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 are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
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.
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