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???
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.
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)