How shall I invest £35k? Sorry if it sounds like I'm boasting, I'm not.

[BrassCandlestick]

Advice please.
I'm in my fifties and single, my kids are grown up. I rent a lovely HA property. I used to be a poor lone parent working every hour I could, and now I'm self employed with no private pension.

My industry gives me large variations in my income over the year, ranging from comfortable to slightly worrying, although it always seems to pick up and I'm quite inventive with ways to keep earning and keep my head above water.

I stand to inherit about £30k soon. With some savings I might be able to bump it up to £35k - £38k.

I want to invest it wisely and although I'd love to buy my own house, I know I won't be able to get a mortgage on a property anywhere near where I live (SW) because of my age. But there are other possibilities.

I've thought of using it to get an ISA, or a buy to let in a financially poorer area, or even buy a car parking space in a nearby city and rent it out to give me a trickle of income.

I've also considered buying a bit of woodland and just sitting in it. But I'd get cold eventually.
I just want to make sure this money helps me when I can't work any more, which might be sooner than 65, due to physical problems.

Your thoughts welcomed.

It's always better to go to a professional about investing your money, even with their fee included it will be financially beneficial to you.

People will tell you to maybe buy a property to rent but it's only lucrative until you have a tenant that doesn't pay and destroys the house

For that amount paid advice is unlikely to be advantageous over doing some reading and looking at pensions, low cost trackers and premium bonds for your emergency fund and tax savings, probably not in that order.

If you like where you live and can afford the rent, it's probably worth staying as you'll get help with the cost once you're above state retirement age.

I agree speaking to an expert is best.

As a next best thing though, I recently discovered investopedia.com, which looks pretty useful.

I'm not sure for that amount it would be worth it.
Do you intend to grow it? Draw on it, can you buy a new car or boiler, any other savings?

Stocks and shares isa is good but... Usually look at locking money away for at least 10 years.

A self invested personal pension, sipp, might be worth at least opening to start saving in and if your put 80 in the government will give you 20.

They give you quite large amounts of free money.
It's about 100£ to open one so even if you didn't put much in its probably worth at least starting one?

Money saving expert is also worth trying to ask on and fire groups.. Financial independent retire early groups.

For tips.

I’ve got some in Premium Binds but I’ve never won a penny yet.

*Bonds

Jesus that site looks fabulous!
I've been struggling to get to grips with investing for a few years, I sort of know what I'm doing and aiming for now but some terms ellude me.

Dinasour, it seems there is a sweet spot with pb, I have had four x 25 wins in about 6 months.

The same amount ish in my stock and share isa has earned around 1500.
For comparison.

• not over six months though over about 2 years

Op my pb money is my buffer, emergency money and my isa is my capital to grow and I have a sipp.

@Puttingouthefirewithgasoline I hope to be able to manage without drawing on it until after retirement.

SIPP sound interesting. People have said that ISAs aren't worth it over property investment. I am aware of tenant pitfalls though.

Bearing in mind that I am paying £550 rent per month, I'd love to be able to use that money in a different way and invest it in a property. This is just me musing on something I can't have (I think)...

Do you have a spare bedroom in your house and are you allowed a lodger?

You’d still need a mortgage with a BTL unless you’re thinking of spending the full amount but the work required to bring to code and renovate could be high.

I’ve always liked the idea of a woods but you’d be unlikely to gain an income from it there are some schemes in Scotland and Wales where you might be able to rent the land to a hutter but it would take some work and planning might be required.

Parking space might be an option depending on the return but agree a financial advisor to start so you know your options.

@BarbaraofSeville

Do you have a spare bedroom in your house and are you allowed a lodger?

Yes, and I have had a lodger from time to time. Not massively keen on sharing my living space but sometimes it works out well.

Yes @FAQs, woods is just a pipe dream really and not practical in this instance.

It's swings and roundabout with property investment, so many hidden fees and extras and then your also dealing with "people".
I'd definitely say open a sipp, it's money locked away until retirement, even if you put 1000 in it it will give you opportunity to grow money, play around with investments.

Woods with caravan in it!!

Do not get a buy to let.

Have you considered a shared ownership property? I believe they have pros and cons but it could be worth looking into.

Otherwise I think you should keep some as savings (maybe £5k?) and invest the rest into a pension.

Lack of pension would be a worry for me.

Your bank can offer advice on their own savings and investment options. You can just go into a branch and ask to speak to someone. That will give you an idea of what's available, and an opportunity to ask questions. Then you can shop around to see what other banks are offering.

Also, you mentioned physical problems - depending on the severity and the impact on your life, you might be eligible for PIP. Worth looking into.

www.citizensadvice.org.uk/benefits/sick-or-disabled-people-and-carers/pip/before-claiming/check-you-are-eligible/

www.benefitsandwork.co.uk/personal-independence-payment-pip/pip-self-test

I doubt you'd get a buy to pet without owning a first property. Also would your HA allow you to own a property and still live in the HA property - I doubt it. I'd be looking at investing in stocks and shares via Vanguard or building a pension. See the money Saving Expert.

I'd normally see woodland as a ridiculous idea if you actually wanted to make any money but I've just walked through a small piece of wooland thats been set up as a burial ground for pets. Interesting.

@Turmerictolly you're right, I couldn't own a house and still keep my HA tenancy. I was thinking more along the lines of BTL then taking off and travelling before landing up on my kids' sofas

@AnotherEmma I am not disabled yet but I think I will be before retirement.

@Puttingouthefirewithgasoline I have done the living in the caravan in the woods thing, it's lovely but I would want to live with a community and not on my own. Maybe there's a community I can buy into somewhere...?

@BarbaraofSeville

I'd normally see woodland as a ridiculous idea if you actually wanted to make any money but I've just walked through a small piece of wooland thats been set up as a burial ground for pets. Interesting.

Becoming a pet corpse tycoon is not outside the bounds of imagination

Do you have right to acquire?