Hi Boring Money Team,
I would like to ask for your advice please, with regard to investing in a Stock & Shares ISA.
To set the scene, my current circumstances are that I’m in my late 30s, have a mortgage, a baby, no outstanding loans or credit cards, three pensions (one current company, one legacy company (i.e. no further investment, company transferred to new scheme but I chose to keep funds where they were), and one personal private pension - although none of these have a massive value sadly), and I have have two Cash ISAs with a cumulative value of around £10k (which I guess is our ‘emergency buffer’). I’m currently able to invest about £100 a month at present (this may go up, but may go down depending on amount of children (!), and unexpected events like car repairs, house maintenance and so on).
I’d like to achieve three things, I guess you could call them “life goals”, which hopefully tie in with investing (perhaps I should’ve asked three separate questions!):
1) Medium term return on investment for between 5-10 years in order to renovate our house, the sooner the better really.
2) Longer term return to help fund our children’s education and help them on the property ladder, 20 years’ time.
3) Retire as soon as possible! But realistically between 60 and 65, so approximately 25 years’ time.
I realise these might be a stretch with a small investment right now, but I thought it was better to aim high rather than low, and be open to compromise!
I considered a LISA in 2018, but after investigating, and speaking to an independent financial advisor, I concluded that I might be better paying off more of the mortgage, or at least having the ability to do that. But perhaps I should reconsider.
In terms of investing with a Stocks and Shares ISA, I’m a little confused about using a platform, and choosing a basket of investments, because as I understand it, these are predetermined. Would you be able to point me in the right direction please? I’m happy to consider anything suitable, a multi-asset fund, ETFs and Trackers. I am open to a bit of risk especially for the long term. I have been hesitant to follow through with these though because having read up on individual funds or growth areas (just as examples, renewable energy and infrastructure, US tech companies etc), I couldn’t work out how I could pick these from a provider’s platform. Although I’m perfectly happy to give a ready-picked product a go as a novice.
Apologies if I’ve overdone the personal details, I hoped I was being thorough.
Any advice would be appreciated. Keep up the good work, I’m impressed with how refreshingly approachable your website is.
Catherine Morgan's Response
Boring Money: Ask - Catherine Morgan answers Nick's question.
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We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.
Got a Question?
I have a cash ISA that is maturing next week. Can I transfer a cash ISA to a Stocks and Shares ISA with another provider? Will I still keep my £20,000 annual allowances?
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From my retirement I received a lump sum of money and a monthly pension. I have £100,000 that I do not need for the foreseeable future... One of my main concerns with Financial Advisers are their costs... All I want is simply to see this money grow to its potential, sensibly and above inflation... Therefore my next thoughts are Stocks and Shares ISAs... My only concerns here are the current Brexit problems - I saw the FTSE drop this past week. I cannot find any information out there to assist with my decision making if this is certainly a good time to invest... I am aware that I can place £20,000 for this year. Come April 2019 I place another £20,000 and so on until the £100,000 has been utilised. Do I have to place it into the same fund or can I choose another different fund with a different company?... Please can you help to ease some of this burden, which has proved an awful part of my retirement and made me frightened to spend any money.
I often find that my monthly salary is spent on things I don't need or just saved up; without accumulating much. So what can I do with my money to make money? I am not expecting you to tell me where and when to invest but simply what to read, and I guess I really would like to know how you became an expert, where did you start? I feel like investment is something so big I can barely even touch it, and I would greatly appreciate any words of advice you could share with me.
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The recent Metro article which Holly participated in has really inspired me and made me think that investing in shares is something which I would like to do. Unfortunately I am completely thrown about where to start. I would be grateful for any advice you could pass my way. Realistically, I would only have about 2k to invest, so any tips would be gratefully received.
My wife and I have recently separated. The equity in the house is going to be split 50/50. We don't have any other meaningful assets. We have agreed to co-parent the children equally. My wife is requesting that I pay child maintenance, child care and school expenses. A CMS document states that shared child care results in no child maintenance payments. However, I do agree with the child care and school expenses payments. Our daughter has Autism Spectrum Disorder, so my wife gets a Disability Living Allowance for her and also works full time. If I don't pay the child maintenance, child care and school expenses, my wife is threatening to claim spousal maintenance, and take half my pension. Should I pay the £350/month or take my chances in court?
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I was considering applying for Individual protection 2016, which I understand would give me an LTA of £1,021,390.
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Have I got this right?
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My question is about my wife's pension valuation in a divorce situation.
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