Where to invest/save £1k per month?

Where to invest/save £1k per month?

Author
Discussion

JDMFanYo

Original Poster:

2,664 posts

181 months

Wednesday 26th May 2010
quotequote all
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



Edited by JDMFanYo on Wednesday 26th May 16:22


Edited by JDMFanYo on Wednesday 26th May 17:01

Mattt

16,663 posts

224 months

Wednesday 26th May 2010
quotequote all
6 months doesn't give you any options really apart from cash savings, or the casino.

Gonewest

138 posts

196 months

Tuesday 1st June 2010
quotequote all
No mortgage then ?

pacman1

7,323 posts

199 months

Tuesday 1st June 2010
quotequote all
Aren't gold coins all the rage at the mo? Being legal tender, there's no tax involved.

sinizter

3,348 posts

192 months

Tuesday 1st June 2010
quotequote all
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.

Diablos-666

2,786 posts

184 months

Tuesday 1st June 2010
quotequote all
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

pacman1

7,323 posts

199 months

Tuesday 1st June 2010
quotequote all
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.
The BBC were reporting last week that coins were selling very well.

sinizter

3,348 posts

192 months

Tuesday 1st June 2010
quotequote all
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.
The BBC were reporting last week that coins were selling very well.
Selling well and actually doing anything useful are entire different things.

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.

pacman1

7,323 posts

199 months

Tuesday 1st June 2010
quotequote all
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.
The BBC were reporting last week that coins were selling very well.
Selling well and actually doing anything useful are entire different things.

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.
Agreed. But what else is out there that would benefit the OP?

bosshog

1,634 posts

282 months

Wednesday 2nd June 2010
quotequote all
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.

JDMFanYo

Original Poster:

2,664 posts

181 months

Wednesday 2nd June 2010
quotequote all
Gonewest said:
No mortgage then ?
Correct - The money I'm saving will be towards the deposit.