How to get money out of bank

[Campion]

On 10/10/2022 at 10:05 AM, Nuckles said:

Thats what we are trying to decide - what to do with it for the best. Not interested in crypto as I dont pretend to understand any of it. Property doesnt seem wise at the moment and we dont want to buy gold/silver. Thats why I asked the question, to get some ideas.......................

 

Hmm. Investing a lump sum is bound to be more risky than drip feeding into some market over the long term. So one factor is your emotional relationship to risk: if you'll lose sleep at night worrying when the prices drop then maybe the stock market's not for you. 
 
It's a big subject but here's a few more ideas. 
 
*  Keep at least 6 months' income in an easy access account for emergencies. 
 
*  The older you are, and the nearer to retirement, the less time you have ahead of you to ride out downturns and wait for the next boom. So on that principle the more adventurous investments are better for younger people.  
 
*  It looks like we're heading into a recession and shares and other assets like bonds and property seem on the way down so you don't need to rush into anything. You can put it in the building society and wait until things pick up again.  
  
*  Make a will, or if you've already got one maybe renew it after you've received the money - there's various things they can do nowadays to legally reduce inheritance tax and limit care home expenses. 
 
A financial adviser would likely give you a questionnaire to fill in with a whole bunch of questions to build up a picture. Eg how old you are, are you married, have a will, do you have children or grandchildren, own your own home, have enough saved up in your pension? Do you want to start your own business or prefer to work for someone else? What other big plans have you got?  Start with getting these type of regular bases covered before looking into sexier more adventurous investments. But if you've got an interest in something like art, fine wine, vintage cars, antiques or whatever, you can incorporate that into your portfolio too. If you want a personal investing forum, https://www.lemonfool.co.uk/ is good. 

 

Edit: all those questions are just for illustration, obviously I don't expect you to answer them here. It's to show how much it depends on your circumstances, and what I would do isn't going to be very relevant for you. 

Edited October 11, 2022 by Campion