I looked at my savings recently and realised quite how little interest I was making on them. I took the decision some time ago to keep the majority of my assets in cash as I was planning on buying a flat at the time. I'd still like to buy somewhere but am happy to continue renting until property prices move back into line with reality.
So, it's time to make my money work harder for me. I've missed the chance to sign up for an equity ISA this year since I filled up a cash one at the start of the financial year.
Nevertheless, I signed up with www.squaregain.co.uk a week or so ago and my account became active over the weekend. My plan is to drip feed a chunk of money into the account each month and then make occasional purchases when I think I find an investment that I both understand and believe is trading at a realistic price.
I toyed with the idea of going further and opening an account that allowed me more flexibility to put money behind my opinions. Specifically, I seem to have stronger opinions on which stocks are likely to tank than those that are likely to soar. However, I think I'll hold off before exposing myself to the wonderful opportunities for loss that shorting, hedging and trading in derivatives offer me...
Once I finally take the plunge and make some purchases, I'll track my wins and losses on here....
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