I'm 23, in the UK and have savings of around £10,000. Can

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Anonymous
2016-01-20 02:26:15 Post No. 1050073
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Anonymous 2016-01-20 02:26:15 Post No. 1050073 [Report]

I'm 23, in the UK and have savings of around £10,000. Can I invest and turn this into more money some how?

Sorry for a boring "I have £X. What can I do with it?" post.

I've worked since I was about 17 ish throughout education.

I have this money just sitting in my current account not doing anything.

Should I get a deposit and mortgage on a flat or something and rent it out?
Stick it all in an ISA?

Any help would be appreciated. I'm good at saving and have no debt.

Cheers.

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Anonymous 2016-01-20 11:08:39 Post No.1050567
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Anonymous 2016-01-20 11:08:39 Post No.1050567 [Report]

P2p lending
I'm trying to boot a startup but I'm missing £3k and the bank won't give money to neets
And I'm not american so I can't borrow p2p loans, but I know it wolf make someones day
>Fuck

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Anonymous 2016-01-20 12:06:44 Post No.1050612
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Anonymous 2016-01-20 12:06:44 Post No.1050612 [Report]

Never, never, leave your money in a current account. Shop around and put your money in a cash ISA, or an investment ISA.

Talking as someone who is novice. A flat/house would be a good idea, you could also live there and you'll get a bigger tax free allowance (I think it is £5k extra). I have no idea where you can buy with a £10k deposit. First time buyers can get Help to Buy from the government, but I dunno if it applies to Buy to Let mortgages.
I don't know much about the stock market. I just research heavily and then buy solid companies in industries that have growth potential. Nice thing about a investment ISA is that all the money is tax free.
Investing in any thing is all about research, the more you understand about the asset and the variables the better decisions you can make.