Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

So,intelligent financial whizzkid mumsnetters ,given the current financial situation,what SHOULD I do with my shares?

(10 Posts)
FanjolinaJolly Tue 07-Oct-08 22:59:41

I have some modest savings in shares and in savings accounts.(NOT more than 50k in one basket!)Went to see a FA linked to one of the major banks where shares are held and released some money into account last week as am currently on career break and living ofdf savings.At the time was told our shares were actually OK as held not in America and in commodities not financial companies.Sold off some bonds as this is what FA advised,so have some income to live off for about 5 months.Career break ends next June.However,given current financial panic am getting quite worried.What to do?Sit it out or what???

whomovedmychocolate Tue 07-Oct-08 23:02:27

Why did you sell the bonds? Bonds tend to be safer. Actually this is an excellent time to buy shares if you time it right and buy low and then can hold out.

Personally I'm not doing anything different. It's going to take a good 10 years for things to recover properly anyway but we are all in the same boat so you are comparatively no poorer than anyone else because we all suffer the same market buffeting. HOWEVER those with pensions are really going to be the ones who suffer, esp those hoping to retire within five years.

FanjolinaJolly Tue 07-Oct-08 23:02:36

Sorry for appalling grammar and punctuation in previous post!Am very tired.!

expatinscotland Tue 07-Oct-08 23:05:14

sell them and buy a Hermes handbag wink.

no, really, what whomoved said is what my dad is doing. just not panicking and riding things out - his pension monies are no longer tied to shares, though, only some investments.

FanjolinaJolly Tue 07-Oct-08 23:06:11

Sold on advice.!I am very thick when it comes to financial stuff.The shares had hardly dropped,were in European and Asian markets and he printed off all the growth percentages etc.

If I wasn't relying on savings to survive for next few months I would happily sit it out looking at med/long term investment.Needs must though.

Quattrocento Tue 07-Oct-08 23:07:33

DO NOT SELL NOW

First principle of investing is to buy low and sell high.

So what you should really be doing now is buying up loads of equities. I'd stay away from banks personally.

somersetmum Tue 07-Oct-08 23:09:03

What Quattro said. Don't panic they'll recover - eventually wink

FanjolinaJolly Tue 07-Oct-08 23:21:53

Thank you,ladies.

So,I have sold my boring old low interest bonds at FA advice to live on over next few months,and have some money invested in med/high risk shares that hadn't shown any MAJOR drops (last week at least,daren't check now!) and some in ISAs (my name and dps name) and some in bog standard saving account and some in one of those savings thingys where you leave it in for a year.Blardy hell I'm confusing myself.So ideally I just sit tight and pray! (financial thicko emoticon)

expatinscotland Wed 08-Oct-08 00:04:10

about the worst thing you can do is panic sell.

that's in part how real crashes a la 1929 happen.

whomovedmychocolate Wed 08-Oct-08 10:37:35

Also if you are selling put them in guaranteed growth ISAs there are still a few about - have a look at Moneysavingexpert.com

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: