Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter
in Savings & investments
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A. You get non specific ideas from various sources - here, books, blogs etc and are capable of, and happy to and have the time , apply these to your own circumstances
B. You need a dedicated person to draw this stuff our of you, point things out and make plans for you, you don't feel confident to do anything like this yourself, you don't have the time, or, you're just not very interested, and would rather take the fee of the IFA on the chin rather than have to sort it yourself.
Every individual needs to decide where they sit, and at different times in their lives they will likely flit between the two camps too!
I'm not one of those people who's against IFAs, or indeed passionately for them. They provide a service, some people will benefit hugely from it, others won't even need it. Every case is different really when it comes to investing/getting a lump etc
As much as I like this Forum, I wouldn't make decisions on £500k for my family based on the opinions expressed here, especially if I am a newbie to this board, but also because I wouldn't want to share all my details on an open Internet forum.
I'd have a good think about an extension - so many people seem to do extensions, then only really use the extended bit, which isn't a great use of the house.
You are incapable of basic mental arithmetic, understanding percentages, interest rates, averages etc., and/or you are incapable of assessing risk and return objectively, and/or you are lacking in at least basic IT skills.
Many seemingly normal people can struggle with some or all of the above, especially, but not necessarily, as they get older.
Invest in lower costs index funds
Put some of the money in fixed savings account
Put some of the money in instant access savings
Enjoyment pot holiday, hobbies, a car etc.
Great uncle was a London lawyer, no children, two properties, no desire to setup trusts etc so the taxman has taken at least £1.5m in his will, lots left to charity etc. My parents have also done very well from running their own business. My wife and i (and brother!) have never relied on them to bank roll us even though they could have done. We both thoroughly enjoy our jobs and don't have any 'wanting desires' to be doctors/lawyers/accountants etc. My wife works in the charity sector in her main. We both have a good work life balance which is crucial with the two children, again putting us off starting a business at the moment if we even found something to do.
RE the pride thing, yes Im sure there would be the feeling of that. We've paid into their JISA's from when they were born and as such, hopefully they will have a house deposit as and when the time is right but they don't know about this at all and have and will be brought up to have a solid work ethic.
RE food wise, completely agree. Try and do this in the main too but good point. Thanks. Always use local where possible and as sustainable options if we can.
Plenty of excellent advice and where to focus here. Our goal is to enhance our 'daily life' in the main whilst also achieving more 'financial freedom' and improving our property. Here's hoping.