How to make your money work.
Discussion
Ive just sold my share in a house and have a large sum of money in my account (large for me anyway! around £25k 
).
What would you do to make that money work for you???
This is only hypothetical as I should/will
buy a house and i will need a deposit - but the devil on my shoulder reckons it could work harder than simply buying my own gaff.
(PS - becoming the local charlie dealer is not an option)
Cheers
Dom
). What would you do to make that money work for you???
This is only hypothetical as I should/will
buy a house and i will need a deposit - but the devil on my shoulder reckons it could work harder than simply buying my own gaff. (PS - becoming the local charlie dealer is not an option
) Cheers
Dom
FourWheelDrift said:
Buy to renovate, property ladder style?
Yes, I agree, however I dont know that I have the knowledge to do it myself. I have the inclination but also dont know if I have the physical time! (Currently doing a full time shiftbased job, and running a van business when offshift). Still an option though.
There must be other ways of making large returns from a relatively large lump sum!?
speedychrissie said:
have you got any premium savnigs bonds?
sticking 25k into them would make you fairly likely to get a better return than a bank account. (plus there is the added possibility of them very kindly giving you £1million, which is always nice!)
chris
I dont at the moment (are these what you'd call Premium Bonds?).
Giving away a Million as well hey...
yes they are what people call "premium bonds". look into them. i am attempting to build up as much in them as possible so that i can pay back my student loan without paying any interest other than inflation, and if i happen to win a million in the process then i wont be complaining!
chris
chris
ZR1cliff said:
I think you should sit tight for a while and be very patient,watch the housing market like a hawk and Draw as much imformtion as possible about investments.
Theres another slight problem here... There is the possibility of redundancy quite shortly where I am. If I dont get the mortgage now Im going to find it difficult once Im just running my little van business.
Not that I should rush into anything, you're right. So, what is your reason for suggesting holding fire, where do you see things going short term?
popov123 said:If anybody knew the answer to that they'd be very rich. The various survey groups can't agree on anything.
I think you should sit tight for a while and be very patient,watch the housing market like a hawk and Draw as much imformtion as possible about investments.
Theres another slight problem here... There is the possibility of redundancy quite shortly where I am. If I dont get the mortgage now Im going to find it difficult once Im just running my little van business.
Not that I should rush into anything, you're right. So, what is your reason for suggesting holding fire, where do you see things going short term?
My money would be on it going down. I believe it is in real terms except the lenders 'adjust for seasonal variations'.
popov123 said:
Ive just sold my share in a house and have a large sum of money in my account (large for me anyway! around £25k
Well it would pay for a week of casinos, girls and drugs in Monaco.
Or, you could invest it in a Chinese, an Indian and a South American investment trust? ( provided you were happy with the risk.
Or you could invest it in a UK, US and a Gold fund ( if you were a bit more cautious)
PatHeald said:
25 thousand lottery tickets
At least you get your money back after you've not won anything...
With £25k invested you'll be looking at an average of about 1 prize per month. This will usually be a £50, sometimes a £100, but the chances of the high value prizes are very slim.
L81 said:
25 thousand lottery tickets
At least you get your money back after you've not won anything...
With £25k invested you'll be looking at an average of about 1 prize per month. This will usually be a £50, sometimes a £100, but the chances of the high value prizes are very slim.
So hang on, if I stuck it in a normal high interest account of say 5% thats approx £104 a month - which I guess will be cumulative as well - ie the £104 gets added to the total for the next months interest?
I was looking more short term, 'quick hit' money making (without blowing it all though). Any more ideas?
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