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I'm sure I'm not the only one that has thought about a side investment of S&S ISA's, but it really is a struggle getting my head around what is the best way to get some knowledge/start the ball rolling.
I would like to invest myself so as to gain knowledge as leaving it to someone else will always have me reliant on them.
I don't use my ISA allowance each year so lets say I can drip feed £250pcm into a S&S ISA - is this even worth doing?
Any thoughts gratefully received.
I would like some advice on how to buy silver and gold!Have you had a look at MoneyBox as they invest for you via an app.?You can set up a monthly payment from your bank account into your fund, and also set up "top ups" so that each time you make a payment, it adds a top-up to your fund automatically. So if the payment was £42.40, it would add 60p to your fund automatically. You don't even notice these small amounts, but they add up over time!I started it a few months ago and invested via S & S ISA. It's a cool app. that builds up your savings without you really even realising it .... It takes the money you make and adds it to your pot so that you benefit from compounding - the 8th wonder of the world according to Einstein ..... the money that money makes makes money, and the money that that money makes, makes even more money ...
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hi Vanessa. That's a cash ISA paying c.1.4% PA, so not a S&S ISA.
For that sort of return the money might as well be put into premium bonds?
You have the choice of a Cash ISA or SS ISA on MoneyBox.
Ah yes, I see that now, thank you.
Looks like it could be interesting - I think the 'Adventurous' setting could be interesting to try with a few £hundred a month to see what happens?
It has been said that anyone with a good chunk of savings (bit subjective) should have a 10% holding in physical gold, that is the actual metal itself that you can hold in your hand not one of the many derivatives. This, I suppose, is in case of a complete breakdown in the financial system! Bit unlikely but you never know.
I bought a 1kg bar just before Brexit, I used Bullion By Post, couldn't really find a way of buying the physical stuff cheaper. Cost about £28750 as far as I can remember and they will buy it back now at (just checking online) £38050, so getting on for £10000 since Brexit if I cash it in now. But that is due to exceptional conditions in the markets, the pound is through the floor and gold is at a 6 year high against the dollar; it's priced in dollars.
So my issue at the moment is do I sell this and realise nearly £10000 on that relatively small investment or hold as my safety net against the coming global breakdown in civilisation
As for buying now, I am not sure I would with the pound where it is and the gold price in dollars soaring.
I really recommend the book "How to Own The World" by Andrew Craig, a new edition came out earlier this year and is available on all formats. It talks through everything from S&S, Precious metals, property, cryptocurrencies etc.
Share-specific The Naked Trader is a really good book for identifying how to tell if a company is 'likely' to be a good purchase or not, and what to look for.
Thanks Aaron - I think the first book would be a good idea, as I'm not going to even pretend I know what to look for with the 2nd book!
They're both very good and written in plain english. I've tried to read a couple of other finance-specific books and it's great material to fall asleep too! How to Own The World I've read/listened to the audiobook several times as a refresher. Naked Trader is an easy read and is well explained throughout.
I'm sure you've seen the investment fundamentals videos Vanessa did with Graham Rowan recently, but Graham has some stuff on YouTube too which is worth checking out. One of the fundamental things is to keep drip-feeding into your chosen stocks/funds and do it for the long term, otherwise you'll get upset at every wobble in the market.
Best of luck with it!!
" One of the fundamental things is to keep drip-feeding into your chosen stocks/funds and do it for the long term, otherwise you'll get upset at every wobble in the market."This for a beginner like me I feel is very good advice. Choose an amount each month and have it on standing order/direct debit so that over the years it hopefully builds up nicely!
I'm sure it's harder than it sounds haha. But the idea is your investment will average out over time (you buy more when prices come down than when the market is going up), but the main aim of course is that you only "lose" money when you sell at a loss. By being patient and keeping firm you're much more likely to make money longer term. Sometimes it might take some strong willpower though...