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What to do with a lump sum ?

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  • 12-11-2003 12:04pm
    #1
    tinofapples
    Registered Users Posts: 2,958 ✭✭✭


    Someone I know has come into a sum of money (Legally) .

    Problem is she doesn't know what's the best investment short term ? Maybe a longer term plan with an option to cash in at any time without penalties might suit .

    Any suggestions ?


Comments

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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    Put it in the credit union in the morning. Then do some research and deciding.


  • Options
    #3
    myhandle
    Registered Users Posts: 140 ✭✭myhandle


    Their is a maximum balance limit and maximum transaction limit in credit unions AFAIR, however something like 150k, actually anyone know more about this


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    #4
    Big al
    Closed Accounts Posts: 148 ✭✭Big al


    a wind farm bes scheme, those green bast$%^s will corner the energy market


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    #5
    irishguy
    Registered Users Posts: 3,299 ✭✭✭irishguy


    it really depends on the amount of money involved, i would recomend buying property either in Ireland [esp Limerick or one of the designated centers for expansion] or abroad [in the up and comming areas] depends how long she can put the money away for.investing in the countries that are coming into the EU is worth while once they have been in the EU 10years then you will be getting HUGE returns on property over there.also wind farming+forestry would be a good idea and if she is adventurous/business minded she could start her own business.just a few ideas


  • Options
    #6
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    First issue - decide the investment timescale - how long is she prepared to lock the money away for. Then decide the risk profile - is she prepared to risk losing some of her capital in order to increase her chances of higher returns in the long term. In general, low-risk = low-return & high-risk = high-return.

    She should also consider diversification, making sure all her eggs are not in one basket. If she already owns a house, then by putting this entire investment into property, she is betting her entire future on the Irish property market - risky... By spreading her bets, she reduces the risk of being hit badly if any one market plummets.

    If the sums are substantial (100k+) it is worth paying for professional advice from an 'authorised advisor', i.e. an independent financial advised authorised by IFSRA. Beware of taking financial advice from bank managers or brokers - these are basically just salesmen. Check out Askaboutmoney.com for more details.


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