How to make money?

buy property and rent it out.

also handy if you lose your job and no longer have the free accommodation

the other option is spend it all on things you enjoy before youre not around to enjoy it anymore
 
Hatter The Mad said:
I am in a simmilar position to you. You're probably right that sitting it in a bank will not do you any good, in fact you'll end up long cash (inflation will eat away at it given the current rates).

The time is ripe to at the least invest some in a stock and shares ISA from your high-street bank. Good range of funds, generally good performance, many risk profiles (or self-selections).

Over a year I fill out my ISA allowance in a stocks and shares ISA (£8000 a year, I think?). I do self-select funds from the Halifax range, and I think my overall risk profile is Medium maybe bordering medium-high. I started about two years ago and have since earned ~23% tax-free, which isn't bad.

As well as that, I then put £400 a month into a non-ISA stocks and shares account, again from Halifax, but in low-medium spread of funds.

The rest, I do my own share dealing.

With the amounts you are talking about and at your age, you don't have much to lose by just going to your favourite bank, booking an appointment with an advisor and getting a lesson in stocks and shares ISAs and risks (rather than spending 6 months swatting up and dipping into your own exchange traded funds). The advisers are generally well regulated and in my experience are in no way pushy.

Good luck

Edit: Also, start a stake holder pension, especially if you're a higher-rate tax payer
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Cheers, that sounds quite interesting, I will have a look at that in the next few days for sure. Are they very safe, starting out I do not want to take huge risks since I am saving for a deposit on an apartment in the UAE, but that will be around 2 years away and obviously you do not make money if you do not take risks, so all relative.

In the UAE I would not invest large amounts of my own money as this place is very unregulated, and about bragging, this place is full of kids in their 20s driving x5/6, cayennes, s65's and lexus landcruisers. I have no chance to brag!:p
 
Nitefly said:
Blimey, talk about lynching the OP.
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Yep. Some of the usually trolls is leading the charge. Could've told the OP this would happen had I gotten in early enough.

OP, I wouldn't ask ballet dancers advice on motor engines, nor would I ask money advice on a forum where 95% of the posters live from hand to mouth, month to month. Sadly, I'm too sensible (boring?) with money and prefer to stick all my savings into properties or bonds. If I were you I'd buy a house as soon as possible and try and clear that ******* mortgage as soon as. After that, if you're still saving, play the markets by all means. First get the essentials out of the way and do it safely.
 
Hatter The Mad said:
Are you informed and side with the opinion that gold mining companies, or just guessing that high gold price makes mining companies a good investment?

The higher the market price of gold, (generally) the higher the risk for an investor when investing in gold mining companies.
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I got out of gold when I lost my job about 2 years ago, been watching it since though. There have been a few happenings in the market that made me wish I stayed in. It's expensive and with gold at the price it is it's getting riskier, but companies like rio tinto can make you a shed load of money!

(I didn't have lots of money in it, enough to see me through 2 house moves and 5 months of no pay though!)
 
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Interest rates for savers are terrible. I used to get a good £500-700 a year interest but that dropped to something silly like £10, so I now make bits on the stock markets.
 
You live in UAE - are you a UK national?

Where are you domicled for tax purposes? I don't think you can have UK ISAs and UK pensions if your not taxed in the UK. If you are a UK taxpayer and invest in a pension then move abroad you can continue to pay for IIRC 5 years.

Property "can" be a good idea but it depends what your talking about - buying to sell on or buying to rent to people. If you've got a property and lets say you have a mortgage on that property, if you haven't got someone in the property to pay you rent the mortgage will be coming out of your pocket - similarly if the property needs work you'll have to foot the bill.

Seek good professional advice as to what to do with your savings. Personally I wouldn't invest directly in companies (shares) because as said above it can end badly.

If you were UK taxed and have that level of savings then ISAs (currently £10200 a year - an ISA is a collection of Unit Trust in a tax free wrapper - they are not free of inheritance tax however) are the first port of call and then pensions - if you were a higher rate taxpayer pension contributions are a good way to mitigate tax. In the UK financial advisers have a bad rep for being commission driven but better IFAs these days charge you for the advice they provide (in a similar way to an accountant or a solicitor)
 
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saving sucks balls. However i did managed to save around 2k when i was 17-20 working which added nicely to the funds for travelling when i finished uni. Now im 25 (26 tomorrow) and save around £200 a month. I do like buying stuff though - clothes, weekends away etc

The more you earn, the more you spend
 
Save slightly less and live a little more is my advice. :) Say you do end up in a car crash and lose limbs, you'll regret having just saved and not lived as much as you could.
 
inferno said:
Just wondering how other people are making some extra money on the side from their savings? I am 20 and saved up ₤20,000 and I'm saving around ₤1,800 a month, seems having it in a bank is totally pointless as I want to put it to use, options seem to be investing in property or stock market. Since I am only just starting out I think property is safer(?), just wondering if any people have any experiences with buy to let or buying property off plan that they would like to share?
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Whats your secret? Whats your job?
 
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