ThirstyLizard
Registered User
- Messages
- 30
Good day chaps,
Myself and my wife have recently come into some money.
Problem is, we don't know what to do with it, so hoping to get some ideas from you folk. We will be meeting a financial planner at some stage too, however it never hurts having more opinions!
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Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 0 - unemployed for the short-term
Annual gross income of spouse: 0 - unemployed for the short-term
Monthly take-home pay: 0 - unemployed for the short-term
Rough estimate of value of home: 360k
Amount outstanding on your mortgage: 250k
What interest rate are you paying? 3.3%
Other borrowings – car loans/personal loans etc - None
Do you pay off your full credit card balance each month? N/A
If not, what is the balance on your credit card? N/A
Savings and investments:
Savings: 800k
Investments: None
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: None - Mortgage protection insurance of 260k
What specific question do you have or what issues are of concern to you?
We'll be enjoying the use of some of the money to go on holidays, and generally enjoy ourselves before returning to work, but that can't last forever!
So, the questions;
1. Should we pay off our mortgage? Are there any arguments AGAINST paying it off?
2. We would ideally like to have this money working for us, rather than sitting in a bank earning zero interest. Income generating investments are of particular interest (real estate, dividend stocks, p2p loans etc). Any advice around income investing would be appreciated.
3. Is there anything else that we're not thinking of?
There are obviously a lot of options out there, which is great, but we are unsure of what is the best way forward!
Cheers AAM!
Myself and my wife have recently come into some money.
Problem is, we don't know what to do with it, so hoping to get some ideas from you folk. We will be meeting a financial planner at some stage too, however it never hurts having more opinions!
----
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 0 - unemployed for the short-term
Annual gross income of spouse: 0 - unemployed for the short-term
Monthly take-home pay: 0 - unemployed for the short-term
Rough estimate of value of home: 360k
Amount outstanding on your mortgage: 250k
What interest rate are you paying? 3.3%
Other borrowings – car loans/personal loans etc - None
Do you pay off your full credit card balance each month? N/A
If not, what is the balance on your credit card? N/A
Savings and investments:
Savings: 800k
Investments: None
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: None - Mortgage protection insurance of 260k
What specific question do you have or what issues are of concern to you?
We'll be enjoying the use of some of the money to go on holidays, and generally enjoy ourselves before returning to work, but that can't last forever!
So, the questions;
1. Should we pay off our mortgage? Are there any arguments AGAINST paying it off?
2. We would ideally like to have this money working for us, rather than sitting in a bank earning zero interest. Income generating investments are of particular interest (real estate, dividend stocks, p2p loans etc). Any advice around income investing would be appreciated.
3. Is there anything else that we're not thinking of?
There are obviously a lot of options out there, which is great, but we are unsure of what is the best way forward!
Cheers AAM!