to your other. Second, if you are single then tell all the women in the world. Third, blow it on a nice car, nice photo equipment and buy 20k worth of shares in Man City. Forth, start wearing a suit. :)
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Done.
 
If you use any products frmo a financial advisor, make sure you ask for the statment of comission before you use any of their products. WIll shock you how much they can make from you.
 
I work in Financial Services. As a 20 year old, I would NOT be advising you at this stage to place money in investment products (other than maybe to fully utilise your ISA allowances assuming you intend to find employment and if that would be a fairly small percentage of the overall amount) for a number of reasons. I suspect the advice would be the same from many other advisors as well. Now, if you are intent on investing and feel you have researched the pros and cons adequately, they'll so it for you!

Interest rates are not great right now, but it could be the trade off you make for liquidity of your cash at the moment. There are some reasonable one and two year fixed rate bonds appearing (basically a one or two year locked in savings account with a fixed rate of interest). You may decide to look for the best one year you can find for some of your money while you wait to see what happens to the rates over that period of time - if you think they will go up, you don't want to tie in for too long.

Please note, I am NOT advising you right now, just making suggestions (I am bound by certain rules regarding that - although suggesting savings as opposed to investment options is not so much of a no-no!).

I don't agree with some of the comments made here and if you want to ask further regarding that comment, please PM me.

Be very careful about dipping in too much, though and also check with the DWP as to how this will/could affect benefit payments should you still be unemployed when you receive payment.
 
Take advice.

However, my suggestion would be property. You can (surprisingly) buy a house or flat for £ 50k. It won't be big, and will probably need tidying up, but it would be a great investment, even if you didn't live in it yourself and rented it out. Not many 20yr olds have a house without mortgage.

Alternatively, you could either invest in yourself. Do you have an education? Is this the opportunity to put yourself through Uni if you haven't already.

Or, the stock market is recovering at the moment, so a mixed portfolio to spread your money about is worth considering. Premium bonds?
 
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Don't take this as gospel it is just a thought but by what ever means you are recieving this money, if you can resist dipping into it I'd have it paid into a trust fund on your behalf until you are 21. That may well overcome any problems with benefits.
 
50k, you'll get a couple of full frame bodies, an arsenal of fast glass and all the trimmings, an exotic holiday and decent car. sod the savings, you could be pushing up daisies tommorrow!!

Al
 
seventythree said:
50k, you'll get a couple of full frame bodies, an arsenal of fast glass and all the trimmings, an exotic holiday and decent car. sod the savings, you could be pushing up daisies tommorrow!!

Al
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Good point - get a will, just in case!!! :lol:
 
Steep said:
Keep a sum aside for fun stuff and put the majority into a good pension fund.
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is there such a thing? I'm seriously considering stopping all pension contributions in favour of other methods of saving.
 
dod said:
is there such a thing? I'm seriously considering stopping all pension contributions in favour of other methods of saving.
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That basically depends on how long you intend to live and whether or not you are a tax payer in some respects! :D
 
dont spend it. you will be surprised how fast you can burn through a sum of money like that
 
~Sam~ said:
That basically depends on how long you intend to live and whether or not you are a tax payer in some respects! :D
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I know :D It's just that looking at the average life expectancy and the returns you get from a pension scheme I can't help feeling it isn't that great an investment. Fine if you live to 100, but..........
 
AndyWest said:
PROPERTY!!! It's at it's lowest at the mo and going up slowly!!
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I'd say that was the best advice, putting it into a high interest account and dipping into it will eventually lead to a low balance,putting it into property will give you a roof over your head and a appreciating asset, property has always out performed low risk investments over the long run, even people that bought at the top of the market 3 years ago will be winning if they wait long enough.
 
:clap:Magic Beans are always a good bet...... All together now..... OH NO THEY'RE NOT!!!!! :nuts::nuts::clap::clap:
 
If it were me, I'd be looking at clearing any debt, then starting up my own firm if there's enough left. But that's me. I wouldn't like to advise of anything else.
 
nobody has said it, so I WILL...........

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. MOVE SOMEWHERE HOT AND CHEAP !!!
 
Buy a cheap skyline and you might have just enough left to insure it for 6 months!
 
seventythree said:
50k, you'll get a couple of full frame bodies, an arsenal of fast glass and all the trimmings, an exotic holiday and decent car. sod the savings, you could be pushing up daisies tommorrow!!

Al
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I'm with ya there :woot:
 
personally id clear any existing dept (credit cards/loans etc) then use the rest and sink it into a property. as said earlier houses are at low prices at the moment, youll be kicking yourself later down the line when theyre back up to full price.
 
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