20k in Santander, where next?

Fun idea. Let's pretend this kid takes your advice and puts all his money, 20k into Bitcoin in an effort to make a return.

Come back and post when you think he should take his profits (or cut his losses).

We'll take 8,000 as the base, so he's already up.
 
mid_gen said:
Fun idea. Let's pretend this kid takes your advice and puts all his money, 20k into Bitcoin in an effort to make a return.

Come back and post when you think he should take his profits (or cut his losses).

We'll take 8,000 as the base, so he's already up.
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i'd cash out in 2 years time from today. should easily have doubled by then. he can then plough it into a desposit on his first home.
 
Psycho Sonny said:
i'd cash out in 2 years time from today. should easily have doubled by then. he can then plough it into a desposit on his first home.
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Think you missed the point...come back and post when you think he should cash out :) No point making predictions...

20k GBP into USD, taking 8k USD and the start price. The dude swapped his 20k for 3.31 BTC.

Post when he should cash out. Saying "look how much the price has gone up/down" doesn't count. You gotta make a call on when to liquidate the investment. No repeat chances.
 
mid_gen said:
Think you missed the point...come back and post when you think he should cash out :) No point making predictions...

20k GBP into USD, taking 8k USD and the start price. The dude swapped his 20k for 3.31 BTC.

Post when he should cash out. Saying "look how much the price has gone up/down" doesn't count. You gotta make a call on when to liquidate the investment. No repeat chances.
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this thread won't be here in 2 years time will it? do they not all get deleted after a while?
 
Psycho Sonny said:
google and reddit, especially reddit.
think of it as stocks and shares and be wary of sources and you will be fine. there is also a dedicated cryptocurrency section on this very forum so you might want to head there first before googling and going to reddit.
i'd personally avoid all these small altcoins and stick with bitcoin mainly
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"Avoid all these small altcoins". Id advise this too if cryptocurrency becomes a serious option for the OP, or at least invest in a coin with established development and team members. In the last 24 hours a coin called “Confido” has gone under; it was a complete scam. Check out the cryptocurrency page on reddit for more information. If you believe posts on there, quite a few have been seriously burnt by it.


The whole thing is completely unregulated, no safety net at all. I can handle a few hundred £ within it to play around and gamble but id be very anxious with 20k in there!
 
yeah id not invest mega money like that anyway, i was looking in to it a little and then it blew my mind. Considering looking back into it, as i've also noticed its sky rocketed and buying while there high is as said risky. Not sure if it will ever come back down or continue to grow i guess thats the point, nobody knows. Will certainly keep tabs open on it though.
 
Psycho Sonny said:
Get him to dump all the cash into bitcoin including the £20K he has.

If he had done that 4 years ago when he started saving he would have about £1.2 million right now and could have sold it all and dumped it into a property portfolio to set him up for life where he would never need to work again.
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Please, please stop. I'd hate to think how many people have been burned over the centuries by jumping into the latest asset bubble, each bigger, more promising, and more "robust" than the last.

It is a high risk investment, irrespective of past performance. To pretend otherwise is irresponsible.
 
Quinnaay said:
yeah id not invest mega money like that anyway, i was looking in to it a little and then it blew my mind. Considering looking back into it, as i've also noticed its sky rocketed and buying while there high is as said risky. Not sure if it will ever come back down or continue to grow i guess thats the point, nobody knows. Will certainly keep tabs open on it though.
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Well if you want to win big you need to spend big.

No point in sticking £200 in just to make £200. But £20k plus to make another £20k or more. If it works he's laughing.

Any investment worth making is risky. He could plough it into shares and stocks and we could get hit with another mega recession making them worthless. Crypto currency should be able to withstand recession and the UK printing money.

The pound is a currency where they can make more out of thin air. Whereas bitcoin every coin is accounted for and extra cannot be made apart from those mined and it's capped at a limit too.

Maybe it's came too early but crypto currency if given full backing of the public would be a much fairer system than the current one which allows banks and governments to just print more and more.
 
Psycho Sonny said:
Well if you want to win big you need to spend big.

No point in sticking £200 in just to make £200. But £20k plus to make another £20k or more. If it works he's laughing.

Any investment worth making is risky. He could plough it into shares and stocks and we could get hit with another mega recession making them worthless. Crypto currency should be able to withstand recession and the UK printing money.

The pound is a currency where they can make more out of thin air. Whereas bitcoin every coin is accounted for and extra cannot be made apart from those mined and it's capped at a limit too.

Maybe it's came too early but crypto currency if given full backing of the public would be a much fairer system than the current one which allows banks and governments to just print more and more.
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So how much have you invested in bit coin?

Lol at investing over a years wages in bit coin
 
Well, as the OP, he's certainly not doing bitcoin! Taken some cash out of Santander, that's gone into a Hargreaves Lansdown S & S ISA, and will play around with that over the next few years. Opened a NW Flex saver for the £250 a month @ 5%, looking at the LISA, and keeping the Santander 123 for a while longer as he can still bang £500 a month in to it as it's now down below the 20k so will get interest.
Need to see how good his workplace pension is yet, otherwise will look at a SIPP. Still working on him about mortgages...
 
Uther said:
Well, as the OP, he's certainly not doing bitcoin! Taken some cash out of Santander, that's gone into a Hargreaves Lansdown S & S ISA, and will play around with that over the next few years. Opened a NW Flex saver for the £250 a month @ 5%, looking at the LISA, and keeping the Santander 123 for a while longer as he can still bang £500 a month in to it as it's now down below the 20k so will get interest.
Need to see how good his workplace pension is yet, otherwise will look at a SIPP. Still working on him about mortgages...
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Shame as he will make pennies in comparison.

Interest rates are at a historical low. He's probably losing money due to inflation with it sitting in the bank.

If not bitcoin buy gold bars.
 
Psycho Sonny said:
Shame as he will make pennies in comparison.

Interest rates are at a historical low. He's probably losing money due to inflation with it sitting in the bank.

If not bitcoin buy gold bars.
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Problem is he is totally risk averse. If it was my money I would be investing in all sorts of madcap high risk schemes. Probably why I'm poor and he will hopefully be boring but comfortable as he gets older.
 
I wish I’d stayed at home with my parents for longer than I did.

My mates girlfriend (32) still lives with her parents (she’s a teacher) and has about £80,000 saved up. By the time they find a place she’ll be able to get a tiny mortgage or even get a cheap first house without one.

Now, she’s a bit like the OPs son and has been squirrelling money away each month but I think to myself if id stayed at home until I was 30 id have been sorted. In fact, if I dropped all my monthlies and lived with my parents tomorrow I’d be saving £2,000 a month. Makes you think!
 
EVH said:
I wish I’d stayed at home with my parents for longer than I did.

My mates girlfriend (32) still lives with her parents (she’s a teacher) and has about £80,000 saved up. By the time they find a place she’ll be able to get a tiny mortgage or even get a cheap first house without one.

Now, she’s a bit like the OPs son and has been squirrelling money away each month but I think to myself if id stayed at home until I was 30 id have been sorted. In fact, if I dropped all my monthlies and lived with my parents tomorrow I’d be saving £2,000 a month. Makes you think!
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We have no problem with him staying at home that long, I left home in my very early twenties, shacked up with the then gf now wife and struggled for years. We don't want that for him, life is going to be difficult enough over the coming years for young people. If he carries on saving at the rate he is he would have an easy 80k in ten years.
 
There’s got to be a balance though. Living at home at 32 with a decent income is a bit sad. Missing out on a big chunk of freedom and independence, pound notes aren’t everything.
 
Fusion said:
There’s got to be a balance though. Living at home at 32 with a decent income is a bit sad. Missing out on a big chunk of freedom and independence, pound notes aren’t everything.
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It isn’t? Everything costs money. Nobody comes along in hard times to help you. Nobody.

Imagine how different the world would be if everyone stopped judging others and got on with theirs.
 
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