I WANT TO INVEST

Conmc88

Hey Guys I have recently come into some cash not a massive amount but a nice amount.I have an outstanding Car loan but dont want to wast it by giving all my money back to the bank and then be left with nothing,I have worked out a payment process with the bank so im comfortable in that sense.

So my question is I have this cash and I want to invest please advise!

I want to do something intelligent with it instead of leaving it in my account and picking at it over the next year

Im completely new to the scene of investing.So any advice as simple as it may seem is really appreciated.

soddy1979

Pay off your car loan. You are undoubtedly paying more interest on this than you can expect to earn by investing.

By expect, I mean what you are most likely to earn, not what you might earn.

Remember you could invest and end up with nothing also, and you would still have to pay back the loan. At least if you pay off the loan you will have a debt free car. And X amount of future income payments you won't have to send the way of the bank.

I know it's not what you want to hear, but believe me it makes sense.

martyoo

Im with Soddy. Pay off the car loan first.

Soulja boy

I agree as well, Pay off the car loan, If you are serious about investing, save up a lump sum over the next few months to use because this November and December are probably the worst times to be starting to invest.

The market is far too turbulent.

Mr Cawley

http://www.huffingtonpost.com/2011/11/05/german-chancellor-angela-_n_1077696.html

Read that.

1. 10 years till Economy will go up.
2. China won't invest with us, neither should you.
3. We're in a huge debt crisis.
Do not buy shares, especially near the end of the year.

Best option to invest is give it to a trader who can make money in this volatile market.

infamous

Mr Cawley wrote: »

http://www.huffingtonpost.com/2011/11/05/german-chancellor-angela-_n_1077696.html

Read that.

1. 10 years till Economy will go up.
2. China won't invest with us, neither should you.
3. We're in a huge debt crisis.
Do not buy shares, especially near the end of the year.

Best option to invest is give it to a trader who can make money in this volatile market.

Big fan of your best option Mr Cawley, can you pass on the number of one of those traders that make you loads of money in this volatile market, I hear there ten a penny.

Mr_Roger_Bongos

infamous wrote: »

Big fan of your best option Mr Cawley, can you pass on the number of one of those traders that make you loads of money in this volatile market, I hear there ten a penny.

Sure it's free money out there!

Gandalph

infamous wrote: »

Big fan of your best option Mr Cawley, can you pass on the number of one of those traders that make you loads of money in this volatile market, I hear there ten a penny.

I am one of them, give me your money please

newmug

I'm in a similar situation OP. I was recently made redundant, and got a tidy little sum. However, my philosophy on it is a bird in the hand etc., cos when its gone, its gone. So I'm dipping into it slowly to tie me over until I find more work - then I'll think about investing the rest.

Conmc88

Cheers Guys Il focus on my loan in the upcoming months then....

Cheers really appreciate the advice

Timmaay

As everyone said here, pay off your loan with the lump sum you got, thats a no brainer, I know it means your lump sum is gone and it might seem like a waste to you, in terms of investing it.

But your going to now have extra cash every month from the repayments that you don't have to fork out for the loan, make sure you don't squander this money, put this money straight into a savings account, and get in the habit of saving!!! A few years down the road you are going to have a nice tidy lump sum that is earning interest for you, on top of the 10/12% less interest that you would have had to fork out servicing the car loan!

Jim2007

Conmc88 wrote: »

Cheers Guys Il focus on my loan in the upcoming months then....

Cheers really appreciate the advice

As others have said, first pay off the loan... Then built up a rainy day fund to cover about six months living expenses in cash or near cash and only then think about investing!

When it comes to investing be sure you know the difference between investing and speculating... When it comes to investing, if you'll need the cash within five years then cash and money market products are the best option. This second point is important because the Irish seem to be under the marketer's delution that three years is enough.

In the mean time concentrate on learning...

Jim2007

AstonMartin

Why is this a bad time of year in general to be investing?

Jim2007

AstonMartin wrote: »

Why is this a bad time of year in general to be investing?

There is no such thing as a good time or a bad time to invest! It's the kind of comment you hear from people who are trying to time the market or are just speculating! I often associate this with trying to catch falling knifes - it's very easy to get hurt! There is nothing wrong speculating provided you don't confuse it with investing!

But having said that, it is important to have some understanding of what is going on in the market - for instance during the early stages of a recession client advisors and funds mangers start to move client funds into bonds and safe stocks - meaning companies supplying goods such as food stuffs and the likes, so if you come late to the party and decided to invest in those things, you may find that you are buying in at prices that are simply too high to deliver good returns in the long term. These are generalities and while they are important to be aware of they should not from the basis of an investment strategy.

Jim2007

bacon?

My advice, after you've cleared your loans, is seek professional advice.

I recently got independent financial advice in Dublin. Impartial advice is pretty hard to come by surprisingly.

It cost 500EURO, for a one on one session, lasting around 2 hours. And I'm also signed up to his website for a year.

I was working with 70k so I think this is a small amount to pay, considering, I have no idea about these things.

I'm not sure if I can post the name here, but you can pm me for more info if you like.

Good luck.