Struggling with feeling of missing out

eskbanker

pioruns said:

atush said:

imposterloster said:

Appreciate the feedback. It is a mental struggle for me!

Yes - unfortunately 100k won't really do much for me. Not that I have any particular purchases in mind. Another house deposit? its hassle being a multiple landlord already. Tesla? maybe? Nothing I wouldn't just dip into my pocket for. Wise choice is to sell 50k and be done with it. Hold the rest for pub conversations?

Dont think about spending it.  If you put it in your pension it will grow again immediately due to tax relief.

Excuse me, but how can one put 100k into a pension? I thought there is an allowance of 2880, unless you sacrifice your salary via employer pension scheme?

The £2,880 is for those without any earned income - anyone earning qualifying income can contribute the lower of that income or £40K per tax year, with carry-forward provisions of three further years to extend that.

bowlhead99

pioruns said:

atush said:

imposterloster said:

Appreciate the feedback. It is a mental struggle for me!

Yes - unfortunately 100k won't really do much for me. Not that I have any particular purchases in mind. Another house deposit? its hassle being a multiple landlord already. Tesla? maybe? Nothing I wouldn't just dip into my pocket for. Wise choice is to sell 50k and be done with it. Hold the rest for pub conversations?

Dont think about spending it.  If you put it in your pension it will grow again immediately due to tax relief.

Excuse me, but how can one put 100k into a pension? I thought there is an allowance of 2880, unless you sacrifice your salary via employer pension scheme?

It's only limited to £2880 net /£3600 gross if you don't have any relevant earnings above that level. For someone to whom a six figure crypto balance doesn't really make a difference to their life, perhaps they do have relevant earnings that can be used to support large one-off pension contributions.

If you have a job and at least £125k of employment income, or self employed business profits, you can put £100k net / £125k gross of that into a pension if you have sufficient annual allowance.

Though as the standard annual allowance is only £40k per year, and tapers down for people with really large incomes, you would need to have some spare unused annual allowance from previous years in order to have £100k+ of capacity within the allowance to make that sort of contribution in the current year.

mcooke999

pioruns said:

atush said:

imposterloster said:

Appreciate the feedback. It is a mental struggle for me!

Yes - unfortunately 100k won't really do much for me. Not that I have any particular purchases in mind. Another house deposit? its hassle being a multiple landlord already. Tesla? maybe? Nothing I wouldn't just dip into my pocket for. Wise choice is to sell 50k and be done with it. Hold the rest for pub conversations?

Dont think about spending it.  If you put it in your pension it will grow again immediately due to tax relief.

Excuse me, but how can one put 100k into a pension? I thought there is an allowance of 2880, unless you sacrifice your salary via employer pension scheme?

You can if you've unused allowances from previous tax years providing you have the relevant UK earnings to support the payment in this tax year.

aroominyork

I suggest you get yourself a huge damn reality check. Seriously, you have made a six figure sum which is not enough to make a material difference to your life, and you are concerned you will not make the millions that would help you join the super rich. 

I suggest you cash in this money which you came upon by fortune, give it to a charity, and then work out what exactly you do want your investments to do for you. 

LifesAGamble

The OP is Walter Mitty lol

imposterloster

aroominyork said:

I suggest you get yourself a huge damn reality check. Seriously, you have made a six figure sum which is not enough to make a material difference to your life, and you are concerned you will not make the millions that would help you join the super rich. 

I suggest you cash in this money which you came upon by fortune, give it to a charity, and then work out what exactly you do want your investments to do for you. 

I think this is a little unfair. If someone had a net worth of /10 compared to mine, wouldn't they pose a similar question? (i.e. 10k vs 100k) - it is relative after all.

I assumed the super rich are at the 100m+ levels and I am certainly way way way off that.

This tax year I am working abroad so I won't have any capital gains on these if I were to sell this year which makes it worth thinking about.

imposterloster

mcooke999 said:

Good decision, although I would have personally sold more!

Purely out of curiosity, could you tell us how much you initially invested, which crypto it was and roughly it's value now?

I bought 30 btc at roughly 300 each (probably 5 years ago?). Then due to some other circumstances I received 10 for free (an exchange malfunction) which was acknowledged and let me keep. 

I have been slowly selling off but I still have a fair few. Price today is $10k usd per btc

imposterloster

bowlhead99 said:

pioruns said:

atush said:

imposterloster said:

Appreciate the feedback. It is a mental struggle for me!

Yes - unfortunately 100k won't really do much for me. Not that I have any particular purchases in mind. Another house deposit? its hassle being a multiple landlord already. Tesla? maybe? Nothing I wouldn't just dip into my pocket for. Wise choice is to sell 50k and be done with it. Hold the rest for pub conversations?

Dont think about spending it.  If you put it in your pension it will grow again immediately due to tax relief.

Excuse me, but how can one put 100k into a pension? I thought there is an allowance of 2880, unless you sacrifice your salary via employer pension scheme?

It's only limited to £2880 net /£3600 gross if you don't have any relevant earnings above that level. For someone to whom a six figure crypto balance doesn't really make a difference to their life, perhaps they do have relevant earnings that can be used to support large one-off pension contributions.

If you have a job and at least £125k of employment income, or self employed business profits, you can put £100k net / £125k gross of that into a pension if you have sufficient annual allowance.

Though as the standard annual allowance is only £40k per year, and tapers down for people with really large incomes, you would need to have some spare unused annual allowance from previous years in order to have £100k+ of capacity within the allowance to make that sort of contribution in the current year.

This year I haven't made contributions as I am working abroad so am not constrained. I normally max it out. This year I'd be looking at 300k gbp take home at <10% tax - most of it has gone into a brokerage buying various stock.

I may look at working abroad again when I need to close out the positions.

mcooke999

imposterloster said:

bowlhead99 said:

pioruns said:

atush said:

imposterloster said:

Appreciate the feedback. It is a mental struggle for me!

Yes - unfortunately 100k won't really do much for me. Not that I have any particular purchases in mind. Another house deposit? its hassle being a multiple landlord already. Tesla? maybe? Nothing I wouldn't just dip into my pocket for. Wise choice is to sell 50k and be done with it. Hold the rest for pub conversations?

Dont think about spending it.  If you put it in your pension it will grow again immediately due to tax relief.

Excuse me, but how can one put 100k into a pension? I thought there is an allowance of 2880, unless you sacrifice your salary via employer pension scheme?

It's only limited to £2880 net /£3600 gross if you don't have any relevant earnings above that level. For someone to whom a six figure crypto balance doesn't really make a difference to their life, perhaps they do have relevant earnings that can be used to support large one-off pension contributions.

If you have a job and at least £125k of employment income, or self employed business profits, you can put £100k net / £125k gross of that into a pension if you have sufficient annual allowance.

Though as the standard annual allowance is only £40k per year, and tapers down for people with really large incomes, you would need to have some spare unused annual allowance from previous years in order to have £100k+ of capacity within the allowance to make that sort of contribution in the current year.

This year I haven't made contributions as I am working abroad so am not constrained. I normally max it out. This year I'd be looking at 300k gbp take home at <10% tax - most of it has gone into a brokerage buying various stock.

I may look at working abroad again when I need to close out the positions.

Well done, can I ask what you do for a living? 

imposterloster

mcooke999 said:

imposterloster said:

bowlhead99 said:

pioruns said:

atush said:

imposterloster said:

Appreciate the feedback. It is a mental struggle for me!

Yes - unfortunately 100k won't really do much for me. Not that I have any particular purchases in mind. Another house deposit? its hassle being a multiple landlord already. Tesla? maybe? Nothing I wouldn't just dip into my pocket for. Wise choice is to sell 50k and be done with it. Hold the rest for pub conversations?

Dont think about spending it.  If you put it in your pension it will grow again immediately due to tax relief.

Excuse me, but how can one put 100k into a pension? I thought there is an allowance of 2880, unless you sacrifice your salary via employer pension scheme?

It's only limited to £2880 net /£3600 gross if you don't have any relevant earnings above that level. For someone to whom a six figure crypto balance doesn't really make a difference to their life, perhaps they do have relevant earnings that can be used to support large one-off pension contributions.

If you have a job and at least £125k of employment income, or self employed business profits, you can put £100k net / £125k gross of that into a pension if you have sufficient annual allowance.

Though as the standard annual allowance is only £40k per year, and tapers down for people with really large incomes, you would need to have some spare unused annual allowance from previous years in order to have £100k+ of capacity within the allowance to make that sort of contribution in the current year.

This year I haven't made contributions as I am working abroad so am not constrained. I normally max it out. This year I'd be looking at 300k gbp take home at <10% tax - most of it has gone into a brokerage buying various stock.

I may look at working abroad again when I need to close out the positions.

Well done, can I ask what you do for a living? 

I'm a 24/7 punching bag in the world of finance.