What to do with money.

[Jonny69]

I'm sure there must be a fair few of you on here with savings doing nothing. What are you doing with your money?

I think my savings account is down to less than 3% now and while (hopefully) I'll be needing the money in the next year to buy somewhere I'm not really sure what to do with it.

[Del Lardo]

Spending it while I can.

£ with be worth less than the Zimbabwe dollar soon and all the banks will fail. Within 18 months we'll be bartering for wool to keep warm in the winter and driving on the motorway will be akin to Mad Max

[/scaremongering]

[Desmo]

driving on the motorway will be akin to Mad Max
****ING COOL :cool:

[Haly]

****ING COOL :cool:

;D

[Jonny69]

Spending it while I can.

£ with be worth less than the Zimbabwe dollar soon and all the banks will fail. Within 18 months we'll be bartering for wool to keep warm in the winter and driving on the motorway will be akin to Mad Max

[/scaremongering]
Genuine worry though, the banks have never all gone balls up like this before so who knows what will happen to our currency. Thing is, I can't afford for mine to become worthless.

[cleanbluesky]

Exchange it return for goods or services, like everyone else does.

[A Place of Light]

I'm sure there must be a fair few of you on here with savings doing nothing. What are you doing with your money?

I think my savings account is down to less than 3% now and while (hopefully) I'll be needing the money in the next year to buy somewhere I'm not really sure what to do with it.

If you've got a decent amount, then buy Gold.

[AboveTheSalt]

If you've got a decent amount, then buy Gold.What is a decent amount and what the charges involved (commission on trades, secure storage, etc.)?

Have you actually done this?

[Glaucus]

i would look at buying steel or other metals. It's so cheap at the moment and it will always go back up. But maybe not in the next 12months and no idea how you would go about it.

[Kell_ee001]

I'm not moving mine at the moment :) I've got plans, but I've got more saving to do first :)

[cleanbluesky]

It shocks me how little people understand money. I know just enough to know that you don't take financial advice of a vB forum.

[Kell_ee001]

I know just enough to know that you don't take financial advice of a vB forum.

Do you ever take advice from friends?

[cleanbluesky]

Do you ever take advice from friends?

Financial advice - only if they have shed loads of money and are excellent at investing. Otherwise no.

I also made my comment because I believe that people are kept deliberately ignorant of financial matters. I consider financial matters to be very important, yet that importance was never ever expressed at school.

EDIT: Friends are there for emotional support, if I want certain information that's another matter.

P.S. : Buy GOLD

http://www.manifestdensity.net/2007/02/28/20070228_goldrush2.jpg

[A Place of Light]

Have you actually done this?

Unfortunately no, as my savings are all tied up elsewhere.
However, I would be looking into this as the general opinion seems to be that the gold bubble hasn't topped out just yet.
yes i would also recommend buying gold while it is at an all time high and the worst of this 'crisis' seemingly over
1) Gold prices dropped aprroximately 5% this week, ergo they cannot be at an all time high at the moment, can they?
2) If you look at the past ten years, gold prices have been on an upwward trend, and there is no indication that this fact has changed and won't carry on for the forseeable future.
3) The worst of this "crisis" is over? Source?

[A Place of Light]

lol at asking for a source

you dont have 'sources' for things like that you make your own mind up using all the other information that is out there rofl..
And that information would be???
Given that everyone and their uncle is predicting that unemployment is going to rise significantly, the FTSE 100 is almost at the lowest point it's been in the last 6 months (and most definitely on a downward turn at the moment), the housing market is dead in the water and the banks don't have enough confidence between them to lend each other a fiver, you'll forgive me if I don't get out the bunting based on your "opinion".
gold has been on an upward trend and has tried to break through $1000 more than once over the past 2 weeks and hasnt suceeded.

where is your 'indication' that gold will continue to rise?
With a little fluctuation, gold has increased in value by approximately 40% over the last 6 months. Many Industry analysts (people that know more than you or I) share the opinion that it hasn't peaked yet in the short term, and in the long term gold consistanly increases in value.
it may well rise but plundering thousands into gold for the chance of it getting to 1200 but with the bigger chance it will either stay the same or fall is stupid
Investing anywhere but in a bank account is a risk While there is never a "sure thing" out there, some investments look better than others.
by the time u have paid trade fees and tax unless you literally do have hundreds of thousands investing is practically a waste of time unless you planning on keeping the stock for 10 years and getting the divi which less face it is a waste of time as well
As I said in my first post, it al depends on how much the OP has to invest.....plus what kind of return/risk he desires.

[Fayshun]

well over the past 3 years i have turned 1k into £4600

Buy a keyboard with a working shift key then.

[A Place of Light]

Buy a keyboard with a working shift key then.

Unless PC world starts taking Monopoly money then I don't see how that's possible ;)

[Fayshun]

:D

[AboveTheSalt]

well over the past 3 years i have turned 1k into £4600pResUmablY By inVestInG £1,000 in oIl?

[A Place of Light]

:D

Bakez top tip for the current investment situation:-

Put hotels on Park Lane and Mayfair so you can catch them with their pants down before passing go.

[cleanbluesky]

Does anyone here actually know anything about investing, because all I can see here is the cast of City Slickers 2: Curly's Gold

[Fayshun]

my figures speak for themselves
Were you the boot or dog?

[A Place of Light]

my figures speak for themselves

http://farm3.static.flickr.com/2101/2438913279_e36c01dd16.jpg?v=0

?

[Fayshun]

what
Monopoly.

[FrostedNipple]

I just go with the best ISA each year. Even though rates are low atm you don't really tend to get higher unless you 'lock' your money away with special contracts etc. If you get a new ISA each year you often get the 1% bonus for 12months for being a new customer. that money site with that bloke that knows his stuff is pretty good for comparing the offers that various company's have.

[A Place of Light]

I just go with the best ISA each year. Even though rates are low atm you don't really tend to get higher unless you 'lock' your money away with special contracts etc. If you get a new ISA each year you often get the 1% bonus for 12months for being a new customer. that money site with that bloke that knows his stuff is pretty good for comparing the offers that various company's have.

Or, go with "Bakez finance" who are confident that they can do what no other financial experts can guarantee and make your money grow exponentially.

[Blighter]

You could always give your money to me to enhance my career prospects ;D

[A Place of Light]

not claiming that but i have made large percentage gains over the past 3 years

but at least im making my own mind up and making my own decisions from the facts and figures and climate rather than latching onto a buzzword a few journos have orgasmed about

From the man who proclaimed that the worst of the current financial climate is over, then I think I'll pass on your advice.

You've heard the news today I take it?
:D

[cleanbluesky]

not claiming that but i have made large percentage gains over the past 3 years

but at least im making my own mind up and making my own decisions from the facts and figures and climate rather than latching onto a buzzword a few journos have orgasmed about

HAHAHAHA, touche Bakez - not that I think you've got any investing skills

[phykell]

HAHAHAHA, touche Bakez - not that I think you've got any investing skills
If you're going to use French, please use the appropriate diacritic where necessary; and it's also a good idea to use italics :cool:

[A Place of Light]

If you're going to use French, please use the appropriate diacritic where necessary; and it's also a good idea to use italics :cool:

Ah that's where you're wrong, you see.
Andrew merely needs to use capitals and his superior wit and intellect is projected upon us, instantly making us feel inferior.

:D

[cleanbluesky]

If you're going to use French, please use the appropriate diacritic where necessary; and it's also a good idea to use italics :cool:

Delicious, that's going in the word bank

[Fayshun]

yep i have heard

and made a profit

Passed Go and collected £200?

[Fayshun]

no i simply spread bet short on the ftse 100

Good-oh.

[Jonny69]

Alt Gr with e make an é on an English keyboard for the record.

There was something useful in this thread after all, eh? ;)

[Justsomebloke]

I'll say use your cash to take advantage of the current situation.
Example I can give you that happened 3 days ago.
My mate bought a good size canal barge off a fella, this fella paid 19k for the barge around 3 years ago & has lived on it about 2 years of those. Last year my mate offered him 10k & he blanked him, This year the bidding started at 6k & got kicked down to below 4k :shocked: In the end my mate paid 3.5k for it & it has a safety ticket till 2010. Of course it needs sorting out, Initially there was a prob with the engine but that was sorted next day, The inside & outside could do with say a grand spending on it so all in say 5k & it will be ready to go. It'll be worth up around 15k when done so a good clear 10k profit to be had :cool:
Obviously a barge is just one example but there are some Serious bargains out there for those with Ready cash ;)
If you have half ounce of nouce about you you can buy that cheap that it's win win.

[A Place of Light]

Obviously a barge is just one example but there are some Serious bargains out there for those with Ready cash ;)
If you have half ounce of nouce about you you can buy that cheap that it's win win.

In the current climate, always remember that cash is king.

[i know nothing]

In the current climate, always remember that cash is king.Agreed. Sitting on the sidelines seems the most sensible course of action right now.

[A Place of Light]

Agreed. Sitting on the sidelines seems the most sensible course of action right now.

Different people have different priorities.
Some want to make money short term, some long term and some would rather spend and take advantage of the deals that are being offered.

All depends on you and your priorities I guess.