As the title says, I have some cash that I would like to work harder. I've maxed out on pensions, what can I do? I have a few properties and don't want to go in that direction. Any ideas fellas?
As the title says, I have some cash that I would like to work harder. I've maxed out on pensions, what can I do? I have a few properties and don't want to go in that direction. Any ideas fellas?
Hire a financial advisor
Originally Posted by xellos99
i have considered this but don't understand how the costs can stack up. fees seem to be 3%. a reasonable LT expected return from an investment portfolio would be... 6-7% im guessing? how can it be wise to give up half of your returns when most will struggle to beat a tracker/vanguard lifestyle type fund?
As said Cash ISA. Paragon bank One year fixed 5.3% thats providing you are not maxed on this year. You could do one before April 5th then another after £20k each one
Depending on the amount you invest, you can get lower fees than 3% for a financial advisor and a managed portfolio. Also, you can pay an IFA fees for their time rather than on a commission basis. Having said all that, as you say, it's hard to beat an ETF/Tracker as their fees are so low. You could split your funds into an ETF that tracks the FTSE. One that tracks the S&P 500. Maybe one that is global.
Whatever you do, I'd suggest spending an hour with an IFA to go through your options. Have you maxed out your premium bonds? Considered physical gold (Britannias perhaps)?
Has to be whores and drugs if you already got all the other assets
They prefer to be known as sex workers, so they tell me. I mean so I understand.
ah thanks, didn't realise there were lower cost/payg options. i might do a consultation just for reassurance.
as others say though, the guy probably won't have any better ideas than maxing out isa/pension allowances, and using a global equity tracker, which i already do
No worries. Sounds like you have it sorted with your global equity tracker and maxing out isa/pension. Best of luck with it all.
I only pay my financial advisor 1% for my shares isa I pay him for his experience I wouldn’t have a clue what shares to buy
2 replies from me in short succession now Rik, haha
An ISA would be the next most tax efficient way to invest if you’ve not already maxed one out for this tax year. Depending on your saving/investing timescale and appetite to risk either a stock and shares isa or a cash isa.
If you fancy rolling the dice and going even riskier you could try Bitcoin. Not the best time given the recent increased (I dipped by toe back in starting 12 months ago). Just be prepared to loose it all.
P.S. I’m no investment expert!
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Similar quandary,
"Once is happenstance. Twice is coincidence. The third time it's enemy action."
'Populism, the last refuge of a Tory scoundrel'.
What is that "spare cash" you speak of?
'Against stupidity, the gods themselves struggle in vain' - Schiller.
I think we’re all missing the obvious here, surely watches are the absolute best investment available, just don’t tell PADI
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I'd create a series of Print on Demand business on Etsy and Amazon and use some of the money to get artists on Fiverr to create designs for me to resell and get a subscription to Midjourney to create content. I'd then test what sells and use money to drive ads to the best performing listings.
Last edited by ryanb741; 31st March 2024 at 11:33.
Just watched an interesting video on the most tax efficient ways to save money that I found quite interesting, hence sharing here.
Here’s a quick summary
And here the video link https://youtu.be/10mC6XXChZI?si=sX1aBXzl9RRXtq5Q
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That video was a good watch. Clearly explained.
Lots of personal circumstance nuances of course, but a great framework as a baseline. Of course most of us won't need to worry about anything below tier 3, but it's good to know.
Totally agree
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