Hello,
I'm about to inherit 15 000 pounds, and i'm wondering what to do with it.
I'm in my 20s, and have neither significant savings (3000 in a cash mini
ISA) or debts (just my student loan), so it seems to me that the best
thing to do is to save or invest the money for the long term, as an
emergency reserve, and as the core of a deposit for a house one day.
Therefore, i'd like to find somewhere pretty secure to put the money; i'm
planning to put it away for several years (i almost certainly won't be
buying a house in the next five years), so i'm happy with something i
can't get at immediately (like a bond) or something that's only reliable
over time (like the stock market).
Any advice on what i should do?
My idea at the moment is to put it all in ISAs (over the course of a three years, keeping it in a normal savings account in the meantime) - half in a cash mini ISA and half in a stocks-and-shares mini ISA wrapping a FTSE all-share tracker. How does that sound?
Also, what's the tax position on stocks and shares ISAs? I'd assumed they were tax-free, like cash ISAs, but i read references to tax on them - is that just on the income, rather than interest? I'm not after any income, so that shouldn't bother me, right?
Thanks, tom
I'm about to inherit 15 000 pounds, and i'm wondering what to do with it.
I'm in my 20s, and have neither significant savings (3000 in a cash mini
Any advice on what i should do?
My idea at the moment is to put it all in ISAs (over the course of a three years, keeping it in a normal savings account in the meantime) - half in a cash mini ISA and half in a stocks-and-shares mini ISA wrapping a FTSE all-share tracker. How does that sound?
Also, what's the tax position on stocks and shares ISAs? I'd assumed they were tax-free, like cash ISAs, but i read references to tax on them - is that just on the income, rather than interest? I'm not after any income, so that shouldn't bother me, right?
Thanks, tom
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Baby got a masterplan. A foolproof masterplan.
Baby got a masterplan. A foolproof masterplan.