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Investing...
- Thread starter MyMarvellousMoney
- Start date
Oh wow!
Still upsetting to think how 'unskint' you'd be though
In fairness selling the house seems a big reach - I'd have said no too! I was also contemplating learning how to mine (rather than just invest) bitcoins but I'm not entirely sure I'm good enough at maths for it!
Still upsetting to think how 'unskint' you'd be though
For anyone considering investing via a broker platform on a bigger scale, the Monevator website has a good interactive comparative tool, where you input your investing intentions and it tells you which broker/platfom is the cheapest. It covers over 20 platforms, including Degiro:
Monevator Broker Comparison Tool
Monevator Broker Comparison Tool
I started using MoneyBox a few weeks ago too but went for the higher risk fund as I'm not planning to cash out anytime soon.
I have experience of picking my own shares (international and UK) so am fairly happy with the way MoneyBox works. My focus tends to be towards tech related stocks as that is the area I work in. I also like income stocks and funds which is where the bulk of my money is invested in.
The DEGIRO fees look very cheap. I'll have to look into this I think.
Omg thanks! I wrote my first blog post on my experience today (feel free to have a read if you have time! https://www.marvellousmoney.co.uk/blog/start-to-invest)
It's great to hear someone else's experience on the app! I'm planning to give it a year, and see how my money does. I'll look into DEGIRO though!
So I am not an expert or anything, but my pennies worth...
I love tech and new apps and things and with the changes in the bank rules, I am sure more will come out. I love the idea of Moneybox, but I think if you work through the charges versus the amount you are putting in, it is an expensive option compared to other platforms and personally I decided it wasn't for me.
I haven't a clue with investing, but what I do know is that if I hold money in cash, the value of it decreases due to inflation (and the terrible interest rates). This is why pension funds are mainly shares/funds. I decided I wanted to invest outside of my pension as well for a number of reasons, including flexibility in case I should need the funds in future before I retire. In the end I got financial advice to find the right investment for me for the next 5+ years, but I came into a little bit of money and so it made sense to do this. Don't bother with small amounts as advice is expensive.
If you don't know what you are doing like me, then an easy fund (like moneybox, Nutmeg etc) are sensible options, or you could save money on charges and go for an alternative site where you select your investment yourself. If you just go for some sort of FTSE tracker, again that is an "easy" option. Of course in all this your money is at risk and really your aim should be to keep money in investments for the long term in order to make money as it will fluctuate and go up and down.
Moneybox and Nutmeg are relatively new - I believe you are covered if the companies were to go under up to £50k for investments (please check this!). What makes me nervous about Nutmeg is that they are making a massive loss and it isn't yet clear on how they are going to go into profit.
If you are nervous about losing money in investments and may need the money then I would stick to cash and either lock it away for X years or put it into a regular saver where you can get 5%.
I have so far managed to save just over £100 since Jan 2018 which I'm pleased about. Interestingly, I've noticed that even when you don't spend money i.e. transfer money between accounts that MoneyBox rounds this up as well. This has had the positive effect of me being more aware of how much money I have in my account.