What S&S ISA do you recommend for 7 years? Just chuck it in there and forget about it for 7 years
What to do with £75k?
- Thread starter ivrytwr3
- Start date
What S&S ISA do you recommend for 7 years? Just chuck it in there and forget about it for 7 years
Soldato
- Joined
- 30 Sep 2005
- Posts
- 16,850
I'm not sure people realise just how expensive family holidays are now 
Can't you buy the same fund using another platform that doesnt charge fees?
given you only have 7 years until you expect to spend it, if keep most of it in Cash/savings and ISA as much of it as you can. Go low risk for most, if not all of it.
You can’t really afford a big crash as you’ll not have the time to build it back up again.
Likewise once you do retire, spend it as quickly as you can, you might drop dead before you are 70.
There is no point in having a wad of cash in the bank when you die. Even if you plan is to hand it down, you are better off handing it down when your kids need it not when you finally pop your clogs.
You can’t really afford a big crash as you’ll not have the time to build it back up again.
Likewise once you do retire, spend it as quickly as you can, you might drop dead before you are 70.
There is no point in having a wad of cash in the bank when you die. Even if you plan is to hand it down, you are better off handing it down when your kids need it not when you finally pop your clogs.
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We haven't been aboard for 13 years now (our honeymoon was the last time) and always go down Devon/Cornwall for holidays as a family of 5 now. Decided to take a look for a half term next year out of curiosity...4 nights (!) in turkey all inclusive was 6.5k!I'm not sure people realise just how expensive family holidays are now
Abnormally short, that will be expensive. There is only so many bums on seats you can fit in a plane so they want you there as long as possible really.
The top of the line 'normal' people (e.g. you can buy it on Tui) all inclusive holidays in Turkey are currently about £1500-£1600 per person for a week outside of school holidays so late may, June, early July and early September. During school holidays is more but not loads more, about £1900.
That is about the most you'll pay, it starts at ~£500pp but it will be pretty basic for that kind of cash.
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Also tried a week and two weeks, wasn't any cheaper. This was literally a 60 second search on jet2 mins..
It won’t be cheaper, you are going for longer.
But the cost per night is a lot lower when going for 7 nights than at 4.
Prices vary significantly by quality, there isn’t much point in posting random prices for a few days in Turkey, like I said, prices range from £500pp to £1900pp depends on where and when you go.
But the cost per night is a lot lower when going for 7 nights than at 4.
Prices vary significantly by quality, there isn’t much point in posting random prices for a few days in Turkey, like I said, prices range from £500pp to £1900pp depends on where and when you go.
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Have to disagree.
You could get diagnosed with a terminal illness tomo9, then that bank balance means nothing.
You only need to save enough. Not endlessly at the expense of living.
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Soldato
- Joined
- 13 Sep 2010
- Posts
- 2,624
I think it's worth having a comfortable safety net - Like enough to live on for around 6mo without having problems.
But otherwise yeah, no point sitting on huge piles, I'm trying to get myself into the mindset of being more comfortable spending on things I'd enjoy now.
If you were unfortunate enough to be diagnosed with a terminal illness, then you'd still have in most cases at least 6 months to cautiously plan for (cashing out any pensions and affording to spend that time on something other than working through that time)
Could? Yes. Will you? Unlikely. Anyone of us could die tomorrow. We will all die in the end, nonetheless. But statistically, we are most likely to see retirement age - which is why a pension and planning to live that long is always a good idea.
My Dad got diagnosed with prostate cancer literally two days after retiring.
Thankfully he's had the treatment (five rounds of radiotherapy), and is looking all clear, but considering I'd been telling him to retire for years, it was a bit of a scare.
He's ex RN, but worked in telecoms after and paid heavily into his workplace & private pensions. He & Mum are very comfortable, with the house & assets safely wrapped up in a family trust.
@ivrytwr3 - definitely worth a chat with a decent IFA who can advise plans, not only for the immediate £75k...
i would secure a place to live and put some in the bank for any future pc/tech upgrades and a bit for unforseen bills like a boiler screwing up and would chuck some to rc cars, also some aside for public transport, not sure, doubt i will be alive for the next 7 years i haz heart failureHypothetical, you have come into £75k, but actually want to be sensible with it! You don't need the cash for another 7 years.
I was thinking:
£20K into own S&S ISA and same again into wife's.
£20k into Premium Bonds.
£10k family holiday.
£5k emergency fund.
What S&S ISA though? I read you guys talking about Vanguard, but no idea about this sort of stuff
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That does sound uncomfortable.
You can buy the vanguard global all cap ETF from Yrading212
Only people bad at maths go into high yield ETFs.
My partners mum was diagnosed with stage 4 cancer after being told it was a bad back. By time she was diagnosed it was too late to do anything and her mind was already starting to go due to mets on the brain.
It was a real eye opener and has changed my whole approach to life.
Agree with this.
That's where I am now and I'm not saving much more. Obviously I'm putting my matched pension in and making use of tax benefit incentives where possible. But no longer just piling everything into savings like I did a couple of years ago.
I also find it hard to spend a lot. I like to save. But have to tell myself.. This is enough.. It's time to live.