Hello, I am a 24y/o from the UK and recently, my mother has allowed me access to an investment service account (HL) left behind by my late father. The account contains roughly £11k and my mother would like me to continue investing this money here. This account has some GSK and Post Office shares. I would like to use this money to help me with my retirement funds and hopefully allow it to flourish without having to touch it very often. I don't have any experience with investing money and I am very scared to touch this in case I completely deplete the funds due to bad uninformed decisions. But at the same time, I would much rather not have it collect dust.
I am hoping that you guys can answer a few questions I have regarding this.
- What is the purpose of keeping your investment money with an investment service company? Does it provide any benefits over other invesment options?
- Is the best place to keep this money or am I better off putting it someplace else?
- I am terribly confused with how to invest the funds I have within this service, are there any resources around to help simplify this?
I have no immediate need for this money as I am currently earning £28k before tax as an engineer and for me this is enough to allow me to save roughly £400p/m split between an ISA and a 2% 12month bank account. I have no outstanding debts apart from my student loans (roughly £60k), as far as I am aware I am on a type 1 repayment plan (paying undergrad and postgrad simultaneously). My phone plan at £20 and my rent at £550. I do have a credit card which I pay off completely every month (£1k limit).
- Can I lower my repayment plan for my student loans?
- What are the best options for my £400p/m? Should I just keep them where they are?
- I am looking to switch from a bank (Lloyd's) to a building society (Nationwide), are there any benefits from being with a bank that I will lose out on when I switch to a building society? Should I just opt for having 2 accounts; 1 of each?
- I am also looking to seek out a different credit card that would allow me to collect points for travel, what should I be looking out for when it comes picking a new credit card?
I appreciate any help/advice that you can give me. Thanks for reading my post!
Submitted April 02, 2019 at 06:03AM by meltedmilk https://ift.tt/2U7RuDY
