Help needed

bigbeff

Hi,

I have just won a large amount - amazing!! And it has put me in an interesting situation. What to do?!

1st step - pay off credit cards
2nd step - what to do with rest? I have mortgage but can only pay off 10% early without charges ... leaving me with a substantial amount to sort out. Do I pay off that 10% and put rest in savings account? If so, where?

What do you guys think?

Reaper

A nice sum too I see from your other posts. Congratulations.

Yes pay off debts, yes probably pay 10% off mortgage (unless you are on an extemely low rate).

After that split the rest up in chunks. For example you might decide:
1) I want 3 month's salary available in instant access savings in case something unexpected happens (eg losing job).
2) I want another 10% of my mortgage value locked up for no longer than a year so I can pay off another chunk next year
3) I want half the remainder in longer term saving and half invested in the stock market in the hope of higher returns.

That's just an example, come up with your own plan. Once you have worked out what your objectives are you can find savings/investments to suit.