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20K to invest

  • 18-09-2016 10:17AM
    #1
    Colonel_McCoy
    Registered Users, Registered Users 2 Posts: 751 ✭✭✭


    as per the title I have 20K sitting in a savings account earning virtually no interest. Contemplating moving to Savings bonds? Anynody think this is a good idea or anything else i could do with it.

    Appreciate any advice


Comments

  • #2
    topper_harley2
    Registered Users, Registered Users 2 Posts: 537 ✭✭✭topper_harley2


    Colonel_McCoy wrote: »
    as per the title I have 20K sitting in a savings account earning virtually no interest. Contemplating moving to Savings bonds? Anynody think this is a good idea or anything else i could do with it.

    Appreciate any advice

    State saving is not investing. They are guaranteed state SAVINGS accounts. They are currently best return on capital guaranteed products over 3-10 years.

    You dont give enough (i.e. any) information about why you want an investment portfolio, what you are trying to achieve, what are your other financial priorities/circumstances etc.

    If I were an advisor I'd be asking:
    • What % of your overall wealth is this 20K...is it 1%, 10% or is it your life savings
    • Have you any high interest debts like car loan/credit card etc
    • Have you an SVR mortgage
    • Have you a rainy day fund of 3-6 months salary
    • Have you a pension
    • Have you kids
    • Are you married
    • Have you any investment property
    • What exactly constitutes success for this investment portfolio
    • How long are you happy to be without this money
    • What would you do if value dropped 30% overnight

    Most people when asked why they want to invest generally say "I want to get better return than in normal bank account"......that is not a goal, thats a vague pipe dream that you cannot quantify.

    There are lots of similar threads on this forum, I'd suggest having a good read of them as well before deciding what to do.


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