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Last role of the dice!
Comments
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I wouldnt recommend the boat option - the purchase and running costs will be much more than you guess and will NOT provide a secure roof over your 2nd family's head if you were unable to work or no longer around. Licencing, mooring, maintenance etc could be a millstone around the neck in years to come when the income isn't there to support a deteriorating asset.
Far better in my opinion to get a mortgage on even a modest flat or house and get it paid off asap. Make sure you have life assurance to cover the mortgage and pay for your kiddies education,,,,and pay as much as you can into a pension vehicle. With £96k a year, even at your age, you should be able to make fair progress.
Just another couple of thoughts.....Have you made a will? Could your wife at least work part time to assist in making a more secure future for herself and family?:A Goddess :A0 -
Worst 'I got a good IT contract' post ever
With no real savings a boat is just going to be a further draw. I think people are getting hung up on your salary, you've hit a nice contract so you want to maximise your saving potential. I'd be tempted to look at BTL but it doens't sound like you have any savings so in reality I'd be talking to someone about pensions and saving as much as possible.0 -
I don't understand your dilemma at all. You have no savings but are currently in a high paid job - so start saving.
If you have a small child I'm guessing your wife must be quite a bit younger, so why can't she get a mortgage?0 -
richard101 wrote: »Thanks all. Its possible my 400pd doesn't really add up to much pa. What with no holiday pay, no sick pay, no pension, no benefits, and no training. ....
You chose to go freelance: your choice, you take the consequences. I've been an IT contractor too - that rate was not so uncommon, as well as higher.. but i was paying into my own pension scheme..0 -
If you have that much coming in and so little going out you will save for a deposit in no time. Just put the balance in the bank instead of spending it all!
Then get a mortgage and some life insurance.
It's not that hard to work out is it?
And if the wife goes for the boat idea she's as daft as ....0 -
A: I assume u run a company, and have an accountant?
B: Assuming you work 5 days a week, that's 2k a week, 8kish a month. So after your 500 rent and let's say 1000 bills etc, where is the other 6.5k??!!
C: u day u had a mortgage, what happened with that?
hi Guest101 I've an umbrella company. Its possible my 400pd doesn't really add up to much pa. What with no holiday pay, no sick pay, no pension, no benefits, and no training and therefore no career ladder. The divorce judge transferred ownership to my ex-wife so our (still young) children would have a stable home.0 -
theartfullodger wrote: »You chose to go freelance: your choice, you take the consequences. I've been an IT contractor too - that rate was not so uncommon, as well as higher.. but i was paying into my own pension scheme..
thanks theartfullodger. I'm not unhappy with my career choices - just explaining to those caught-up about the (on paper) salary. thanks for you advice.0 -
richard101 wrote: »hi Guest101 I've an umbrella company. Its possible my 400pd doesn't really add up to much pa. What with no holiday pay, no sick pay, no pension, no benefits, and no training and therefore no career ladder. The divorce judge transferred ownership to my ex-wife so our (still young) children would have a stable home.0
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sleepymans wrote: »I wouldnt recommend the boat option - the purchase and running costs will be much more than you guess and will NOT provide a secure roof over your 2nd family's head if you were unable to work or no longer around. Licencing, mooring, maintenance etc could be a millstone around the neck in years to come when the income isn't there to support a deteriorating asset.
Far better in my opinion to get a mortgage on even a modest flat or house and get it paid off asap. Make sure you have life assurance to cover the mortgage and pay for your kiddies education,,,,and pay as much as you can into a pension vehicle. With £96k a year, even at your age, you should be able to make fair progress.
Just another couple of thoughts.....Have you made a will? Could your wife at least work part time to assist in making a more secure future for herself and family?
Thanks sleepymans. too-easy for me to fixate on novel boat solution.0 -
Worst 'I got a good IT contract' post ever
With no real savings a boat is just going to be a further draw. I think people are getting hung up on your salary, you've hit a nice contract so you want to maximise your saving potential. I'd be tempted to look at BTL but it doens't sound like you have any savings so in reality I'd be talking to someone about pensions and saving as much as possible.
thanks Ozzuk, pensions - ok thanks for the advice. btw i would never be boastful. as fate would surely kick me in the nuts0
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