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PaperclipPerfector  4mo ago (text post)   2998 thread views

Small-Scale Question Sunday for February 9, 2025

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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A request for financial advice:

For the majority of my career, I've made such a small pittance in Western terms that I had no strong impetus or incentive to save any of it.

While the UK is certainly not as wealthy as the US, and doctor's wages are comparatively meager (and have been devalued considerably by inflation), I have a respectable sum already in my bank account. Part of this is that I simply don't have a life outside of work, and couldn't spend the money if I wanted to.

I'd like to invest the majority of it, around 10k GBP. My risk appetite is decent, but I also think the market is more efficient than I am in most regards (when I had forewarning that Nvidia would skyrocket, I didn't have any money to bet with). I don't want to see it get eaten away by inflation.

I believe the default course of action would be to buy index or mutual funds. I've been eyeing the S&P500.

I do intend to hold on to a few thousand GBP for expenses like buying a second hand car, expensive exams and the like. In the longer term, I'd need ~40k for a mortgage, assuming I choose to continue working and training in the NHS when my contract is up.

Remember to take advantage of ISAs for tax free saving. You can put 4k a year into a lifetime isa with a government bonus of 1k, that's huge. You can withdraw that to buy your first house too, and keep it in bonds or something if you just want the money parked safe.

The UK has a ton of stupid little programs for saving and borrowing that you need to learn about by word of mouth. My dad made a tidy profit on a super low-interest loan through a government program when he bought his first house, even though he paid cash for it.

Thanks! I think I dimly recall someone mentioning them, but it had entirely slipped my mind before you reminded me.

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