Investment Advice

[Anglican]

Hi there.

I was hoping for some advice please. I was made redundant a few months back and have possibly been a bit fussy about jobs and even turned one down. I had been studying for the last 2 years and have one more very strenuous year to do. For this reason I was looking for a 3-day week job. After qualifying, I hoped to continue with a 3-day week and maybe work in my new career for 2 days a week. My old job paid quite well but I loathed it. I think one of the reasons I have been unsuccessful in my job hunt is that I'm trying to do anything but go back to my old career even though it paid relatively well!!

I am lucky in that I have no debts. On the downside, I have no pension worth speaking about. My mortgage (on modest apartment) is paid off. I could survive without a job for a few more months. I put away my redundancy money (about €25,000) and would love to invest this in a small existing business, perhaps a shop. I would love to work in the shop say 3 days a week. This will give me time to study until I qualify next year. However, my new qualification will not earn me much money. (I am doing this qualification because I love it). This is why I want another income. I figure that three days in the shop plus whatever I make being a part owner, plus what I make in my new career might be enough for the moment. I have not ruled out working in my old profession for 2 or 3 days a week either.

I approached one shop I'd have loved to be involved in a few months back and offered them 3 days a week and some cash but was turned down. (I learned subsequently he didn't own the shop!!). I have since identified another shop I'd love to work in/part-own owned by a mother and daughter and am composing a letter to them.

I could of course buy bank shares (BofI at 85c !!) or just leave the money in Anglo at over 5%. However, I looked on getting booted out of my job as a good thing at the time and don't want to just end up back where I was (mind you that is looking less likely as each week goes by as 2 jobs evaporated after I got to second interview - they decided not to hire at the last minute) when I have an opportunity to make some big changes.

Also, I'm 50. I'm aware that my finances are rubbish compared to most people at my age (imagine - some of them are retiring already!). Other than the €25k and my apartment, I have nothing. I'm not complaining about that too much. I just need to get that €25k working for me and figure investment in a shop will provide a small income and something to keep me out of mischief.

Does anyone have any advice to offer me?? Please ??

Thanks

 

[Kemo_Sabe]

my only advice would be that, from now until retirement (once you start earning again), put the absolute maximum allowable into a pension plan and take full advantage of the tax credit - trying to survive on the govt pension alone at 65 would not be pleasant

 

[Mr DT]

Cash is king. Put it in the best rated deposit account you can find and sit on it. I know it sounds an easy option but keep it in cash for now and wait and see.

When things show signs of stablising, (who knows when?), then look at other forms of investment and a private pension should be one of them.

Bank shares may look "good value" but with no dividends, probable goverment capitalisation the market isn't buying them......so why should you?

 

[longpockets]

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#1​

Yesterday, 08:46 PM


Calicoro


Posts: 1 ​

Help! I've Been Downsized


Hi folks. ​

I was made redundant a few months ago. Still no joy in finding a job. I want a major change in my life. I can afford to live (frugally) until maybe late Summer 2009. Also I'm studying but don't expect to make much money in my new profession. Have always wanted to be involved in a shop or small business. I've a small amount of capital and would love to find one of these small businesses who are crying out for cash but who can't extract cash from the banks. I would want to invest some cash and maybe work there 3 days a week. This might not be the most sensible thing to do but it seems ideal to me. My course is demanding so I need the 2 days to study. ​

My query is, where do I find a little business or shop that I might be interested in and who might be interested in my input (cash and 3 days work weekly). Any guidance or ideas would be welcomed.​

Thanks, regards​

There must be great money in shops at the moment..!!!!!​

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