Your Financial Setup

The_White_Horse

This thread makes me feel like I have not saved enough. Despite having a decent salary - at the moment, with a non-working wife and two kids under 6 I just don't have anything left each month to save. Maybe when my wife returns to work we will be able to save more - that said, when she does, we need to move to a bigger house.

I think people in and around London who bought in the 2000's rather than the 90's will generally be stuck with very high mortgages with payments that eat a substantial part of your salary even at low interest rates!

cloud_dog

Cotta wrote: »

Sorry I was just using a simple exampe as to why many would opt to pay off debt ahead of investing. I don't think I've explained myself very well though. :cool:

No probs....

dano17439

Me and my wife both 38, one child age 8. Joint Salary package of circa 98k

Assets
245k - 3 bed house
13k - 2 x cars
90k - joint pension funds
3k - short term savings

Liabilites
132k - Mortgage
2k - 0% interest short term debt

racing_blue

Age 39, married, self employed.

Never been a spender. My car is 11 years old and appears to be worth about £600, which seems kind of wrong as it reliably gets me from A to B, has leather seats and a great audio system. Wife does not drive but has a bike.

I have two other posessions of any real value: a piano worth maybe £500 and a lawnmower worth about £300.

In cash, I have just about enough to meet January's tax bill.

investments: S&S ISAS £123k

Got a house and a shop, both mortgaged. Got a SIPP.

WatsonNimrod

Interesting stuff, I'm also one of these people who has never seen the point of a flashy car, I drive a prehistoric merc that was flash in its day, but that was way before I bought it at a repo sale in Marbella 10 years ago!!

planteria

racing_blue wrote: »

Age 39, married, self employed.

Never been a spender. My car is 11 years old and appears to be worth about £600, which seems kind of wrong as it reliably gets me from A to B, has leather seats and a great audio system. Wife does not drive but has a bike.

I have two other posessions of any real value: a piano worth maybe £500 and a lawnmower worth about £300.

In cash, I have just about enough to meet January's tax bill.

investments: S&S ISAS £123k

Got a house and a shop, both mortgaged. Got a SIPP.

i really like this summary:)

the value of your mower, but not your SIPP;)

100saving

22 years old earning 19k a year then about £1500 on other things total about 21k
Saving since Jan 2012
London based.

Savings:
Barclays Cash ISA - £8400 @ 2.25%
Nationwide FlexDirect - £1900 @ 5%
First Direct Regular Saving - £1800 @ 6% (6 of 12 payments done)
Total Saving pot: £12,100

Car: £4,500
Other assists: £3,000

Total Net: £19,600

No loans

Save aholic watching every penny i can maximising my saving the best way i can. earning every extra penny i can. doing it all on my own with no help from anyone!!

I have always been interested in property and aim to buy a house in the next year or two, then looking to buy another in the next 5-10 years to use as an investment (buy to let, holiday let)

racing_blue

planteria wrote: »

i really like this summary:)

the value of your mower, but not your SIPP;)

Ha! Thing is I can't use my SIPP for 16 years, but I could use my mower this afternoon!

What I'm finding interesting about this thread is the ways people are replying, how each person explains their "financial setup" slightly differently.

richbeth

An interesting thread, we're married no kids, both work, age 46/47

Assets
home ca £650/700k (3/4 bed bungalow just outside m25...)
ISAs ca £60k
Shares ca £15k
DC pension funds ca £340k
plus £20k final salary pensions
cars ca £25k

liabilities
mortgage
net balance ca £65k (£210k mort plus £145k in an offset account which doubles as the rainy day fund)

We've worked hard and taken some risks, moved house a few times in our thirties for work but made sure we bought something which needed work so we added value. However we've had financial targets and I'm certain we wouldn't be in such a healthy position if we didn't as they really focus your mind when it comes to making big spending decisions.

R

avfc1982

Like the thread. My wife and I recently married this year, both 33, she's currently a full time student, my salary circa £80k but dependent on contacts.

Assets
£400,000 - 2 bed flat in London
£115,000 - BTL (our 50% share)
£6,000 - Car
£48,500 - HYP shares plus a few speculative punts (most of which haven't paid off!)
£50,000 - S&S ISA's
£33,000 - SIPPs
£42,500 - ISA Savings
£48,000 - Cash Savings & Current Accounts

Total - £743,000

Liabilites
£201,000 - Mortgage (London Flat)
£50,000 - BTL Mortgage (our 50% share of mortgage)
£10,500 - Student Loans
£10,000 - Post Grad Loan (Interest free until compleiton of wifes uni course so will pay back in full once due)
£3,900 - Credit Card Balance (paid off in full each month)

Total - £275,400

I'd say we've been failry lucky with our property purchases in London but also save pretty hard, although it's definitley not the wifes influence as she's happy to spend away!

Saving pretty hard during the early (and good) times will hopefully bring it's rewards, aiming to retire at 50.