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To ask you about money...

(5 Posts)
ExpatHack Mon 12-Sep-16 09:58:17

I'm mid-30s and I know next to nothing about money. It is like a foreign language to me. I know nothing about how to invest it, pensions, rates - it feels as though I somehow missed out on a crucial part of becoming an adult. To make things a bit more complicated, I live in the Middle East where there is no such thing as an IFA here (lots of cowboys though) and no obvious way to get reliable advice. I have no property, no debt and am a compulsive saver so have a smallish nest egg - but no idea what to do with it. DH is equally oblivious. AIBU to ask for suggestions on how to get started? Is there such a thing as an 'investing for idiots' guide?!

RB68 Mon 12-Sep-16 10:07:57

try motleygfool website or moneysaving expert in his investments and pensions bits

To be honest the principles are not complicated but the number of products out there are a bit overwhelming. so once you have read up on the principles try using some of the comparison websites to get the best options.

Salmiak Mon 12-Sep-16 10:12:25

it depends what you are saving/investing for (pension, retirement, nest egg, house purchase, security blanket in case of redundancy) and how easily you want to access the cash ( plus how risk adverse you are with your money. The value of any investment can go up but it can also go down - those with the potentially highest returns also tend to have the highest risk attached generally.

I think, anyway. But I'm not a financial advisor nor have any knowledge about it either....

ShanghaiDiva Mon 12-Sep-16 10:13:15

Dh has used the Which guides in the past for a guide to pensions. However, the information can date quite quickly so make sure you have an up-to-date edition.
You can search on line for the best interest rates, but what to do with your money depends on your attitude to risk. Savings accounts are low risk, but interest rates at the moment are dire. We also invest in trackers - e.g UK all share index where you buy units, but the costs of managing the fund are low. We have index trackers with M&G and Legal and General which might be worth a google.
Another option - extra payments into pension schemes. I also make voluntary NI contributions to guarantee a full state pension - about GBP 15 per week. You can also make back dated contributions. If you write to the revenue office with your NI number they will provide you with your state pension forecast and you can decide whether you want to make voluntary contributions.

Meercat2 Mon 12-Sep-16 10:14:50

Why don't you post on the money thread? Lots of knowledgeable people there

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