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What to do with 12k?

  • 22-12-2008 12:29pm
    #1
    buck65
    Closed Accounts Posts: 4,969 ✭✭✭


    Won 12k in local raffle. Have savings already inUBank at 5% so don't really need money now- should I invest in shares, gold - should I pay off a bank loan? ?
    Any advice appreciated - really don't have a clue

    PS can anyone recommend a good online inestment company?
    also how does one invest in oil?
    should I perhaps buy some sterling?
    cheers


Comments

  • #2
    kincsem
    Closed Accounts Posts: 4,013 ✭✭✭kincsem


    My opinion only

    1. Pay off loans and credit cards. It is difficult to invest while also having loans. One affects the other.
    2. Don't get hung up on an investment idea e.g. gold; oil; sterling; bank shares.
    3. Do not get professional advice as it costs a lot, and you may not even be aware you are paying. This comment might be controversial. But you often pay 2 and 20 or similar i.e. you pay 2% when you buy, and then a 20% charge on your income each year (a hidden commission). The percentages may vary 2/20; 5/10 and so on.
    4. Do your own research. It helps if you work / have worked in a financial area. (I was an accountant, now retired). My advice is to buy shares, but only if you can hold them for years without selling. If you are looking for a quick profit then perhaps you should not invest as this is the route to a quick loss.


  • #3
    buck65
    Closed Accounts Posts: 4,969 ✭✭✭buck65


    thanks alot for the advice. I am interested in shares but would like to manage my self - have zero experience but good business experience,
    might start with 3k and see how it goes.
    Again any recommendations for an online broker??
    Thanks


  • #4
    kincsem
    Closed Accounts Posts: 4,013 ✭✭✭kincsem


    I use E*Trade US and E*Trade UK accounts. But I only started buying last month. I opened the US account in January 2008 and deposited then. I waited with my cash since November 2006 before acting. There is a bit of a delay / passport / utility bill copies with E*Trade, and in my case a few weeks extra when they mislaid my sterling cheque.

    US trading is about $10 a transaction (any amount). I bought Bank Of Ireland at 0.72 last week on my UK account and they charged about £10 but also a transfer fee of £47. The UK account has a default price box in sterling only (if you set a limit) although BOI shares are in Euro. Obviously they never heard of the Euro. Happy with them, nevertheless.

    Others people on here will have more experience, so in a day or so you will have replies.


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