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Save, Invest, Pension or pay off Mortgage
Bevster_2
Posts: 5 Forumite
Help, I have been given £1000 which to me is alot of money - i have had advice from all over saying put it in a pension, pay of a bit of your mortgage, save it, invest it !!
My initial thought was invest it. I have a mortgage, a cash ISA, no Debt other that interest free credit card. I thought it would be good to do long term investment so i have something on the go... Our mortgge is large and will not make much of a dent on it.
What do you think ?
Your Expert advice is much appreciated, thanks in advance.
My initial thought was invest it. I have a mortgage, a cash ISA, no Debt other that interest free credit card. I thought it would be good to do long term investment so i have something on the go... Our mortgge is large and will not make much of a dent on it.
What do you think ?
Your Expert advice is much appreciated, thanks in advance.
0
Comments
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Its up to you. If you have the risk profile to invest then you should invest. If not, then you should pay off the mortgage or stick it in a cash ISA to boost your emergency fund (which should be around 6 months expenditure).
The fact you feel £1000 is a lot of money suggests that perhaps you shouldnt be investing it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Bevster wrote:Help, I have been given £1000 which to me is alot of money - i have had advice from all over saying put it in a pension, pay of a bit of your mortgage, save it, invest it !!
My initial thought was invest it. I have a mortgage, a cash ISA, no Debt other that interest free credit card. I thought it would be good to do long term investment so i have something on the go... Our mortgge is large and will not make much of a dent on it.
What do you think ?
Your Expert advice is much appreciated, thanks in advance.
Play safe and pay down your mortgage, in a climate of rising interest rates, you want to be looking at reducing your debt, unless your on a very good fix rate.0 -
Take it to a casino and put it all on red. Go on; when are you going to get the chance again?0
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