best thing to do with 10k

Morba · 4 Jan 2011 at 18:01

[TW]Fox;18141756 said:
NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO

Yes?

Morba · 4 Jan 2011 at 18:03

Richie said:
Hardly life-changing amount now is it

Lies! A man on the street who lives in a box would have his life changed forever!

[TW]Fox · 4 Jan 2011 at 18:04

Will Gill said:
Fox, I have rather a large amount of cash in bonds, whats wrong with them? I've also won a fair amount of cash over the years on them too.

win win as far as i can see

It's a really really poor place to put money - you end up losing money on average as it doesnt keep up with inflation. The chance of winning a considerable prize is low, and when you factory in the averages and odds it is effectively just a very very poor savings account.

It's effectively a savings account with randomly allocated interest. It's bad!

Mr-White · 4 Jan 2011 at 18:04

Give it all to me and bask in my happiness as I waste the lot

MW

kingy666 · 4 Jan 2011 at 18:05

Around 6 months ago i thought of investing about 10 grand as a gamble on some shares in an oil company called xcite energy who had aquired the rights to drill for oil in the north sea where they knew there was plenty of oil. I chickened out in the end but set up a practice account on the share centre.com. When i was going to buy i think the shares where around 70p each and today they are at 361p each which would mean, i think, my 10 grand would now be around 50 grand. If only i had the bottle 6 months ago.

Stretch · 4 Jan 2011 at 18:05

PinkPig said:
Well put it in a sensible bank account then. You can get 3% a year, which is £300.

Inflation is currently 3.3% and expected to rise this year. Savings accounts are a bad investment at the moment and I wouldn't fancythe stock market at it's current level.

Unless you're prepared to take risks expect your money to be worth less in 12 months time.

Will Gill · 4 Jan 2011 at 18:06

why does my quote option not work anymore? :mad:

Well I have ISA's and sensible savings accounts, premium bonds are a bit of fun and I'm pretty sure I'm up over the years. I always cover multiple bases, just in case

[TW]Fox · 4 Jan 2011 at 18:06

Moses99p said:
Well, a normal bank account's stupid... shoving it in an instant access savings account is better.

Yes, a savings account is 'a bank account'. It wasn't a peice of specific product advice, more a 'dont blow it on all crap, keep it in the bank' kinda thing.

CharlieAlbert · 4 Jan 2011 at 18:07

Short Term Bonds!!

Zodar · 4 Jan 2011 at 18:08

[TW]Fox;18141901 said:
It's a really really poor place to put money - you end up losing money on average as it doesnt keep up with inflation. The chance of winning a considerable prize is low, and when you factory in the averages and odds it is effectively just a very very poor savings account.

It's effectively a savings account with randomly allocated interest. It's bad!

Aye, listen to Mr Foxxy.

If you want to gamble you might as well get a normal savings account, take your 300 pounds interest or so at end of the year and go to the bookie. Find a good bet and you'll probably have a higher EV than premium bonds too.

Will Gill · 4 Jan 2011 at 18:08

Zodar said:
Aye, listen to Mr Foxxy.

If you want to gamble you might as well get a normal savings account, take your 300 pounds interest or so at end of the year and go to the bookie. Find a good bet and you'll probably have a higher EV than premium bonds too.

I do that anyway

4T5 · 4 Jan 2011 at 18:08

I'm pretty crap with money as i like buying stuff so what I've learnt to do is buy well & sell even better.
At this time of the year you pick up summer bargains to be sold when the sun comes out & during summer i buy winter bargains to be sold when the winter comes. A good example is that old camper i bought during winter kept 3 months & sold for a 950 quid profit,
So about now with 10k I'd be looking at picking a few cheap ragtops up to be sold for profit come Spring. :cool:

What do i know though

You need to ask the likes of Diamondmark & the other money wise dudes really.

Richie · 4 Jan 2011 at 18:09

Morba said:
Lies! A man on the street who lives in a box would have his life changed forever!

Glad someone got what I was aiming at

My attempts at humour always seem to fail

[TW]Fox · 4 Jan 2011 at 18:10

My understanding of how premium bonds work with two super simple examples:

I decide to run a savings account. I offer you 10% interest. 100 of you invest £1000.

I pay each of you £100 in interest over the year.

I then decide to run the premium bonds scheme. I take that same 10% of interest, but I pool it. Instead, 99 of you get nothing and 1 person gets £10,000!

So, the cost to me, the 'owner' is the same, but for 99% of the people investing, they get nothing at all from the premium bonds whereas they are guaranteed the 10% from my savings product. Meanwhile, the story of the happy person who won the £10k keeps pulling more Premium Bonds punters in.

Thats how I understand it to work - only with even more apalling odds.

explicit4u · 4 Jan 2011 at 18:11

kingy666 said:
Around 6 months ago i thought of investing about 10 grand as a gamble on some shares in an oil company called xcite energy who had aquired the rights to drill for oil in the north sea where they knew there was plenty of oil. I chickened out in the end but set up a practice account on the share centre.com. When i was going to buy i think the shares where around 70p each and today they are at 361p each which would mean, i think, my 10 grand would now be around 50 grand. If only i had the bottle 6 months ago.

You sir, deserve a slap! I was talking to someone on another forum who Invested in that same company when shares were worth around 61p lucky ****!!!!

Vonhelmet · 4 Jan 2011 at 18:12

If you really aren't going to need it, put it in long term treasury gilts.

[TW]Fox · 4 Jan 2011 at 18:16

Moses99p said:
Yeah, but you don't pay tax on the winnings, which makes the rate attained better than the headline rate on normal savings products.

If you win. Which 99% of people dont.

LordSplodge · 4 Jan 2011 at 18:17

There are places I'd go for financial advice. A computing forum is not one of them.

whitecrook · 4 Jan 2011 at 18:17

put it in an ISA ? any left over stick in next years allowance in april

kingy666 · 4 Jan 2011 at 18:19

explicit4u said:
You sir, deserve a slap! I was talking to someone on another forum who Invested in that same company when shares were worth around 61p lucky ****!!!!

I also thought about another company called Ascent Recources who where at 3.3p a share 6 months ago and are now at 9.25p

That other oil company, Xcite energy, knew there was millions of barrels worth of oil and where to drill for it when they aquired the drilling rights as a survey was done in the 70's and they survey said that the oil was too thick to pump up to a platform. But since the 70's technology has improved and they can pump it up easily now. Why did i not go for it :confused: