what would you do with a £1000

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if you are that uncertain stick it in a bank till you have an idea what to do with it ..... otherwise you'll end up spending it

Reply 21

murpo

Universities Forum Helper

I would eat it in a sandwich.

Reply 22

UCLEmily

Original post by xbethany

Just put it in the bank.

I don't know what an ISA is...

Sigh, DONT just put it in the bank - you get virtually nil, or nil interest and to add insult to injury, what little interest they do pay is taxable!

An ISA is tax-free savings, aimed at small regular savers - in other words, people like students.

ISAs are everywhere but the website guide I linked to above shows the latest and best rates. All leading banks offer them and so do loads of other financial institutions. They are secure, underwritten by the government and the interest is tax free. You can put up to about £5.5K a year into them.

Reply 23

JordanR

You guys are boring. :biggrin:

Reply 24

Flying Cookie

Obama 2012 is how £1400 will turn into £2000. Six hundreds pounds that no bank will ever give you.

*(Please gamble responsibly...)

Reply 25

AAJ

Gold futures or a cash ISA

Reply 26

MrHayden

Original post by Skarm

Why on earth would you invest in gold and just watch inflation eat away your investment.
OP just put it in an ISA with the best interest rate you can find, £1000 isn't enough to do any serious work for you on the stock market or in bonds. Might as well keep it tax free and earing as much interest as it can get.

Surely inflation doesn't have anything to do with it? Surely if currency gets less valuable, gold - as with every other commodity - gets correspondingly more expensive. Correct me if I'm wrong, which I could well be!

Reply 27

roxyqueen2

Stick it in the bank and keep saving. you'll be glad it's there when you can think of a worthwhile use for it!

Reply 28

Jin3011

Do up my house since it's what my Mum wanted to do for years but never has found the time or money.

Reply 29

parasitic

I would put £800 away into my other bank account and save it basically..there's always a time when you need some extra cash...

With the £200 well..being a girl I would go on a bit of a shopping spree and well put away some of that money for crates of berry cider and rose wine..and other party substances :biggrin:

Might as well enjoy a bit of the money..- you know, in case you get run over by a car :biggrin:

Reply 30

Sir Fox

Three suggestions:

1. Bank account. Won't win you much, but you can't lose either.

2. Invest in raw materials. I almost bought Palladium some years ago but couldn't because I wasn't of age etc. pp. Turned out to double in value :facepalm:

3. Give it to a small charity doing great work and be rewarded with sparkling eyes.

If I were you I'd put 500+ in a bank account, spend 100 on something I like and speculate with the rest (raw materials, bonds etc.)

(edited 11 years ago)

Reply 31

Skarm

Original post by MrHayden

Sorry, you're right, inflation doesn't come into it at all. I'm just tired and making silly mistakes.
What I was trying to say was that your investment would decrease over time from investing in something like gold. It costs a certain amount each year to store your gold, which will be deducting from your initial investment every year. Meanwhile, your gold itself is remaining static in price, and isn't paying you dividends or gaining interest. Presuming you invest in gold for the long term, when you eventually get around to selling your gold, providing the prices have remainned static, you get your initial investment back, but you've lost all the money you spent in storage costs, meaning overall, you've lost money on the investment.

Reply 32

UCLEmily

Original post by Sir Fox

Three suggestions:

1. Bank account. Won't win you much, but you can't lose either.

2. Invest in raw materials. I almost bought Palladium some years ago but couldn't because I wasn't at age etc. pp. Turned out to double in value :facepalm:

3. Give it to a small charity doing great work and be rewarded with sparkling eyes.

So let's analyse that "advice".

1. Bank account. Utterly foolish as the interest rates are both negligible and taxable.

2/ Raw materials. You "almost bought Palladium"? I assume you are some kind of city trader? You do realise this forum is for students?

3/ Small charity. Fine, but it in no way responds to the OP.

Reply 33

cl_steele

when you say 'make it grow' i assume you mean gather interest?
technically its rather impossible at the moment as inflation will wipe out any gain you make in interest rates and then eat in to your money slightly ...
plus with ISAs theyre more designed for people already paying tax on a regular basis [i assume being a student you arent] as theyre meant to be a handy write off.

although all that being said the only way to make it grow is dumping it in a high interest savings account/isa unless you feel bold and wish to play with it on the stock market [not really suggested given the current market turmoil though]

personally id go and spend it on something nice, or something thatll accumulate value ... gold is always good :rolleyes:

Reply 34

LarrikinLibertine

Original post by MrHayden

I recently ran into a bit of money and spent a few months trying to come up with something good to do with it, until I realised that I'd managed to bloody drink it all. If you really want to guarantee a degree of stability and potential growth, buy gold. It's the only thing that you can rely on to retain value with any amount of certainty. I'm not an economic expert, but the way things seem to be at the moment the best thing to do for everyone is for you to spend which helps growth, instead of hording the money away which is one of the economy's problems currently. I think we should just trade in gold to be honest...

That actually made me chuckle :biggrin:

Reply 35

Spaz Man

Buy some magic beans.

Reply 36

iSMark

Original post by UCLEmily

An ISA is tax-free savings, aimed at small regular savers - in other words, people like students.

No it isn't. It's generally aimed at the average tax payer.

Reply 37

Sir Fox

Original post by UCLEmily

Enumeration doesn't respond to the enumeration in the quoted post.

1. Question was "what would you do with a £1000". I told him what I would do.

2. So no bank account, what else? We're in the midst of a financial crisis, what kind of advice would you give to a student without knowledge in trading and economics who may not want to take serious risks? Buying stocks? Maybe Facebook shares? :colone:

3. You can buy raw materials or bonds which's price is bound to a raw material's price without being a trader or whatever. I was a teen, participated in one of those internet stock exchange simulations where you get 100,000 virtual €, invest it and watch how it turns out and after one year ended up with 250,000€. It was pure luck (invested heavily in Apple and Google), but I just wanted to do something in the real world, take some of my money (it was something like 100€) and after some analysis (condition of the industries using it, index history etc.) intended to buy Palladium. Couldn't do it, would have been a great idea.

3. I don't know whether you posted before I edited my post, some minutes later I added: "If I were you I'd put 500+ in a bank account, spend 100 on something I like and speculate with the rest (raw materials, bonds etc.)"