Just looking for some friendly advice, I don’t require a lecture on what might have been a silly mistake on my part.
I’ve got a Stocks and Shares LISA with Moneybox as I’m currently saving up to buy my first house. I don’t have a huge amount saved at the moment but I usually put in around £350pcm and it’s set up to buy into the Vanguard S&P500 ETF.
I’m down about £100.00 at the moment - no problem.
I plan on buying in around 2-3 years so am I best off cutting my losses now and moving to a cash LISA or do I just keep at it? I’ve come into a bit of money and I planned on maxing out my allowance for this year but I’m slightly reluctant for obvious reasons as I’m not sure 2-3 years is long enough for things to recover if it continues on a downward trend.
I know the risks involved with investing, I’m not sat tearing my hair out or running scared at the current situation as I have other ISA’s for me and my kids where I’m still invested. These are all long-term for me and I will stick with my regular deposits here.
The cash LISA is probably the safe bet and I know I’d be at risk of missing out on any market recovery but I don’t want to wait 5-10 years if it could potentially take that long. Just looking for some sensible advice on what others would do here.
Thanks in advance!