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what to do with cash?

  • 10-05-2021 2:15pm
    #1
    [Deleted User]
    Posts: 18,749 ✭✭✭✭


    I have a large amount (to me anyway!) of money in cash just on deposit in credit unions, I have a large amount in prize bonds also.
    I was planning on buying myself a house but at the moment I cannot see any value or anything I would like to buy.
    so now I find myself with cash, that is just loosing value really, the credit unions are lowering the amount they will take on deposit, so I need to withdraw some.

    My friend suggested buying a property for cash and renting it out, now I have no interest in being a landlord, but rental income every month sounds like a good use of my money.
    Is there anything else or anywhere else I can put this money that will give me a decent income/return?


Comments

  • #2
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    The problem is generally to get a good return you need to look at investing in stocks that whilst you will generally get a good return on in the long run you could well have dips in the short term.

    If you need to be able to have easy access to the money in short term in case a house you like comes up, prize bonds aren't a bad call.


  • #3
    Jim_Hodge
    Registered Users Posts: 10,426 ✭✭✭✭Jim_Hodge


    Safe guaranteed return tax free with State Savings. Low return but better than CU or banks if you're risk averse or what access to the funds.


  • #4
    eringobragh
    Registered Users Posts: 3,668 ✭✭✭eringobragh


    Jim_Hodge wrote: »
    Safe guaranteed return tax free with State Savings. Low return but better than CU or banks if you're risk averse or what access to the funds.

    They’ve lowered the rates so they are pretty unattractive options...Raisin Bank probably get better rates in short term.

    Leave some money in a Diversified fund like BRK.B will prob pay off long term it’s not risk free but fortune favours the brave


  • #5
    Patsy167
    Registered Users Posts: 1,790 ✭✭✭Patsy167


    This is a great resource on the best savings rates - https://www.askaboutmoney.com/threads/term-deposits-fixed-lump-sum-savings.101813/


  • #6
    neris
    Registered Users Posts: 20,036 ✭✭✭✭neris


    Dividend stocks. Some decent American companies paying a decent rate of dividend.


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