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Mere mortal

Total Novice needs some advice

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This is not financial advice. Do your own research.

Is this £2000 you mention your life savings, or a small amount you want to test the market with? Do you have any non-mortgage debt? Will you have any cash left after a house purchase? Is this prior to a house purchase, instead of, or in addition to?

If only £2k to invest, I'd use a broker's regular investing service (usually £1.50 to £2 purchase fees) to average into SWDA (Google it!) over 3-6 months. Over 5 to 10 years it's likely you'll be well up. There are various other opinions on this forum about what to invest in, but these should be considered much higher risk.

This is if it's your life savings. If it's a small punt, I'd be minded to suggest cryptos or miners. Bitcoin is relatively low right now. You MUST take profits when you're feeling excited by the gains. Individual miners are surprisingly, probably higher risk IMO.

Welcome, BTW.

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19 hours ago, SpectrumFX said:

Just checked my Kindle library and I actually already have this book. Can't remember if I've already read it. Will read it over the next week and then return to this thread...

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Thanks Sideysid, dgul, Inoperational Bumblebee & Umbongo for your advice too !

Inoperational Bumblebee, this 2K is just approx amount I fancy investing.  I dare not risk more than this !  I don't have any debt and will have cash left over after house purchase, so long as I stick to my budget !

 

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Posted (edited)
12 hours ago, UmBongo said:

How about a Stocks and Shares ISA?

I have one with Virgin Money.

Absolutely do any share investing through an ISA until you fill your allowance. Saves a lot of hassle with tax returns. Check out Monevator's broker comparison table.

1 hour ago, Mere mortal said:

Thanks Sideysid, dgul, Inoperational Bumblebee & Umbongo for your advice too !

Inoperational Bumblebee, this 2K is just approx amount I fancy investing.  I dare not risk more than this !  I don't have any debt and will have cash left over after house purchase, so long as I stick to my budget !

Perhaps don't see it as chucking £2k in in one go, but drip feed in £500 a month maybe? See how you feel after you've put your £2k in, if you want to put more in. The first hurdle is actually starting. I suspect after 4 months you'll continue as you'll keep reading around the subject and gaining confidence.

If prices go up, you've made profit. If they go down, you can buy more, cheaper! Win win.

Edited by Inoperational Bumblebee

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