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Advice about getting advice

4 replies

SeptemberGladness · 29/09/2024 21:20

Hi, I need advice about getting advice!
I’m going to inherit some money soon, but I’m not sure where to go for the best advice about what to do with it - a financial advisor or something else? What I desperately want is to buy a property, but it’s not enough to buy something where I live, and I can’t move elsewhere in the near future (don’t want to go into why on here). I’m in a complicated situation and I want to explore all potential options. Is there some kind of professional other than just a financial advisor who can help me with a sort of ‘problem-solving’ approach combined with financial advice, or can a good financial advisor do just that?

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Bjorkdidit · 30/09/2024 04:26

Unless you're inheriting a six figure sum, you're unlikely to benefit from paying for advice.

The Moneysavingexpert website and Meaningful Money podcast are great resources to learn about money so you'll find out you can deal with most things yourself.

MSE has a downloadable first time buyer's guide that will tell you all about preparing for and buying a property. With the inheritance is it likely you'll be able to buy with a mortgage?

If so, you just need to put your money in the best paying instant access account or short term fix, make sure you have a LISA and also use the rest of your ISA allowance. Perhaps consider premium bonds especially if you're a higher rate tax payer.

The financial flow chart is also good for getting your thoughts in order and seeing where you are with finances.

nannynick · 30/09/2024 06:59

If you want to talk through options with someone, then a financial coach. It is not advice. They cannot recommend products.

SeptemberGladness · 30/09/2024 12:48

Thanks @Bjorkdidit I'll look into all those resources. It will be a 6 figure sum, but at my age still not enough to buy where I live. I'll start by looking at those resources, thanks.

OP posts:
SeptemberGladness · 30/09/2024 12:49

Thanks @nannynick I didn't know a financial coach was a thing! I'll investigate!

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