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What would you do with £10,000? watch

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    I would save that for uni
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    (Original post by Napp)
    That may be but the fact remains they have never been designed for people to make money out of them short of a gambling one like a S&S ISA theyre original and primary purpose is for tax write offs.
    Since you sound pretty clued up, out of curiosity what do you do with your savings (or theoretical savings if you are going the way I am and hemorraging funds! )? Ive been experimenting trying to make a small return on the moderate (Couple of grand) savings I have without risking stocks and bonds which to be honest I know next to nothing about.

    So far my most success has been bouncing between 'premium rate' current accounts using direct debits to stay just above there minimum input/output thresholds. My highest account sits on 4.8% APR up to 2k with the rest being held in another that offers 3% on £3-20. My income comes into the 4.8 account which requires £500 a month to keep APR, on payday £1000 gets DD to the 3% to keep its APR up then the day after that the 3% account DDs ~£500 back into the 4.8% to keep it on £2k. I also have my rent and credit card DD coming from the 3% account as it has a minimum direct debit count requirement. Daily purchases go on credit which full balance DDs every month. So yeah In theory I make 4.8% return on £2k and 3% return on £3k+ well also building a credit rating, however the 3% has turned into 2% since I dont hold the minimum balance for the 3% return anymore :/.

    I plan to move the balance of the 3% account to a help too buy ISA once I start making a more reliable income every month.

    Moneysavingexpert.com is a great resource by the way.
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    (Original post by thecatwithnohat)
    It sounds like - hopefully - you'll be a living a very comfortable few years at uni, I'm glad to hear it!
    Thank you! But I'll be going to uni in London so that money will be gone before I know it!
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    (Original post by Napp)
    All you people saying ISAs you do realise those are for tax purchases not saving right? you make no money with them.
    You make a bit of money with ISAs - really depends on what type. With nearly 9k in an 'safe' cofund investment ISA I have gained £400 roughly (goes up an down), which isn't much. But if I wanted to I could buy more 'risky' funds, meaning that I could make more profit, or if I'm unlucky, I could make a loss.
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    (Original post by CAElite)
    Since you sound pretty clued up, out of curiosity what do you do with your savings (or theoretical savings if you are going the way I am and hemorraging funds! )? Ive been experimenting trying to make a small return on the moderate (Couple of grand) savings I have without risking stocks and bonds which to be honest I know next to nothing about.
    Thank you well in this country im bleeding money like you but i keep most of my off shore [no not like a millionaire lol] half of my money about $10,000 is in a simple high interest savings account at 5% with ANZ bank

    So far my most success has been bouncing between 'premium rate' current accounts using direct debits to stay just above there minimum input/output thresholds. My highest account sits on 4.8% APR up to 2k with the rest being held in another that offers 3% on £3-20. My income comes into the 4.8 account which requires £500 a month to keep APR, on payday £1000 gets DD to the 3% to keep its APR up then the day after that the 3% account DDs ~£500 back into the 4.8% to keep it on £2k. I also have my rent and credit card DD coming from the 3% account as it has a minimum direct debit count requirement. Daily purchases go on credit which full balance DDs every month. So yeah In theory I make 4.8% return on £2k and 3% return on £3k+ well also building a credit rating, however the 3% has turned into 2% since I dont hold the minimum balance for the 3% return anymore :/.
    thats a good move cycling it thriough banks although they hate it haha
    with these accounts they uslally dont last long enough if you have the money to make anything of use on them :/ personally id suggest moving your money to abroad with much higher rates like NZL AUS Russia etc.

    I plan to move the balance of the 3% account to a help too buy ISA once I start making a more reliable income every month.
    Not too bad an idea especially if you're employed due to the government provisios with it!
    Moneysavingexpert.com is a great resource by the way.
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    (Original post by londonundergrad)
    You make a bit of money with ISAs - really depends on what type. With nearly 9k in an 'safe' cofund investment ISA I have gained £400 roughly (goes up an down), which isn't much. But if I wanted to I could buy more 'risky' funds, meaning that I could make more profit, or if I'm unlucky, I could make a loss.
    unless the rates have changed factoring in inflation you generally speaking loose money...
    i mean im not saying they cant make money but you need a lot to start with, a lot of time and its usually untouchable whilst savings accounts dont penalise you
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    (Original post by Napp)
    unless the rates have changed factoring in inflation you generally speaking loose money...
    i mean im not saying they cant make money but you need a lot to start with, a lot of time and its usually untouchable whilst savings accounts dont penalise you
    hmm you lose money? which financial service are you with?
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    (Original post by londonundergrad)
    hmm you lose money? which financial service are you with?
    I meant oweing tosuch low interfest rates and inflation running higher [last i checked] on most of these it means you loose money
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    Travel England
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    Spend it?
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    i'd profit - i'd buy something, wait a couple of years and sell it for more

    after that (provided i make a profit of course), i'd use the money for school (bloody school fees are expensive af)
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    Buy a £10,000 Cartier bag Jk
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    I'd buy myself designer clothes!
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    Buy more funds.
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    Find an expanding market, invest the money and reap the rewards to ensure money works for me
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    (Original post by Imperion)
    I'd custom build a PC, treat my room acoustically, buy extra peripherals (mics, **** like that), Yamaha H8s and the H8S. I'd purchase Kontakt, Spire, Nexus, ProFilter & Valhalla series and other VSTs if I need 2. Also a midi-keyboard. 61 keys sounds ideal but I'll take 88 for the lolz. Fancy chair, fancy table... Add a interface and I have my dream studio.

    Should cost like 8K, 2k... Probably pump it into a business or market.
    this guy has got his priorities straight.
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    Would have to take my mum and sister on holiday then put the rest into savings, I'll deal with the uni debt some other time down the line :P
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    If it was right now, I would put a proportion of it into saving because there's nothing important that I want.

    With some of what I haven't saved, I'd buy a range of plugins for my website and improve its branding using better softwares.

    I would then probably pay for my mum to have a holiday and get her some things she's wanted for awhile.

    I'd also buy @Calzs34 a knife skin on CSGO and pay for the computer he wants to build
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    (Original post by Arusya)
    I'd take a gap year and go travelling all over East Asia and Oceania for the whole year!
    It may be a bit stupid and you could use the money more wisely, but when else are you gonna do something this crazy and exciting?
    It is an investment in yourself, and I believe it's the wisest decision one can make if you are young, developing and have very few liabilities
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    Give some to my parents, put a rent deposit on a house, and build my own PC. The rest would be to pay off some uni debt.
 
 
 
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