what to do with 50k?
Discussion
Brother is a few years out of uni and has 50k sitting in his bank,
What should he do with it? no property or car suggestions please ( i've already tried, you wont lose money on a 348
)
He is pretty clueless and not very financially savvy, he's an oil person.
is 50k enough to put with a wealth management place? He doesn't need access for a few years.
cheers
What should he do with it? no property or car suggestions please ( i've already tried, you wont lose money on a 348
) He is pretty clueless and not very financially savvy, he's an oil person.
is 50k enough to put with a wealth management place? He doesn't need access for a few years.
cheers
ts. There are quite a few factors that your brother should take into consideration when deciding how to invest his £50k, for example:
Does he need access to it?
Does he have an emergency fund in addition to this money? (if not he certainly shouldn't tie up the whole £50k)
How long would he be prepared to invest for?
What degree of risk is he prepared to take?
What is his tax status?
Is he officially non UK resident? (this will determine which investments he can use and which would be most tax efficient)
Would he like to invest for income or growth or both?
The best bet would be to have a chat to an Independent Financial Adviser, either in the UK or where he lives. An advantage of using a UK firm is that they will be tightly regulated.
I am an IFA and whilst I personally only get involved in large investments (£500k plus) I would be very happy to introduce you or your brother to one of my colleagues who could chat through the options (no charge or committment for an initial chat!)
I'll drop you a PM in case you are interested...
Does he need access to it?
Does he have an emergency fund in addition to this money? (if not he certainly shouldn't tie up the whole £50k)
How long would he be prepared to invest for?
What degree of risk is he prepared to take?
What is his tax status?
Is he officially non UK resident? (this will determine which investments he can use and which would be most tax efficient)
Would he like to invest for income or growth or both?
The best bet would be to have a chat to an Independent Financial Adviser, either in the UK or where he lives. An advantage of using a UK firm is that they will be tightly regulated.
I am an IFA and whilst I personally only get involved in large investments (£500k plus) I would be very happy to introduce you or your brother to one of my colleagues who could chat through the options (no charge or committment for an initial chat!)
I'll drop you a PM in case you are interested...
A couple of other thoughts, as he is in oil his income could be high now or in the future (one of my clients is in the oil business and earns £1m a year at age 35!) and he should also consider regular investments - particularly if he has managed to save the £50k in just a few years.
Wealth management services are available for £50k. He wouldn't be able to get a good bespoke portfolio but could certainly buy into a 'pooled' investment where lots of smaller investors money is effectively added together to enable a decent manager to be appointed to run it as a whole.
Wealth management services are available for £50k. He wouldn't be able to get a good bespoke portfolio but could certainly buy into a 'pooled' investment where lots of smaller investors money is effectively added together to enable a decent manager to be appointed to run it as a whole.
notax said:
al1991 said:
notax said:
one of my clients is in the oil business and earns £1m a year at age 35!
Where do I sign? 
he's not on a mill a year yet, that's pretty good going.
good job really, don't pay for anything, tax free and no time to spend it.
Gassing Station | Finance | Top of Page | What's New | My Stuff