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Travellers' questions that don't fit anywhere else This is an opportunity to ask any question, and post any notice you wish that doesn't fit into one of the other sections.
Photo by Ellen Delis, Lagunas Ojos del Campo, Antofalla, Catamarca

I haven't been everywhere...
but it's on my list!


Photo by Ellen Delis,
Lagunas Ojos del Campo,
Antofalla, Catamarca



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  #1  
Old 10 Nov 2007
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Talking Money To Invest
next year i will be selling my flat and taking off on my bike for anything from 6 months to a year
. i will be travelling all, and i do mean all over europe,taking my time , and eventualy going to egypt before i take my time heading back, if i come back that is ! . so the question is ,what to do with the bulk of the money i get from the sale of my flat ? do i just stick it in a normal bank high interest account or is there any better way of dealing with it ? . anyone else done this ?
is there anything else i need to think about , ie any tax problems or implications i should be aware of ? thank,s ....and yes i do know what a lucky bugger i am :-)
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Old 11 Nov 2007
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Wink I'll look after it for you!!
Hi mr moto,
Give it to me and I'll look after it for you!!!


Seriously, IIRC it is illegal for people in the UK to provide financial advice unless they are licenced as a "Financial Advisor" (IFA) - this came about a few years ago after all the rip-off (true) stories.

The good thing is that you are thinking about it - IMO it would be well worth your time to read the weekend newspapers; all those "money/investment" supplements will tell you what the usual options are for investing in the short, medium and long term.
After that, you could talk with the manager of the bank that has your bank account - usually (or even always?) they will be recommending their own financial products only, but it would be handy anyway because you will be overseas for some time.

Cheers.

ps I am not a IFA!!
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Old 11 Nov 2007
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investing
hi

Have a look at the motley fool site Best credit cards, cheap mortgages, personal loans, savings accounts, house & car insurance - The Motley Fool UK

cheers nobby
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  #4  
Old 11 Nov 2007
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If, the money from the sale of your property is enough to buy a cheaper property, and leave some over.. rental income might be good. it also, long term will allow for capital growth if you buy sensibly. This will greatly increase your options as to what to do when you finish travelling

With money, Nationwide provide a checking/cash card account (Flexaccount) they pay sensible interest on teh flexi account, and it can be linked to an 'e' savings account that pays about 6%. Their cash card, or visa debit card allows you to draw money out of a cash machine at the international rate, not tourist rate. for instance last Saturday I got euros at 1.435 to the £ (tourist rate is about 1.35) with no charges. Basically they have this agreement with the cirrus network/Visa that means when you withdraw foreign cash they get charged at the inter bank rate and this is what is deducted from your account without them adding charges or commission They also do a cash ISA, but you are very restricted at how much you can pay in each year. It does pay about 6%+ tax free.
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Old 12 Nov 2007
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Smile
thank,s for you replies , there are quite a few things to think about there , i will look into them
and have a good long think about what to do next . thank,s .
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Old 12 Nov 2007
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renting it out?
Hi MM,

Have you considered not selling it but renting it out! I have done that on several occasions. Is a lot easier when you eventually get back home. And if you go away for half a year or a whole year, thats not very long. It will be over before you know! If you would go for 3 years or more then I would sell but not for a year, unless of course you want to get rid of it anyway! The times I rented out my house, it was even profitable ! Just an idea!

Cheers,

Noel
exploreafrica.web-log.nl
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Old 12 Nov 2007
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This site may be of use - Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more
It also has a forum so you could get advice and opinions whilst on the move should the need arise.
I would try and make sure at least some of my funds could be accessed and moved via the internet.
A company like Foreign Exchange Specialists | HiFX plc may be of use if you need to transfer funds to a different currency. We used them recently and it worked very well. Minimum transfer is £5,000 but you definitely get a better exchange rate.
Good luck and enjoy.
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Old 12 Nov 2007
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Check websites like Free Portfolio, Share dealing, ISAs, PEPs, SIPPs, CFDs, Spread betting - Interactive Investor or Fidelity International- The UK's largest mutual fund manager.

Lots of interesting info on funds and investment. They provide lots of cash/bonds/equity funds, with high or low return. with high or low risk etc...

Capital gain (on equities) is taxable above I beleive 8k a year. Worth considering.
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