From the conversations I've had in the past, one really has to have a plan on investing in stocks.
If I could just use the platform I'm already signed up to then sure I'd play with some of the options listed in this thread.
However when it comes down to finding work arounds and involving other account proxies I'm just not sure it has the same allure.
What I want is to generate a passive income over the next 20 years so that I have something coming in that isn't based on labour or time.
I've already begun that process by buying a house that will be fully paid off by the time I hit retirement age. In addition to that I'll be saving up a fund over the next 20 years to be used to build a second property which I'll hopefully be able to move into.
Property one will become a source of passive income through rent. This is going to be my main source of income besides pension when I'm retired.
The savings for property two will be what I'll want to leverage as they grow over the next 20 years to generate additional income through investment. This will hopefully give me a bit more to play with when it comes time to build.
The first step is safe high return savings accounts accounts. ISA's used to be worth is but that changed with the onboarding of
personal savings allowance (PSA). Currently for me that £20,000 max @ 1.5% and provides me with liquid state capitol that's earning interest.
The second step is to pay up to the yearly maximum allowed in overpayments on my mortgage. This saves money in interest owed and reduces my risk over time.
The third step will be low yield low risk investments like premium bonds. Assuming interest rates don't go up then it's a safe bet that premium bonds will yield a greater return than a savings account (one thats maxed out anyway) and is no more risky. Up £50,000 with about a 1.15% interest rate plus the additional possibilities of winning cash prizes.
Once I'm beyond £80,000 in savings I'll be looking for more involving investment opportunities like stock portfolios.
One of the things I'm willing to do before I hit the £80,000 limit is to have a play with small stock options more to get on a trading platform that works for me and to gain experience in managing such an account. Thats why I'm happy to throw £1000 at stocks like CARA, CBIS, CNBX, it's not so much about making a quick buck but more about gaining experience on a platform.
Thats why I'm a little loathed to setup a foreign account or proxy, if it was a choice between playing with Cannabis related stocks via a proxy or playing with Tech stocks on an easy to access local platform I'd be choosing the latter.
I am interested in the cannabis industry stock listings and I do feel it's an emerging market (not just in America). It also helps when one is investing to have an interest in the industries and therefore the stocks one is investing in, but I'm not going to rush into anything as there is a longer term plan in mind
Of course everything could change in an instant:
- Health issues could affect earning/saving potential
- Political decisions like Brexit can change the opportunities
- Market fluctuations and interest rates will likely affect the different points at which investments become worth it
The plan has to flex with the flow so to speak but the most important factor is saving money and reducing outgoings (VAS is not helping here).
Like I say, I'll have a look at UK local trading platforms that are available and see if one carries the options stated in this thread (plus others I've had my eye on).
That's basically where my head is at.
