Current end of 2022 plan is to:
- Pay 120k off mortgage
- Buy new car at 30k
Does this plan make sense?
Should I take action on anything else?
I'd also start contemplating a long term investment strategy for kids and college. I know it is hard to contemplate since it is 18 years or so away but if you start now, when the time comes, it will be a tasty little sum
It costs 40-60k to put a child through college, if they live away from home. Potentially more. Paying down a mortgage or into a pension won't fund that. Yes, there may be tax advantages in doing the latter but it would be better to diversifyNo need to contemplate it too long. The best long term investment strategy is to pay down his mortgage or contribute to a pension.
Brendan
it would be better to diversify
Paying down the mortgage will free up equivalent cashflow though.Paying down a mortgage or into a pension won't fund that.
Will your current home work as your family expands ? You mention no plans to move or extend but would like 4 children?
Age: 34
Annual gross income: 143k + up to 30% bonus
Annual gross income of spouse: 50k
Mortgage: 205k
My ultimate goal in 6 years time is to
1. Build a home but keep our exisitng house
2. Be in a postion to do this without needing to rent our exisitng house
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