Due to a divorce and house sale I will soon get a lump sum of money.
I have decided to not buy again (mainly because my previous attempts at getting a mortgage in my name were unsuccessful), so I will rent instead.
I cannot invest/save in my home country, as due to its immigration laws I had to ‘sign out’, do not have a tax number, and cannot do any banking there.
As a complete ignoramus on anything to do with investments I am rather lost.
My plan so far is to put some into a secure term deposit at 1.4% with my regular government bank.
This will than also be used as security for a credit card…so I can finally have my own CC and start building a credit history (one of the reasons I had trouble getting a bank loan was no credit history…14 years of paying cash).
My bank also suggested putting a lump sum into some life insurance policy with 2% annual interest, which would pay out the savings and interest in 7 years
Is that really the best that is available? 2%!!???
I have one of those internet HSBC accounts…and thought about putting sums of 100k in various portfolios: from medium to high risk, developing counties, tech, and pharmaceuticals.
But not sure if that is the best way to go, and if it is, which ones?
Amy other feedback would be appreciated.