Your Financial Setup

ChesterDog

Geelamch, a£1.2m property? Or is the calculation more complex?

Just asking out of interested curiosity, I hope you understand.

tejero23f

54 Divorced Truck Driver

House £225,000

100k in Building Society

50k in investment funds

Pension pot worth about 20k

No debts or liabilities

Just handed in my notice, going travelling for a year-lifeis too short

Financial_Saddler

ChesterDog wrote: »

Geelamch, a£1.2m property? Or is the calculation more complex?

Just asking out of interested curiosity, I hope you understand.

The minimum complication would be CGT in this situation.

Wilkins

Cotta wrote: »

Interesting thread indeed, so the general consensus is to invest smartly rather than paying your mortgage off ahead of schedule?

Not sure you should call it a consensus on such a small sample of diverse financial situations. Speaking personally, however, I've never seen the attraction of straining every financial sinew to pay off your mortgage.

I've come across many people who seem to have virtually zero savings but overpay their mortgages with extraordinary zeal. Yes, it can be appropriate to do so in some circumstances, but it's also a personal thing. I haven't paid mine off, even though I could.

black_taxi_2

Age 52 single, no children
work-self employed- salary £20k net

Assets;
Flat £100k
S&S ISA £0
Cash ISA £0
Deposit Account £3k
Pension Pot -state

Liabilities;
Mortgage £10k

once mortgage free next year,my mortgage payments will become savings/investments £834 a month.

p.s.---a few posts earlier/husband wife who retired earlier for health reasons---total respect and I hope your retirement has been good for you

ChesterDog

black_taxi wrote: »

p.s.---a few posts earlier/husband wife who retired earlier for health reasons---total respect and I hope your retirement has been good for you

How very kind of you. Thank you.

It all depends how you look at life. A really good friend of mine let slip in an unguarded moment recently that she felt our lives (in spite of a good degree of financial security) must be a nightmare due to my wife's progressive illness and my fulltime role as her carer. :-) I know what she meant, but there is not a day that passes when I don't reflect on and feel grateful for how fortunate we are in many ways. No rat race. No commuting. No stressful job, nor horrible debts. Walks with the dog in fresh air and sunshine. A pretty good financial cushion. How churlish it would be for me/us not to appreciate these things and to feel we have problems.

geelamch

ChesterDog wrote: »

Geelamch, a£1.2m property? Or is the calculation more complex?

Just asking out of interested curiosity, I hope you understand.

Haha should read 60000,
Wish it was £600000
Lol

lisyloo

overall breakdown, mortages, loans, income, savings, investments and pensions etc.

All joint figures (ages 45 & 47)

Mortgage - £166K
loans - 0
Income - £100K
savings - £172K
Investments £38K
Pension funds £400K

Not paying off the mortgage yet as it's 0.99% but most of the savings are earmarked to pay off the mortgage (so not willing to invest it).
Hoping to increase pension contributions shortly but waiting for business contract to come in.
Any suggestions gratefully received.

ChesterDog

geelamch wrote: »

Haha should read 60000,
Wish it was £600000
Lol

Aha. Fits into place now. Thanks for the clarification.

Minrich

Cotta wrote: »

Interesting thread indeed, so the general consensus is to invest smartly rather than paying your mortgage off ahead of schedule?

Get rid of debt ASAP , who knows whats round the corner