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    *start your own business.
    *pay for uni.
    *give 1/2 to your parents.
    *invest it.
    *save it for the future.

    these are fw ideas.
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    Obviously, the first thing to do is to help your parents if they're struggling, I would.

    Then put whatever you can in income bonds, and get a higher interest rate than you would from the shitty savings account.
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    (Original post by anonguy123)
    Hey

    A bit about me, my parents don't work and are on income support. I get EMA, and free lunchs. I am in the first year of a school Sixth form, looking to do a computer science degree at Southampton or Cambridge.

    Anyway I'll cut to the chase, I have recently learnt that in a few months time I will be inheriting almost £30 thousand pounds. And to be honest I have not been myself recently. I wouldn't say I am struggling to cope, but it is worrying me. I don't know what to do with it?

    Do I save it? Or spend some of it? I don't want to just waste it, as this is a once is a live time opportunity, my family and me have never know so much money. I don't know whether to buy anything for my family, to help out, or what? I mean if I saved it when would I use it, I mean when I get my degree I will hopefully get a job straight away, so I really don't know how best to help my life.

    And it has been in trust until i turn 18 in a few months, and my aunt died about 4 years ago, so I am struggling to think what she feels would have been the best for the money.

    I am sorry for the long post but I could really do with some advice, I don't know what to do. And sorry if this sounds a bit stupid.

    Thanks very much for reading and any for replys,
    Put a lot of it into a share portfolio. I don't think normal interest rates will net you anything significant on it, and it would take 6 years to put it all in an ISA.
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    (Original post by anonguy123)
    Hey

    A bit about me, my parents don't work and are on income support. I get EMA, and free lunchs. I am in the first year of a school Sixth form, looking to do a computer science degree at Southampton or Cambridge.

    Anyway I'll cut to the chase, I have recently learnt that in a few months time I will be inheriting almost £30 thousand pounds. And to be honest I have not been myself recently. I wouldn't say I am struggling to cope, but it is worrying me. I don't know what to do with it?

    Do I save it? Or spend some of it? I don't want to just waste it, as this is a once is a live time opportunity, my family and me have never know so much money. I don't know whether to buy anything for my family, to help out, or what? I mean if I saved it when would I use it, I mean when I get my degree I will hopefully get a job straight away, so I really don't know how best to help my life.

    And it has been in trust until i turn 18 in a few months, and my aunt died about 4 years ago, so I am struggling to think what she feels would have been the best for the money.

    I am sorry for the long post but I could really do with some advice, I don't know what to do. And sorry if this sounds a bit stupid.

    Thanks very much for reading and any for replys,
    Pay off your tuition fees upfront, and use the rest over your degree to cover living expenses. That way you'll come out of uni debt free
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    Don't bother using it to pay off your student loans, stick it in a savings account and put a deposit down on a flat or something when you're ready to house-hunt.
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    Well going to uni this year, I could come out of university completely debt free - 10'000 for fees, 20'000 for living expenses and maybe some research/relevant holiday. It'd be great to get a degree without the lifetime baggage.
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    (Original post by mangoh)
    what 0.5%?

    great idea :rolleyes:

    On topic: donate to charity
    You must be a real loser if you're only getting 0.5% on your savings.

    I'm getting 3.2% and I'm pretty sure itd be easy to get higher than that.
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    (Original post by Quady)
    You must be a real loser if you're only getting 0.5% on your savings.

    I'm getting 3.2% and I'm pretty sure itd be easy to get higher than that.
    You'd have to do something with it to get 3.2, my bog-standard "HSBC saver" account is only like 0.5%

    That's why your a mug if you don't move it somewhere higher interest though.
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    You seem like a really nice person.
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    I would save it - don't put it towards your education as the loan that is provided by the government will the cheapest loan in your life and the payback arrangement simply means a set proportion comes out of your future salary. If you don't earn above the threshold (£15k at the moment, I think), you don't have to pay anything back.

    So if you find that you're struggling on the jobs market - at least you haven't wasted money in doing so.

    I would recommend splitting the money.. £30,00 is a lot and I would suggest aiming to use this as a house deposit in the near future.

    I would put... £10,000 in managed funds (go to Fidelity.co.uk to find out more)... Note that managed funds do require research and you may get back less than what you initially invested.. nevertheless, these can be good investment vehicles for long term investment..

    I have a few funds with Fidelity so if you need any advice, do let me know!

    I would put £15,000 as a cash deposit into a high rate saving account, one where you may require a 3 year lock-in in return for a high rate return (I believe the Post Office) offers a good deal


    £3,000 into a normal savings account that you can access at any point...

    £1,000 into stocks and shares - if you look at moneywise, they have good recommendations on good yielding stocks... This could be a good investment in the medium term.. However it does require more attention than a managed fund would..

    Keep the £900 as a float whilst you are at uni - you never know, you might need it for books, car, travel, stationery, etc.. I found that having the right resources without having money worries really helped me throughout my first and second years...

    I would leave aside £150/£200 for matched betting - this way you could get about £600 profit... This could add to your uni float and you could even use it to buy something nice for your parents... Fixtheodds.com is my recommendation as their guides and the process is quick and requires little time (remember - uni can be very time intensive!!!)

    They are my suggestions anyway, but good luck either way!
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    30,000 LOTTERY TICKETSSSSSSSSSSSSSSSS.

    Or put it all into premium bonds.
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    (Original post by Suzanathema)
    Urghh why is there no option to post anon in this thread?

    Anyway, I came into some money last year - my grandpa died and left me £35,000. He stipulated I could spend £5k but had to save the rest. I've spent £10k and feel a bit sick about it, I am trying to put as much money as I can back into my savings now because I feel so guilty.


    Anyway, don't tell anyone. I wish I never told my boyfriend, he treats me differently now. Friends will want stuff from you, everyone just treats you different.

    Prepare for bank managers to lick your arse too :p:


    Also, everyone wants it. The government will stop your benefits if you declare it. Most income support typed things have a cutoff of £16k.

    You can only put £5kish in an ISA per year so that is a good option if you want to split the money up. I would suggest putting a bit in there and the rest in a long-term bond, because believe me, you say you aren't going to touch it but you can't help yourself knowing it's there. If you keep it locked in a 3 or 5 year bond you'll have it for your house deposit or whatever and won't fritter it away on nights out and rent like I've done.
    ^ Agreed, money can dissappear really quickly if you don't restrain yourself (I know this from personal experience). And don't lend money, if people know you have a lot of spare cash they will come out of the woodwork and start using you as their personal atm, even your parents.
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    (Original post by kalmar)
    ^ Agreed, money can dissappear really quickly if you don't restrain yourself (I know this from personal experience). And don't lend money, if people know you have a lot of spare cash they will come out of the woodwork and start using you as their personal atm, even your parents.
    Truth, my boyfriend owes me a grand at the moment


    To be fair, we're the mugs for saying yes if people ask for money...
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    You could learn to drive? I wouldn't buy a car though, for a year insurance is like £1000+ on most cars, but driving would definitely be good for the future.
    Maybe spend a little, and then invest/bank the rest.
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    (Original post by Suzanathema)
    Truth, my boyfriend owes me a grand at the moment


    To be fair, we're the mugs for saying yes if people ask for money...
    Yep, you just gotta learn the lesson and hope the price was worth it
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    (Original post by Iqbal007)
    I would suggest that you keep the money safe in a bank, plus don't get too excited or go on about it as it may cause bad people to become your friend for your money. Also dont get too joyous as people with new found money get overjoyed with spending and then go into major debt. I suggest you use the money in emergency otherwise dont at all, unil your making a good salary after you finish your degree
    Yeah, i have decided not to tell anyone, thats one of the reason's I asked on TSR. Thanks for your reply.
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    (Original post by Jamil1987)
    Definatley do not spend it, otherwise you will have wasted it and it will not have made a major difference to your life and you will be back at square one.
    Its true interest rates are not very good at the moment but they are getting better. You could earn around £90 a month interest. So if you decide to save it the amount will not decrease with time because of inflation.

    My advice, this is what im doing also, wait till you graduate and then you can put a deposit down on a house. People spend years and years saving for that deposit. You would be one step ahead and made a difference to your life. At this point you would have around £35k.
    Yeah, I suppose it would be nice to live more comfortably at uni, and £90 would come in very handy I'm guessing, without spending the capital.
    And I guess your right, even if I got a good starting job salary it would take time to raise anything near this.
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    buy a car
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    (Original post by Suzanathema)
    Urghh why is there no option to post anon in this thread?

    Anyway, I came into some money last year - my grandpa died and left me £35,000. He stipulated I could spend £5k but had to save the rest. I've spent £10k and feel a bit sick about it, I am trying to put as much money as I can back into my savings now because I feel so guilty.


    Anyway, don't tell anyone. I wish I never told my boyfriend, he treats me differently now. Friends will want stuff from you, everyone just treats you different.

    Prepare for bank managers to lick your arse too :p:


    Also, everyone wants it. The government will stop your benefits if you declare it. Most income support typed things have a cutoff of £16k.

    You can only put £5kish in an ISA per year so that is a good option if you want to split the money up. I would suggest putting a bit in there and the rest in a long-term bond, because believe me, you say you aren't going to touch it but you can't help yourself knowing it's there. If you keep it locked in a 3 or 5 year bond you'll have it for your house deposit or whatever and won't fritter it away on nights out and rent like I've done.
    Yeah tell me about it, you can probably guess that I had to create a new account cause of no Anon option lol. And yeah, I am planning to keep it a secret. Though as is it not a regular income source it shouldn't affect my entitlement for uni help I think.

    And thanks, thats good advice. :-)
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    (Original post by Nick Longjohnson)
    Banks wont cover inflation.

    Short term (a few months): I'd invest in IBM as a safe bet, Ford's looking OK too. Citigroups looking skittish, but good gains could be made.
    Thanks, but it is really too risky for me. With it being such a large amount of money I cannot risk something happening with Ford like what happened to Toyota etc...

    (Original post by snowpatrolchlo)
    Give it to me? :3

    Seriously though, Keep it in the bank, gain interest and keep it for the future. With the way prices are increasing, it'll be a nice wee safety egg for you. Also, if I was you, I'd maybe treat the 'rents aswell with a wee trip. Thats what I would do :-)

    Yeah it would be nice to give something back, as we have never been well off, so would be good to treat the family. I wouldn't be able to justify spending a large amount of money simply on myself.

    (Original post by Golly-Gosh)
    *start your own business.
    *pay for uni.
    *give 1/2 to your parents.
    *invest it.
    *save it for the future.

    these are fw ideas.
    Thanks for your reply :-)

    (Original post by Jmzie-Coupe)
    Obviously, the first thing to do is to help your parents if they're struggling, I would.

    Then put whatever you can in income bonds, and get a higher interest rate than you would from the shitty savings account.
    I wouldn't say we are struggling, we cope the same as anyone else in the country on benefits. But it would be nice to treat my family to a nice hol or something, something that we could never normally afford.

    Also is there any risk in Income bonds?

    (Original post by mangoh)
    what 0.5%?

    great idea :rolleyes:

    On topic: donate to charity
    It would be nice to do so, but I keep thinking of my Aunt's will, if she had wanted some money to go to charity she would of split it out more (as there were about 9 other people involved in the will) so I don't know if that's what she would have wanted. I'm not trying to sound greedy, and I probably will donate something.

    (Original post by Arekkusu)
    Put a lot of it into a share portfolio. I don't think normal interest rates will net you anything significant on it, and it would take 6 years to put it all in an ISA.
    Yeah I was worried about icer times. I will ask the financial planner (who was paid in the will) about share portfolio's. Thanks

    (Original post by therealOG)
    Pay off your tuition fees upfront, and use the rest over your degree to cover living expenses. That way you'll come out of uni debt free
    I wouldn't be able to cover my whole loan (see earlier replies) and the repayment scheme is quite good. Thanks for your reply though

    (Original post by paella)
    Well going to uni this year, I could come out of university completely debt free - 10'000 for fees, 20'000 for living expenses and maybe some research/relevant holiday. It'd be great to get a degree without the lifetime baggage.
    But not now the fee's are going up

    (Original post by NeonSkies)
    Don't bother using it to pay off your student loans, stick it in a savings account and put a deposit down on a flat or something when you're ready to house-hunt.
    Looks like a good option thanks

    (Original post by 0201Bean)
    You seem like a really nice person.
    Thanks

    (Original post by FilthyYouth)
    30,000 LOTTERY TICKETSSSSSSSSSSSSSSSS.

    Or put it all into premium bonds.
    If that was an option it would be more fun to go to Vegas
    And to be honest I don't want to spend all day at the shop filling in tickets

    (Original post by Troubled_Student)
    You could learn to drive? I wouldn't buy a car though, for a year insurance is like £1000+ on most cars, but driving would definitely be good for the future.
    Maybe spend a little, and then invest/bank the rest.
    Yeah, I was thinking about an intensive week long course, about £500 to get it out of the way. And yeah, i agree, it would cost me about 4k :eek: for insurance, and I probably wouldn't use a car in uni, so I'll stick to the bus

    (Original post by sonyhamster)
    I would save it - don't put it towards your education as the loan that is provided by the government will the cheapest loan in your life and the payback arrangement simply means a set proportion comes out of your future salary. If you don't earn above the threshold (£15k at the moment, I think), you don't have to pay anything back.

    So if you find that you're struggling on the jobs market - at least you haven't wasted money in doing so.

    I would recommend splitting the money.. £30,00 is a lot and I would suggest aiming to use this as a house deposit in the near future.

    I would put... £10,000 in managed funds (go to Fidelity.co.uk to find out more)... Note that managed funds do require research and you may get back less than what you initially invested.. nevertheless, these can be good investment vehicles for long term investment..

    I have a few funds with Fidelity so if you need any advice, do let me know!

    I would put £15,000 as a cash deposit into a high rate saving account, one where you may require a 3 year lock-in in return for a high rate return (I believe the Post Office) offers a good deal


    £3,000 into a normal savings account that you can access at any point...

    £1,000 into stocks and shares - if you look at moneywise, they have good recommendations on good yielding stocks... This could be a good investment in the medium term.. However it does require more attention than a managed fund would..

    Keep the £900 as a float whilst you are at uni - you never know, you might need it for books, car, travel, stationery, etc.. I found that having the right resources without having money worries really helped me throughout my first and second years...

    I would leave aside £150/£200 for matched betting - this way you could get about £600 profit... This could add to your uni float and you could even use it to buy something nice for your parents... Fixtheodds.com is my recommendation as their guides and the process is quick and requires little time (remember - uni can be very time intensive!!!)

    They are my suggestions anyway, but good luck either way!
    Deffo agree with your first point, and yeah the thresholds even higher for when I'm at uni (21k).
    And yeah, I was wondering about splitting the money, to spread the risk so there would be no way you could use it all. thanks for writing all the options, I will certainly look into them and ask my planner. And thanks for your advice offer.

    And yeah, a emergency fund for uni would be handy. That website I had heard before (Fix the odds) and I was reading up a bit about matched betting, it certainly seems something to look into.

    Thanks very much for you long detailed and informative reply.

    PS sorry for so many replies, I just wanted to thank everyone for their time :-)
 
 
 
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