Cashing out?? 🤔
Hi All, been on the Index for a couple months now and going pretty well.
But I haven’t taken any money out yet, I just wondered what everyone’s strategy was? Like take out a percentage of profit a month/week/year?
Thanks in advance!
@NewUser251276 been on 6 months and haven't took anything out....invest invest invest
@NewUser251276 I've been here 2 years and haven't taken a penny out. As long as you don't need the money for something else then there's nowhere better for it to be right now.
I want a big enough amount for it to make a dent in my mortgage, so guna be a while yet.
Not quite sure how it's guna work with withdrawing for me cos I've deposited on different cards and as far as I know the money has to go back to the same cards in the order you deposited.
@Stevo The last time I used different cards to put money in for the Deposit Bonus, I then made a final token £10 deposit on my main card, and all withdrawals came back to that card. Try it when the time comes.
My strategy at the moment is not withdraw as @Stevo says above id rather have it working for me in here than in a savings account or an ISA earning a couple of hundred £ interest every year.
My long term strategy is to put a set amount in every time my port goes up by 5% overall i made my last deposit earlier this week when it got to 70% profit*
Obviously when you make a deposit the overall profit % decreases so that means that in theory the deposits become less and less frequent overtime as it will take longer to reach the next milestone (in this case 75%) as £ increase required to meet that next milestone becomes bigger.
i have a £ figure in mind that i want to reach before i start taking out cash and the idea will be for me to only take out anything that is over and above that figure at the end of each month. - At this point i will then be de-risking, however the element of the pot that i am de risking will only be roughly 30/33% and over time that will reduce but at the same time my overall portfolio value will hopefully stay the same.
I will need to reach approximately 190% profit before i get to that stage, which based on my first 7 months will hopefully take another 12 / 14 months however im under no illusions that the market will keep rising like it has done over the next 12 months so strategy could change over time.
*Profit - im aware that its only profit once you withdraw it but im sure you get my point.
Its a "savings" account for me, so on this basis anything above 5% is good. I don't class it any other way, (that's what I tell myself anyway) I don't check my usual savings account countless times a day though 🤔 investing all the spare money I have all the time. It would feel like an offence to withdraw anytime soon!
@Ollie cheers for the info pal. Been a bit concerned how I was guna get my money back!
Been in here 2 years ploughed about 5k in and taken about £200 out 😂😂
Depends on your risk appetite. This is not a "savings" account or an investment. It is gambling. I plan to cash out a large chunk and play with my profits, but will see what share split brings first.
@Dan-w Ditto 2