I am thinking to start investing some money for a better future. What investing tool would you suggest? Items like shares, bonds, golds, saving account and fund? Which one is the best to secure your gain and have the best interest (average speaking)? and How could I start, does normal bank like Lloyds, HSBC have the service?
2007-12-16 08:17:31 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
Thanks for all your answers, now I got some clues.
2007-12-17 19:57:02 · update #1
Here is my secret for investing. First you must have three pools of money. The first is for your regular day to day income/expenditure ie. a current account and you should keep sufficient in it not to go overdrawn as the costs are prohibitive.
Next have an emergency and opportunities fund. The amount needs to be calculated by taking say three months outgoings plus any capital expenditure you intend to make over the next five years. You would use a cash ISA for this to prevent tax being charged on the interest. You can save £3,000 this tax year and a further £3,000 after 6/4/2008.
Once you have done the above, you can start to look at various higher risk areas for saving beyond five years. Everyone is different so you need to speak with a Financial Adviser to work out your personal Attitude To Risk. This will determine the balance of investments to make within the various classes such as Gilts, Corporate Bonds, Shares, OEICS, and more specialist areas.
Take care with charges especially with Banks as they are fairly expensive.
Try a Broker/Financial Adviser such as Edward Jones as they do a great job for you and can cover buying and selling shares as well as everything you would expect an IFA to do.
Dont try to be clever and invest long term without having an emergency fund as this can cost you dearly in the short term if anything goes wrong with your finances.
Good luck and dont forget to have Income Protection/Critical Illness cover as the best investment in the world doesn't go far if you have no money coming in and have to cash in the investment.
2007-12-16 19:46:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You live in Great Britain? If you do you should establish an ISA. You can deposit up to 7000 lbs annually and it is tax free for ever and earns money tax free for ever. You can set up an account with a mutual fund company. Fidelity is a good company. In my opinion you do not want to invest all of your money in just one type of mutual fund. You want to give yourself as much chance as possible of getting a decent long term return. May some in an internation developed market mutual fund, some in a developing market mutual fund, etc.
2007-12-16 09:06:39 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Maybe spread your investment and savings, into - high interest savings acct. and Mutual Funds or even ETFs across index or commodities and global funds etc.
I believe HSBC have some of these services, But Barclays have some good ETFs Funds available, ok
http://www.etfinvestor.info
2007-12-16 08:35:57 · answer #3 · answered by MobileAppSite.net 3 · 1⤊ 1⤋
Since you don't know much get funds.
Fidelity has an "International Growth Funds" that is doing pretty well now that the dollar is in the dumps. I'm not recommending it, just mentioning it here, Do your own research. Look stuff up on Sharebuilder.com or Ameritrade
2007-12-16 08:26:37 · answer #4 · answered by sofisintown 3 · 1⤊ 1⤋
I'm 23 and currently investing in stocks, mutual funds, ROTH IRA, savings bonds, and Prosper. I'm using Prosper to to diversify my portfolio. It's fun to read borrower's story. And the rate is pretty high too. Good Luck !
2007-12-16 09:12:29 · answer #5 · answered by Anonymous · 1⤊ 2⤋
Pension (SIPP) .. you get 22% Tax back (20% from next yr.) which is added to your Pension Fund for investment ..
Try 'Money Savings Expert' for some tips
2007-12-16 08:24:18 · answer #6 · answered by Steve B 7 · 1⤊ 1⤋