Where to invest/save £1k per month?
Discussion
It's time I started putting some money aside as opposed to my current method of blowing it on cars, hookers and coke*
I shouldn't need access to the funds at any point, as I will be putting aside another sum each month into a standard saving account as an emergency/backup fund.
With regards to saving, I assume an ISA is the first option, though 3% makes me wonder if it's really worthwhile?
I'm thinking that investing the money would be a better option, shares somewhat appeal but I've made mistakes in the past and don't really have the time to study the market. I could save for 6 months and potentially invest the monies into a new start-up business using my knowledge of my current industry (which would not be a conflict of interest within my current employment) though haven't really looked into this to be honest.
Any advice?
* What I actually mean is holidays, festivals and sporting events - all of which involve alcohol
I shouldn't need access to the funds at any point, as I will be putting aside another sum each month into a standard saving account as an emergency/backup fund.
With regards to saving, I assume an ISA is the first option, though 3% makes me wonder if it's really worthwhile?
I'm thinking that investing the money would be a better option, shares somewhat appeal but I've made mistakes in the past and don't really have the time to study the market. I could save for 6 months and potentially invest the monies into a new start-up business using my knowledge of my current industry (which would not be a conflict of interest within my current employment) though haven't really looked into this to be honest.
Any advice?
* What I actually mean is holidays, festivals and sporting events - all of which involve alcohol
Edited by JDMFanYo on Wednesday 26th May 16:22
Edited by JDMFanYo on Wednesday 26th May 17:01
I've been saving £1k per month for the last 2/3 years.
Half i put in a ISA and half in Stocks & Shares (Medium risk)
Have made a bit of money on it but nothing major. I did lose 2k over the recession but kept with it and now its starting to make a bit again.
Now is a good time to put money in S&S whist the market is low. I wouldnt bother with the ISA, it just isnt worth it as you only make pennies atm
AIMO HTH
Half i put in a ISA and half in Stocks & Shares (Medium risk)
Have made a bit of money on it but nothing major. I did lose 2k over the recession but kept with it and now its starting to make a bit again.
Now is a good time to put money in S&S whist the market is low. I wouldnt bother with the ISA, it just isnt worth it as you only make pennies atm
AIMO HTH
sinizter said:
pacman1 said:
Aren't gold coins all the rage at the mo? Being legal tender, there's no tax involved.
Are gold prices going to increase ? Or is the Pound going to dive ?Those are the only two situations where gold coins will make any money.
pacman1 said:
sinizter said:
pacman1 said:
Aren't gold coins all the rage at the mo? Being legal tender, there's no tax involved.
Are gold prices going to increase ? Or is the Pound going to dive ?Those are the only two situations where gold coins will make any money.
People buy gold in times of economic problems because it is essentially inflation-proof and currency fluctuation proof. If you want to safeguard your capital against such things, then gold is a good buy. But buying gold for a return on it when prices are already very high is not the best thing to do.
sinizter said:
pacman1 said:
sinizter said:
pacman1 said:
Aren't gold coins all the rage at the mo? Being legal tender, there's no tax involved.
Are gold prices going to increase ? Or is the Pound going to dive ?Those are the only two situations where gold coins will make any money.
People buy gold in times of economic problems because it is essentially inflation-proof and currency fluctuation proof. If you want to safeguard your capital against such things, then gold is a good buy. But buying gold for a return on it when prices are already very high is not the best thing to do.
I'm looking to do the same.
The only thing I can think of is just paying my mortgage off on one of my flats. Ideally though I'm looking to find something that I can invest in heavily in the next 10 years that will earn me about 2K a month - I can invest about 3 to 4K a month max at the mo.
Any ideas welcome.
The only thing I can think of is just paying my mortgage off on one of my flats. Ideally though I'm looking to find something that I can invest in heavily in the next 10 years that will earn me about 2K a month - I can invest about 3 to 4K a month max at the mo.
Any ideas welcome.
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