Lots of talk on the board today about warchests.
I would be really appreciative of some advice
I am in my mid-thirties and have focused on driving down the mortgage for the last 5/6 years. So my warchest is circa £40K (clear)
I am now getting to nearly the end of paying off the mortgage, I have got married and we are now going to escape the country. So this property is going to be sold next year and a new (probably more expensive) property will be purchased.
I was thinking about my options.
I see the house that I have paid for very much as my pension pot + deposit for a new house.
So here is the multi-part question to my esteemed colleagues:
1: Should I put all of the money from this house into the new house lowering mortgage payments and hence debt level at the start, allowing a quicker exit from debt, or should I just pay the minimum deposit and invest the rest of the money in another pot (maybe even a holiday property) which is specific for the pension and doesn't represent the house that we live in.
2: Can/Should I be investing in investment opportunities from with the business. If I am comfortable with a liquid warchest of £40K should I then look to begin a portfolio of other investments (shares, property, gold etc) from within the business, with any income over and above the £40K. With the intention being that these will represent income streams other than consultancy in the mid to long term future.
I would be really appreciative of some advice
I am in my mid-thirties and have focused on driving down the mortgage for the last 5/6 years. So my warchest is circa £40K (clear)
I am now getting to nearly the end of paying off the mortgage, I have got married and we are now going to escape the country. So this property is going to be sold next year and a new (probably more expensive) property will be purchased.
I was thinking about my options.
I see the house that I have paid for very much as my pension pot + deposit for a new house.
So here is the multi-part question to my esteemed colleagues:
1: Should I put all of the money from this house into the new house lowering mortgage payments and hence debt level at the start, allowing a quicker exit from debt, or should I just pay the minimum deposit and invest the rest of the money in another pot (maybe even a holiday property) which is specific for the pension and doesn't represent the house that we live in.
2: Can/Should I be investing in investment opportunities from with the business. If I am comfortable with a liquid warchest of £40K should I then look to begin a portfolio of other investments (shares, property, gold etc) from within the business, with any income over and above the £40K. With the intention being that these will represent income streams other than consultancy in the mid to long term future.
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