13/11/2018
Our new kid on the Boring Money block shares his rags-to-riches (or loans-to-LISAs) story. All in the name of fearless transparency for #TalkMoneyWeek.
Hello. My name is Jamie.
I'm Boring Money's new Content & Community Manager, and I’m a borrowaholic.
Right then, that’s the first step done of Money Advice Service’s Talk Money Week: start the conversation. It’s often the hardest bit, like pushing a bobsled towards the edge of a cliff. Once you’re off, the momentum will take you where you need to go. It’s the anticipation that sparks panic…
What if they call me an idiot for thinking ‘stocks’ are a medieval torture device?
What if they’re ashamed of me for taking that payday loan?
What if – and this is the big one – what if they say it’s too late to change?
Whether you’ve struggled with personal finance before or not, talking about money just isn’t done in this country. We’d sooner spill hot tea into our laps than reveal the gaps in our knowledge, bank accounts or fragile egos.
Even in school we were never taught about it. We learn about standard deviations – useful if you find your way to becoming a stock market day trader – but not simple things like opening a savings account, why you need a private pension, or what the hell a credit score is. And that’s a real problem.
Defusing a bomb with safety scissors
It’s so easy to overcome financial ignorance (and all the demons that come with it) when you know how. Or, more to the point, when you’re shown how.
For me, joining Boring Money has been the baptism of fire I needed. To shed the blinkers, accept that there’s so much advice out there, and to finally #TalkMoney. It’s actually pretty simple, really. Most people – once you find out which Money Tribe you belong to – can brush up on all the basics they’ll need by reading their tribe’s tailored how-to guides.
For me, a Rebellious Renter with Suspicious Saver tendencies, I now know at least three ways to squeeze free money from the government and my employer. (Sorry, Holly!) One way involves Workplace Pensions, another is the Help to Buy scheme, and another is the Lifetime Investment Savings Account (LISA). Find out which ones are suitable for you.
Oh! And I’m even gearing up to invest a few quid in the stock market when payday arrives. All it took was learning that, over any 10-year period since records began, shares did better than cash 9 times out of 10. And rather than having to get out my GCSE Maths books to look up standard deviation, I can just download an app that does everything for me. Booya!
Where to go now you’re in money mode
Naturally, my comprehension growth spurt has been helped by working with one of the UK’s savviest financial minds, but Holly has made it so easy for you to build your confidence too. So I suggest your next stop to be our Money Tribe quiz. Seriously. It works wonders.
After that, why not follow Money Advice Service’s tips to #TalkMoney with your friends? You might find they’ve been just as keen – and just as scared – to bring it up as well. Good luck!
Join the thousands of people who get our weekly musings on money, great products, top tips and a dollop of opinion.
Sign up for Holly's blog
When it comes to saving and investing, as much as possible and as often as possible would be a good plan for most people. Richard Allum explains what apps there are to help you invest and save easily.
Happy 'Good Money Week', and glad financial tidings to you all! Festive salutations aside, if you weren't aware this year UKSIF (the UK Sustainable Investment and Finance Association) are championing their 13th Good Money Week, which campaigns each year to help grow and raise awareness of sustainable, responsible and ethical finance.
What have other people been doing? Learn from their experiences.
You may think the stock market is risky. But you know how important it is to save and are fed up with getting pennies in interest every year. Overcome your suspicion and see what investing is really like.
Suspicious SaversI'm looking to start investing and I'm torn between Evestor and Vanguard Lifestrategy. The entry requirements are much higher for Vanguard (£500 upfront and £100/month) while Evestor starts at £1. Is there any benefit of stretching my investment to use the Vanguard fund? Also do you know if I miss a monthly payment, will I be charged?
Charlie | UK | 30/07/2019 | 3
I am confused about financial services compensation: I have a SIPP and an ISA with AJ Bell Youinvest, and am about to inherit a sizeable sum. I am already over the £85,000 financial services compensation limit. Should I be worried? Should I set up accounts with multiple platforms, to be covered by the compensation scheme?
Emma | London | 22/07/2019 | 0
My brother is 17 and I have instilled in him to save. He puts £40 a month in and 10% of what he earns. I want him to save for short term and long term. What are the best accounts for him?
Christine | Birmingham | 19/07/2019 | 1
I am torn between investing in my ISA, and putting money into a personal pension. I know about pension grossing up, and the 25% tax free cash. However I will inevitably pay tax on the 75% which is not tax free. Whereas with the ISA, I don't get the grossing up benefit, but won't pay any tax. What do you think?
Christopher | Staffordshire | 18/07/2019 | 1
I'm thinking of moving into a drawdown SIPP, taking my 25% and leaving the rest invested until I need a regular income in my mid 60s. I am trying to find a financial adviser willing to review my plans, but they all want an ongoing relationship. Where can I find an adviser who will do a one off review? Also I am unsure whether financial investment protection is per fund or per SIPP.
Susan | London | 16/07/2019 | 1
I have an inheritance to invest of £150,000. I am not paying into a pension at the moment but have £125,000 in my pension pot, and have fairly substantial money in Stocks and Shares ISAs. Should I put more into stocks and shares over a 10 year period, add to my pension funds, or invest in bricks and mortar with no mortgage?
Mark | West Midlands | 12/07/2019 | 3
If I allow the transfer of my Baillie Gifford Scottish Mortgage Trust ISA, will it just go into a bigger Hargreaves Lansdown ISA pot? Meaning that when Hargreaves Lansdown as a whole falls, my investment is worth less?
John | Lothian | 12/07/2019 | 3
I am looking at consolidating my different pension pots. My main concern is - will I lose out by transferring my Civil Service pension to a new place? By the way, I am loving Boring Money! I’m really keen to start taking control of my finances and it’s proving so helpful... not making me feel like a clown for not understanding all the financial faffery! Thanks!
Hannah | Herefordshire | 08/07/2019 | 0
In 1988 I opted out of SERPS and proceeded to set up a With-Profits Personal Pension Plan with Equitable Life. Fast forward to now and I've recently received a 'proposal' from Eq Life. I don't really understand whether this is a proposal I should give my approval to as I don't understand whether I will potentially gain or lose from the changes stated.
Tori | Buckinghamshire | 04/07/2019 | 1
I am thinking of setting up a SIPP to diversify my investments and spread the risk. I'm nervous about doing my own investments, so I don't really know where to begin. Are there SIPPs which do it for you? Or if not, should I continue investing in my previous workplace pension?
Holly | Sussex | 03/07/2019 | 0
I am not a tax payer as I do not work. Will the Government pay any money into my private pension?
Mrs Khan | Essex | 02/07/2019 | 0
I have a small pension which I have not drawn on yet, and I am seriously thinking about cashing it in, as I’m worried Brexit will mean substantial losses. Would I be better off just leaving it where it is?
Anne | South Yorkshire | 19/06/2019 | 0
I have opened my first Stocks and Shares ISA, and have a company pension on the new standard 5%/3% contributions. I have enough easy access savings to cover emergencies so I was wondering what would be a next good step, add to S&S ISA or open a SIPP for retirement?
Kevin | Strathclyde | 14/06/2019 | 9
My husband and I are new to investing and would like to make a minimum 10 years investment in Stocks and Shares ISAs, plus an ongoing £500 each a month. We're really keen on investing in ESG funds/companies only. To 'diversify', would it be better if one of us uses a robo-adviser and the other a traditional platform? For one to go active and the other passive approach? One higher risk than the other?
Emma | Herefordshire | 13/06/2019 | 1
I work for my company which funds my SIPP directly. I will be receiving compensation in the coming months - is it possible to pay SIPP contributions from the compensation payment? If pension significant contributions are not possible, what might we consider when looking for a tax efficient home for the compensation?
Andy | Lancashire | 12/06/2019 | 3
I am a self-employed sole trader. Would my pension contributions count as a Business Expense, incurred in running a small business?
Anna | Warwickshire | 11/06/2019 | 1
As a U.S. passport holder as well as a British citizen living in the UK, are there certain things I can't invest in?
Megan | Scotland | 11/06/2019 | 0
I have an ISA with Investec Click and Invest which is closing down, and I have to find somewhere else to invest the money. Which are some providers of a similar nature? I am considering either medium risk or high risk accounts.
Michael | Surrey | 10/06/2019 | 0
I have been putting £50/month for each of my two children into a pension with Hargreaves Lansdown. In light of the costs of investing highlighted on this website, should I move to somewhere with lower charges, or stay-put? Alternatively, would I be better to put money into a Lifetime ISA for each of them instead?
Stuart | Cambridgeshire | 06/06/2019 | 1
We were very sad to learn recently that Investec's Click and Invest was to be closed. We'd prefer to keep our ISA with a managed service, such as the one offered by Click and Invest, but will consider the DIY option if that proves to be the best on offer. Which platforms are well regarded ISA providers? I'd rather not go with a digital start-up offering, but a more established player.
Mr & Mrs S. | Sussex | 30/05/2019 | 3
I’m in my 30s and live in London. I have savings in cash but I’ve never tried any ISAs, stocks etc. before. I am looking for some suggestions as to the types of products I should use to begin investing. Instinct is telling me to keep 50% of my savings in a safe investment, 30% in a medium risk investment, 10% in higher risk, and keep 10% for emergencies. I’m making nothing keeping the cash in the bank!
Lisle | London | 30/05/2019 | 3
How can I find out how my Aviva SIPP pension is performing against the competition? I'm 51. The fund value is £161K and it was opened a year ago. Appreciate any tips.
Danny | London | 30/05/2019 | 1
I have minimal pensions and would like to start a new pension to save for the next 12 years. I've already set up a Stocks & Shares ISA with Nutmeg, so would like to start my pension with another provider. Which would you recommend?
Sam | Norfolk | 30/05/2019 | 0
I’m thinking about investing £1000 in Sivius Minerals. I would like some advice on whether this is too small an amount to get any gains from. At the moment I would be leaving it in for the long term of 5-10 years. I do realise that no dividend is being paid.
Adam | Cleveland | 30/05/2019 | 0
I'm in my late 30s, have a mortgage, a baby, no outstanding loans or credit cards, three pensions, and two Cash ISAs. I’d like to invest to renovate our house, help fund our children’s education and help them onto the property ladder, and retire as soon as possible! I considered a LISA but thought I might be better paying off more of the mortgage. I'm also confused about using a platform for a Stocks and Shares ISA. Any advice would be appreciated! Keep up the good work, I’m impressed with how refreshingly approachable your website is.
Nick | Berkshire | 29/05/2019 | 2
I have two pension pots, one of which is a stakeholder - this one is currently worth £120,000 - the other is approximately £50,000. I will be 60 in 4 years time and am anxious that my pots may not be growing fast enough. I currently input £300 per month into the Stakeholder. I do not intend to access either of these accounts until I am 65. Can I combine both these pensions, or should I leave them as is? I would appreciate an opinion on this. Many thanks, Maggie
Maggie | Gloucestershire | 29/05/2019 | 0
Hello, I already have a workplace pension. Can I also have a private pension? If so, I have a LISA as well. Can I have all three in place?
Precious | Surrey | 23/05/2019 | 0
Baillie Gifford is closing down its Investment Trust ISA and I am being forced to move elsewhere. Do I need to use an Investment Trust for my ISA? What is the most tax-efficient way to access Baillie Gifford's Scottish Mortgage where the majority of Investment Trust ISA was held?
Andrew | Renfrewshire | 23/05/2019 | 1
I want to invest in one specific company’s shares. What’s the cheapest way to do this via an ISA?
Peter | Lincolnshire | 21/05/2019 | 0
I am a self-employed 55 year old, with only a state pension. What can I do to increase my money for retirement?
Sandra | Dumfries and Galloway | 21/05/2019 | 1
I currently have a Stocks & Shares ISA and a Junior ISA with Wealthsimple. I am considering changing these to Vanguard, but I am unsure if transferring across providers is a simple process. Also can you only pay into one of each type of ISA per year?
Philip | County Antrim | 21/05/2019 | 1
I'm 52 and want to retire at 55. I have a mortgage, but the interest rate is very low, and a Stock & Shares ISA into which I invest each month. The performance of the Stocks & Shares ISA has been mixed, and I'm nervous about Brexit/Trump/China. Should I pay off my mortgage or keep paying into the Stocks & Shares ISA?
Paul | Glamorgan | 21/05/2019 | 0
We have just retired to France. Our pensions cover our expenses but we also have £230k which we would like to invest for a monthly income. Could you please explain the low-risk options we might want to consider?
Keith | France | 10/05/2019 | 2
I have just received a letter from JP Morgan saying that they will no longer offer ISA accounts from the end of September 2019. I have an ISA with them and seem to have a choice of transferring the ISA to another company "as is" or liquidating and reinvesting. Any thoughts?
David | Staffordshire | 09/05/2019 | 0
I've been reading about Beaufort Securities, and how they potentially didn't ring-fence investor money properly. What is the best way to avoid this happening to my money?
Jenny | Greater Manchester | 29/04/2019 | 2
I'm a 30 year old woman earning a reasonable salary with a low cost lifestyle. I have saved almost £8,000 and want to start investing. I like the idea of using a robo-investor like Wealthify, but I'm not sure if it's better to start with a Stocks and Shares ISA instead? Should I go with a Stocks and Shares ISA or a Robo Advisor, or both?
Kate | London | 29/04/2019 | 5
I am a British/Irish citizen living in Malta and have between £5k-£10k to invest for 5 years. Clearly, ISAs are out as there is a requirement to be a UK resident. I am happy to accept a medium level of risk, and would appreciate some info on where to put this to maximise returns.
Phil | Malta | 25/04/2019 | 4
I've a Cash ISA with about £80k in it, so I'm considering moving £50k into a Stocks & Shares ISA. I'm 73, retired, married, a house-owner and would like to utilise my savings better. What would you recommend?
Barry | Berkshire | 18/04/2019 | 1
I am a beginner investor and would like to invest in a "socially responsible" Stocks & Shares ISA. I have looked into the Nutmeg and Wealthify funds. Is there information about any other such providers on your website? And do you have any advice about how to compare the "socially responsible" criteria on the different funds?
Joy | Glamorgan | 16/04/2019 | 1
I am 52 with money languishing in a low savings account. Now I'm neurotic about entering into Stocks and Shares, due to seeing how many investors have exited the stock market thanks to Brexit, and with companies going bust etc. But I need to make my money work for me as my pension pot is low. Can I put the money into an Instant Access ISA and drip feed this into a Stocks and Shares ISA?
Helen | London | 09/04/2019 | 1
I'm in my very early 20s, and earning well. I have no debts or dependants. I have a Stocks and Shares ISA, and am weighing up the pros and cons of a General Investment Account vs a Private Pension. What should I keep in mind?
Cecily | Berkshire | 08/04/2019 | 0
I've got a Stock and Shares ISA with Moneybox. I recently invested a lump sum with them, and I'm making regular weekly investments. When I invested, the share price was quite high. Should I have drip fed money into the account rather than depositing a lump sum?
Tim | West Midlands | 05/04/2019 | 1
Our 16 year old son has inherited a significant sum. He wants to go to Drama School and pursue a career in acting, which we know means he is likely to be low paid/short of cash. I wondered how best to help him organise his savings/investments to help fund him through drama school/the early years, whilst trying to discourage him from simply dipping into his capital?
Mo | West Sussex | 04/04/2019 | 4
I intend to retire in autumn, aged 60 and would like to leave my son and grandson as comfortable as possible when I'm gone. I have talked with several IFAs, but given my risk adverse nature, their fees seem to eat up most of the benefit they offer. Do IFAs normally bring sufficient benefit to low risk strategies, to make it worthwhile? Or am I better off cautiously investing myself, and saving the fees?
Stephen | North Yorkshire | 01/04/2019 | 0
I have two separate company pensions from previous employers. For the last 12 years I have not contributed to a pension. I am now 44 and know I need to put money into one. I'm not financially aware and the robo providers sound tempting but, obviously, I want the possibility for the best return at medium risk. Your Q2 2018 results update showed Nutmeg’s Portfolio 10 as returning different figures than the Best Buys page for Nutmeg says. Why are these figures so different? Is Vanguard Lifestrategy 60 a good choice, though they don't have a SIPP.
Dave | West Yorkshire | 26/03/2019 | 0
I am self employed (40) with no private pension, earning £50,000 a year. I have savings and can make a lump sum investment. I know nothing about Stocks or Shares. What is the best way forward for pension and tax reduction? Desperate Anna
Anna | London | 25/03/2019 | 0
My pension SIPP has an annual charge of about 2%. Now that I am in monthly drawdown, I'm interested in exploring alternative providers to lessen the charges, since future returns look like being lower than they have been in the past.
Michael | London | 25/03/2019 | 0
When I retired in December 2018, I considered consolidating my pensions for income drawdown, but it meant handing over management of the investments. After viewing the performance of the funds the Standard Life Active Retirement pension invests in, I hesitated. Recently I spoke to an advisers aligned to the investment philosophy of Albion Strategic Consulting headed by Tim Hale, but was scared off again by the messages regarding DIY investor dealing with re-balancing, sequencing, and lack of ability to stress test without the correct professional financial software, in addition to the high costs. I understand the basics, but am now totally unsettled as to the direction I should take and if, at such a critical stage, I should invest in an IFA on a regular basis. I appreciate you cannot give me direct financial advise but I am finding the whole event very disconcerting, when I thought I had the basic acumen to manage the transition.
Rob | Hertfordshire | 20/03/2019 | 3
I have had a Hargreaves Lansdown Stocks & Shares ISA for the past 2+ years, divided into their Portfolio Plus Balanced Growth and in a mixture of shares I selected myself. While I am happy to keep the shares element, I don’t feel the managed portfolio is working for me and I could do better elsewhere. Where would you suggest I could invest for a better return? I am happy with balanced and some element of high risk. I’m 47, have two primary school age children, & live in central London. I also have a mortgage and a workplace pension.
Jennifer | London | 20/03/2019 | 0
For the last 9 months I've drip fed just over £10,000 into a Moneyfarm Investment ISA... it has been a very volatile year as you know. Moneyfarm seem to have done a good job of protecting my capital... however I haven't really made much in the way of gains... If I wanted, would I be able to transfer the whole lot to another platform where the fees are lower? I know you're not allowed to give regulated advice - but I'm uncertain if I should transfer the whole lot in one go, or drip feed.
Robert | UK | 14/03/2019 | 3
I have about £100 monthly extra I want to invest, but I am not sure if my ISAs represent good value. I thought I could put the money in a higher risk investment, as it is money I can invest over 5-10 years, and had thought Nutmeg might be a good option as I have little investment experience. Am I right in thinking I can only contribute to one Stocks & Shares ISA at a time in my name? I could just put more money into my existing ISAs. What do you think?
Colin | Lothian | 11/03/2019 | 0
My 60 year old mum is not very financially literate and has has no private pension. She has approximately £900k to invest, from which she will need to draw down c.£40k a year for life. She is not very financially literate and would not be able to proactively manage the money herself. Would you favour an Independent Financial Adviser or a Robo Adviser for someone in her position? Thank you!
Harry | Kent | 11/03/2019 | 1
I am 47 and I would now like to open an investment ISA for growth for at least 10 years. I am tempted by the Vanguard LifeStrategy 80 due to the low fees and strong reputation. I would also consider investing in a couple of other Vanguard funds as well. Would this be advisable or relatively unnecessary, if I'm already investing in the LifeStrategy fund? I have also been looking with interest at Nutmeg, Wealthify, IG and AJ Bell Youinvest. Is there any provider that would stand above the others as most suitable in my circumstances?
Matt | South Yorkshire | 11/03/2019 | 3
If my son increases his pension contribution, I have read it may affect the amount he can borrow on a mortgage. Is this correct? Should he take a SIPP out as well? Is there any advantage in maxing out his managed Nutmeg Lifetime ISA in the next financial year?
Richard | Hertfordshire | 06/03/2019 | 3
I am 65 and still working. I have a workplace pension, which was closed and replaced with a retirement saver pension. I contribute to this via salary sacrifice. I also have a personal pension serviced by an IFA. Should I move my personal pension fund to a SIPP provider at this late stage of my life? I would like to consolidate the workplace retirement saver and personal pension fund together and manage it myself.
Den | South Yorkshire | 27/02/2019 | 0
I’m 36 years old, earn £85k, and have about £40k savings in the bank, mainly in an old ISA that I’ve done nothing with. I have a five year old daughter and would like to put my savings somewhere clever so they start to do something useful by the time she starts at an independent secondary school and fees go through the roof. Any bright ideas please?
Milly | Berkshire | 22/02/2019 | 2
Trying to get a bit more pro-active with my pension. If my money had been in an online managed fund like Nutmeg for example, is it reasonable to assume that as the markets fell last year the funds would have been managed in real(ish) time to limit the damage? If so, is it therefore a no-brainer to transfer my pension to an online managed pension or is it not quite as simple as that?
David | London | 08/02/2019 | 3
I recently came across your blog and it has been a great introduction to learning about my personal finances. I was wondering if you could recommend any additional resources (websites, books, online help) for beginners and that are tailored to the UK market. I am in my early 20's and I'm looking to further my knowledge of money, and foster a greater relationship with it. In addition to that, I'd like to know your opinions on how the possible outcomes of Brexit will affect the market and potential personal finance investments.
Rita | London | 23/01/2019 | 0
With a SIPP in drawdown would a company like Netwealth whose investment management fees are of the order of .66% of the value of the portfolio, be a better option compared to companies like Hargreaves Lansdown or Investec? What are the relative benefits of Netwealth over the more traditional wealth managers?
Steve | Lancashire | 22/01/2019 | 6
Hello, I really enjoy your website and find it useful and concise. My question is, what is meant by long term savings? I am 54, so what should I consider to be an appropriate time frame for any investment I make, that could supply the best results?
Jennifer | Essex | 16/01/2019 | 10
I have an old pension and they have written to me saying that they are going to enhance my pension if I transfer it out. The company is also offering free independent advice. I have £117,000 in the pension at the moment, which would give me £6400 a year at 65. I am 61 in April and would like to finish work at that point. I am not sure how much extra they will give me. Have you any ideas or suggestions to help me decide? Thanks.
Nicholas | Carmarthenshire | 04/01/2019 | 0
I’m a 20 something year old woman who’d like to learn more about investing. Do you have any books or reading material that gives a complete beginner a better understanding of how investing works?
Precious | Surrey | 03/01/2019 | 0
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.
Katherine | Derbyshire | 02/01/2019 | 0
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.
Beth | London | 07/12/2018 | 4
I'm the sole carer for my chronically ill and elderly mum, as well as a full-time police officer. I have no other family apart from her. Due to mum's condition, and the fact that I'm exhausted performing both roles, the only option is to go part-time, as mum won't accept help from anyone else. To allow me to go part-time, I will need about £25,000 until March 2020 when I will be retiring. I’m confident of getting another job shortly thereafter. In January 2021, I will receive a commutation lump sum of about £50,000. I have a sizeable fund portfolio under an ISA wrapper with Hargreaves Lansdown. That is doing very well, so I don't really want to sell any of these funds and 'lend myself money' from that. My ideal funding solution would be a bond-type IOU agreement, where 'someone' lends me the money. Are you aware of a peer-to-peer site that could assist? Thanks
Dave | Hertfordshire | 27/11/2018 | 1
I was lucky enough to inherit a significant sum from my father... currently in Alliance trust platform in 10 investment trusts. They have delivered well in the last 20 years. But they are UK equity based. And highly risky. Do you offer a sanity check service for confused individuals like myself? I don’t know what to do...
Paul | Berkshire | 12/11/2018 | 2
I am 35 and working part time on a reasonable salary. I've recently taken out a Stocks & Shares ISA with Wealthify (from reading the recommendations on Boring Money) where I pay in £40 per month. However, I'm wondering if I should be doing more? Should I be diversifying and using more than just Wealthify? Or is it better to increase the amount into Wealthify?
Holly | Sussex | 17/10/2018 | 1
I am 25 and starting to seriously financially plan out my future. I would really welcome a 'sense check' on my thinking as well as some help on which investment choices to make. My goals are: To invest for 15 years - my risk appetite is very high (i.e. I could afford to lose all my money). Goal 1 - More Important: To have an investment pot of £1,500,000. Goal 2 - Less Important: To be mortgage free. My plan is: 1) Open an annual Stocks and Shares ISA each of the next 15 years. 2) Open Share trading/dealing account. 3) Reduce my mortgage term to 6 years by 2025. I appreciate the above is a lot to go though, but I'd welcome any help and guidance.
Mo | London | 15/10/2018 | 3
I am a 30 year old British expat living and working in the Netherlands. I worked in the UK for 5 years but to my knowledge I did not have a work pension of any sort. I've been working in the Netherlands for the last 4 years, and again have no pension (my company does not provide anything). I'm getting increasingly worried about my future retirement and my lack of any kind of pension. Firstly, I am not sure what - if any - state pension I could receive (either from UK or Netherlands) but I assume not much. Secondly, I'm ready to start investing on a monthly basis into a private pension fund, but I have no idea what the best option for me would be. Really lost and confused, and would really appreciate any advice you might have.
Lucinda | Kent | 09/10/2018 | 0
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.
Sarah-Jane | London | 12/09/2018 | 3
Is there a reason you don’t list Saga in your Best Buys? Additionally, I have purchased a few investment trust shares but can’t work out how the dividends are paid. Scottish Mortgage is an example. I wasn't given an option to choose how to receive the dividends. It would be useful if you could provide some clarity on how investment trusts pay their dividends.
Carl | Buckinghamshire | 07/09/2018 | 1
My wife, 56, is still working but has a final salary scheme which she is drawing as well - currently £26k per annum. Her current employer's pension scheme is defined contribution, and her fund stands at £1.050m. Therefore, her total pension is around £1.57m. We protected her Lifetime Allowance at £1.25m, but all growth will now be taxed at the excess rate. My idea is to take the 25% tax free amount out of the defined contribution pot, and reinvest it in the same funds as the pension. This will then remove growth on the 25% from the excess tax rate to a capital gain when sold, thereby saving a considerable amount of tax. Am I right?
Rod | Hampshire | 05/09/2018 | 1
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?
D | Lincolnshire | 03/09/2018 | 0
Any advice for two young people trying to get themselves a home? My girlfriend and I are saving for a house together. Currently house prices in our area are a ridiculous £300k. The max we can get from banks is about £220k, meaning somehow saving up a whopping £80k deposit. This would take us about 8 years (and house prices are increasing faster than we're saving!) That's not to mention solicitors fees, stamp duty, the cost of moving, furnishing the house, white goods, and any repairs or renovations. It all just seems impossible!!
Joe | Buckinghamshire | 23/08/2018 | 0
Can you advise me on the best approach when looking to invest in a product that offers compound interest? I’m thinking about funds rather than bank accounts. I also have 4 different pensions on the go. Should I keep them separate to diversify the risk? Or consolidate them? How will these pensions be treated when I retire? Will they be considered in aggregate by the tax man?
Craig | Clackmannanshire | 16/08/2018 | 1
I have about two thirds of my ISA in funds with Charles Stanley Direct and about one third left with St James's Place. I was planning to transfer the remaining one third to Charles Stanley Direct. However the recent platform price increases seem to put me in the worst position possible. After Charles Stanley Direct's fee increase, could I do better elsewhere?
Gerry | Bedfordshire | 15/08/2018 | 6
I wanted an investment trust with an income, so I put £10,000 into The Investment Company. It delivers a reliable quarterly dividend but the capital value has dropped by 10% since I invested 2 years ago. What are your favourite investment trusts?
Fran | Greater London | 08/08/2018 | 4
I'm 24 and would like to begin investing. Am I better off using a robo advisor such as Wealthify/Wealthsimple or a fund such as Vanguard LifeStrategy?
Amanda | Greater London | 06/08/2018 | 6
I have cash saved in ISAs and savings accounts - probably a 30% deposit on a property - first time buyer. I am at least 12 months away from getting a permanent job, so at least 12 months away from buying a property. What can I do with the cash in the meantime? Best just to leave it in cash for now, or invest a portion in stocks and shares ISAs?
Malti | London | 25/07/2018 | 2
I am 73 and cautious. There are two areas that your advice would be helpful..what if you just spend thousands on buying the gold standard footsie companies like shell and the rest and keep them for five years and then cash them in ?
DB | UK | 24/07/2018 | 6
I'm nearly 30 and looking to open a private ready made pension, and also an investment ISA for retirement funds or towards a property, but very unsure what risk level to choose (low to medium, or medium to high)? Any comments or advice welcome.
Susan | WMD | 24/07/2018 | 1
My wife needs to set up a SIPP with a good value, low cost, low maintenance underlying investment portfolio. We want a good mobile app from a well respected provider. Where can we see the options and directly compare historic returns so we can make a decision?
Guy | HRT | 17/07/2018 | 1
I hope you can help. I recently consolidated two modest pensions into a SIPP in readiness to start UPFLS drawdown in May (2018). Whilst I was hoping for growth in my investments I wasn’t expecting it to rocket and now find I could well be looking at exceeding the lifetime allowance, possibly even before my first annual drawdown in May, and I’m unsure what, if anything, I should do.
John | LDN | 03/07/2018 | 2
Hello Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son? I am already paying the maximum into a Junior ISA. Anita
Anita | West Sussex | 18/06/2018 | 3
I was considering applying for Individual protection 2016, which I understand would give me an LTA of £1,021,390. However, following the Inflation rise of LTA, it seems the LTA is now at £1,030,000. It now seems pointless applying for Individual protection 2016. Have I got this right?
David | LDN | 12/06/2018 | 0
If I take a lump sum from my pension at age 55, what is the rate of tax after the first 25%?
Judy | UK | 17/05/2018 | 1
How long does it take to release money from your pension at 55 years old?
Diane | WYK | 01/05/2018 | 1
I would like to open a Junior shares ISA for my Grandson for about £50/month. How do I go about it and can you recommend some reliable companies?
Roger | Surrey | 26/04/2018 | 2
Do you have information on taking your pension pot before retirement? My husband is 62, on a final salary scheme & is trying to get clear information on it.
Jo | 17/04/2018 | 3
Can you recommend some very basic books for a 69-year-old widow who is now having to manage her money?
Martha | 12/04/2018 | 0
I just found your web site (recommended in Andy Bell's book on Do It Yourself investing). Could you say why you do not review Halifax Share Dealing in your list of ISA providers? Is there anything wrong with this ISA provider for you not to include it?
Gerald | UK | 11/04/2018 | 0
Hi, I've got an old D.B. pension, approximate value £12k. I would like to invest & top up each month. Who would you recommend? Also I would like to make an investment, & don't know where to start? Thanks
Eve | 04/04/2018 | 5
I am post-divorce with a good settlement which I have only partially invested. Are there any courses you can recommend? I have sat in a number of meetings with accountants and financial advisers feeling somewhat patronised! I am sure that there are plenty of women in a similar position to me (aged 55!).
Eavan | Ireland | 14/03/2018 | 3
How can I find a good financial adviser?
Byron | Greater London | 01/03/2018 | 0
My question is about my wife's pension valuation in a divorce situation. She is on a final salary scheme working for a national charity organisation. I feel the CETV value is too low and certainly does not take into account the inbuilt benefits such as guranteed final salary, life insurance.
Jay | UK | 12/02/2018 | 0
I am a 59 yr old retired lady with no income but I have reasonable equity..is it worth starting a pension or is it too late?
LL | Norfolk | 06/02/2018 | 2
Hi, If I take a lump sum from my pension at age 55, what is the rate of tax after the first 25% ??
Gareth | Hampshire | 26/01/2018 | 0
I am very lucky to have just received a gift which I want to invest for our retirement. My husband and I aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?
Fiona | UK | 18/01/2018 | 6
Can losses in a pension SIPP be offset against anything?
Henryk | Hampshire | 17/01/2018 | 0
We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). We have decided to start savings plans for their futures. Their ages are 18yrs, 11yrs, 8yrs and 4yrs respectively. My age is 75yrs, and my wife is a little older. What should we do, please?
John | Buckinghamshire | 01/01/2018 | 1
I am already receiving a pension from a final salary scheme and I am retired. I have a sum of money I want to invest. Can I start another pension as a saver and, if so, how much can I put in every year?
Collette | Greater London | 25/11/2017 | 0
How do I start investing, buy stocks, bitcoin, etc with £100?
Claudette | Bedfordshire | 18/11/2017 | 1
I am a 59 yr old retired lady with no income but I have reasonable equity..is it worth starting a pension or is it too late?
LL | Norfolk | 10/11/2017 | 2
If I were retired and drawing my pension, can I earn an income from doing some sports coaching too? If so, how much can I earn without it affecting my pension? Thanks
Charlotte | Devon | 07/11/2017 | 0
I am getting long in the tooth at 79, a little forgetful and I am going through a painful divorce. This has shattered my confidence and I need help.
Richard | Kent | 05/11/2017 | 3
Have you a review on Halifax Stocks and Shares ISA?
Moira | London | 21/10/2017 | 5
My mother is 84 and has around £35,000 in cash, realised when she moved to a smaller house. She would like to invest it and draw income that would be slightly higher than the natural yield - say around £2,000. What is the best vehicle for that please?
Ed | Sussex | 18/09/2017 | 4
I have a delightful 12 year old daughter and she has just opened her first bank account. I am dreadful with money but I would like to know what I should teach her so that she does not pick up my bad financial habits. Do you have some top tips of things to teach our children so they are wise and responsible with money please?
Louise | Greater London | 11/09/2017 | 1
Please help me. Choosing a pension from Aviva. It asks if I want growth or income? Which one do I choose ? I'm 46 .
Ria | Greater London | 11/09/2017 | 8
Which is better - property or pension?
Paul | Greater London | 07/09/2017 | 0
I am particularly interested to know whether it is best to diversify and try and cover of a number of shares with investments or to pick out a smaller number and invest more?
Richard | 05/02/2017 | 3
Is it worth using a financial adviser when it comes to switching pensions funds, or should I do the research and pick the funds myself? I am no expert in stocks and shares.
Helen | Dorset | 10/08/2018 | 4
I've got £20,000 from an endowment policy (astonishing, I know), and I'm looking into how best to invest to get a reasonable return without excessive risk. Any thoughts much appreciated!!
Penny | Peterborough | 09/08/2018 | 1
Why should I bother with paying into a pension at my age of 55 years now when I have never had one?
Tee | Greater London | 07/09/2017 | 4
Can I sort a pension out myself online?
Sharon | Greater London | 07/09/2017 | 0
How risky is a Stocks and Shares ISA?
Alexandra | Greater London | 06/09/2017 | 2
Should I be even thinking about the stock market?
Lysa | Greater London | 06/09/2017 | 0
What might a savings pot of £100,000 get me as a retirement income?
Aboodi | Greater London | 06/09/2017 | 1
Pensions vs ISA - which one is best?
Roderick | Greater London | 06/09/2017 | 0
What are the changes with pension annuities? My mother in law has asked as her retirement is looming. I've read in the press it's changing but it all feels confusing. I just need some simple clear advice. Thanks
Keith | Greater London | 06/09/2017 | 2
Hi, I am 67 years old and I want to know the best way to invest £10,000 for growth rather than income. I would like to do this online and to be able to save money on fees.
Rohan | Greater London | 06/09/2017 | 0
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