Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

€50,000 Savings

Options
  • 17-05-2015 11:53am
    #1
    nameuser101
    Registered Users Posts: 1 ✭


    Passed the 50 mark this week.
    What to do?


Comments

  • Options
    #2
    murphaph
    Registered Users Posts: 19,021 ✭✭✭✭murphaph


    ERM...post it on boards? Seriously... Nobody can even begin to help you without knowing what your goals and aspirations are!


  • Options
    #3
    micar
    Registered Users Posts: 1,894 ✭✭✭micar


    Congratulations.......I'll take €20k off you. I don't want to be greedy


  • Options
    #4
    Delta2113
    Registered Users Posts: 2,707 ✭✭✭Delta2113


    http://www.askaboutmoney.com/threads/savings-best-buys.90481/

    - If you can afford to do without it all or some of it for 3 years or more then look no further than State Savings.

    http://www.statesavings.ie/Pages/StateSavings.aspx


  • Options
    #5
    Tigger
    Closed Accounts Posts: 16,705 ✭✭✭✭Tigger


    My old economics teacher said if you put money in the bank you are giving it to other people to use to make money ("and therefore you a a fool boy")
    With the rate the euro is being printed there is no way you will keep up with a state savings plan
    I do t think there is a magic answer, what level of risk do you like ?


  • Options
    #6
    fergus1001
    Registered Users Posts: 2,625 ✭✭✭fergus1001


    nameuser101 wrote:
    Passed the 50 mark this week. What to do?


    Invest that money somewhere with a better rate of return than a bank! That's such a waste


  • Advertisement
  • Options
    #7
    EGavigan
    Registered Users Posts: 29 ✭EGavigan


    No legitimate advisor will answer you on here as they would need to do a full financial review to do so properly so you'll have to meet someone to do that. Assuming you do that you can expect them to ask you the following (not exhaustive);

    How much emergency money do you need? You would normally retain at least 3 months and up to one year net salary in an account you can access at short notice in case of emergency.
    How long can you invest for? If you aren't investing for a term greater than three months the first question doesn't really apply, but you won't get any return worth talking about.
    Have you a specific goal in mind i.e. what level of return are you targetting? Don't say 'as much as possible' as this doesn't help. You could find an investment which promised a very high return but (whether it was divulged or not) it would mean taking a large risk, which goes to the next question which is...
    What is your attitude to risk? If you want to take no risk you will get (almost) no return. If you are only investing for a short period you won't be put into anything equity based as equities are volatile and you could easily lose a substantial part of your investment. The risk of this happening over a longer term say 7 years plus are greatly reduced.
    What are your other investments (if any)?
    Do you have you sufficient protection in place i.e. life cover, income protection and serious illness?

    An advisor should find out all your financial objectives and work towards a plan which aims to meet them. If it isn't possible to meet them all the normal course of action is to prioritise protection needs ahead of savings and pension needs although individuals will have their own views on this.


Advertisement