Investment advice for a complete beginner

[RosieLeaLovesTea]

Ok I am a complete beginner when it comes to investments!!! I don’t know where to start????

my experience I have a couple buy to let’s.
I have a public sector pension that I pay from my salary
i have approx £10,000 in premium bonds.
that's it.

I am not going to do any more buy to pets as tax burden and regulations are too much.

I want to diversify and look at investing but I don’t really have a clue where to start?
if anyone can give any advice that would be great.

Have you a stocks and shares ISA?

No I have not got a stocks and shares ISA. Is that the place to start?

I am hoping to retire at 57 so I have 9 years left to get some investing going.

I would - if you use vanguard or fidelity (I’m sure other people can suggest others that may have lower fees)

you then invest in funds rather than directly buying shares

and of course it’s tax free!

Rebel finance school or meaningful money on YouTube would be a good starting point for you to understand the basics and risks.

people giving you specific advice here shouldn’t because they don’t know enough about your circumstances.

I have been in your position and can understand how overwhelming it is when you don’t know where to start!!
With some education and baby steps, you will get there.

Most importantly, you need to understand your long-term goals and then align your investing accordingly.

So, The answer isn’t simply ISA (or SIPP) — it depends on your current financial situation and your long-term goals.

Lets say - If retirement is your priority in around 9 years, I’d start by getting clear on a few key numbers:

• What does your current pension pot look like (and what income it might provide)?
• What’s your passive/rental cash flow likely to be at that point? & Approximate monthly expenses to be after you retire?

Run these numbers on online retirement calculators and check how much you are far behind (https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions, https://www.aviva.co.uk/retirement/tools/my-retirement-planner)

If you are far behind then I would check whether you are maximising pension contribution or not. Pension are most tax efficient way to save for retirement.

But anyway - you see every investment planning starts with the goal and then work to wards it !
Hope it helps ! I can share few basics resources if it helps

I watched the free Rebel Finance School video series which was recommended by another Mumsnetter. It's really good. It runs the gamut from tackling debt and freeing up some money to invest, to examining the role money plays in your life, and the nitty gritty of where and how to invest depending on your individual circumstances.

They recommend using an index fund which tracks the overall stock market so it's less volatile, and making sure you look to reduce fees, which can really eat in to your returns. The good news is, the advice is that once you've chosen the platform and fund you should not keep tinkering with it; just leave it alone to work for you!

Look up John Bogle, invest in a S&S ISA using his strategy, focusing on cheap trackers of large parts of the market. Don't panic if there are market blips.