Reply to: Inheritance, Savings, IFA, House, Help.

[SueEllen]

She works in finance in the City. For a permie, she appears to do very well!

Encourage her career a lot.

And learning traditional DIY skills stereotyped as being manly.

[WTFH]

She works in finance in the City. For a permie, she appears to do very well!

You might want to check with Brillo. Although unless you're into older women, I doubt he's married anyone half his age (yet). He has invoiced clients in the city before. I was going to say he'd done work, but that would be pushing it.

[mattfx]

Is she loaded?

She works in finance in the City. For a permie, she appears to do very well!

[WTFH]

Did not see that one coming. It appears there are a couple hundred successful swims each year so I'm hoping she's safe from Brillo for now...

She might be one of his exes.

Is she loaded?

[mattfx]

Did not see that one coming. It appears there are a couple hundred successful swims each year so I'm hoping she's safe from Brillo for now...

[NotAllThere]

... and swam the channel a couple of years ago!

cue the assorted hordes looking for piccies of someone who swam the channel in 2015...

[mattfx]

To be fair, I've been with a lass who I'm really quite fond of for a few months now. Still early days but I don't feel any need to go looking for a trade in A trade up would also be pretty difficult - she's probably the most athletic person I've ever known and swam the channel a couple of years ago!

[TheFaQQer]

Rule no 1, don't take advice from old farts unless it's this

At 27 buy a £50K+ sports car, take a few years off and see the world (or take 6months off at very least) get a few new wardrobes of designer clothes, get your teeth, hair body fixed to the highest standards, the box at your favourite sport, get a hot new girlfriend, when you have spent £150K look for another contract

You are a long term dead

Would you not be better off saving the hot new girlfriend until you're a bit older than 27? If you can still get a 20yo when you're double her age (or more) then you're doing something right

[Lance]

I had considered the "live it up" option, but I think i'd rather work hard now so I can do that a little bit later on.

Living it up is a luxury wasted on the elderly.

You can do both (live and work) if you own your own house and have no ties. You're in a very fortunate position (other than all the dead people). You can contract when it suits and use bench time to travel. If you don't get enough bench time take 3 month 'sabbaticals'. You could also consider looking for work in other countries to do a bit of both. I hear Silicon Valley has lots of opportunities.

[SueEllen]

Thanks - I hadn't even really considered the stock market - clearly something I need to look into!

I had considered the "live it up" option, but I think i'd rather work hard now so I can do that a little bit later on.

You are only in your 20s once with a decent body or one you can easily get into a decent shape.

Take 6 months out at least before your 30 to "explore the world".

You may come back with a nice lady.

Also you've had a tulip time with close family deaths most people don't have until they are above 40 so you do deserve it.

[mattfx]

Thanks - I hadn't even really considered the stock market - clearly something I need to look into!

I had considered the "live it up" option, but I think i'd rather work hard now so I can do that a little bit later on.

Goes without saying the first thing I want to do is pay off my debt.

In terms of sports car naturally i had thought of that... I'm actually torn between upgrading my S2000 to a TVR, or buying a race car, towing vehicle, a trailer and doing a season in the BRSCC MX-5 championship...

[NotAllThere]

So speaks an idiot. Pile into stocks when they’re at an all time high. Stupid advice.

Says the guy who lost £10K on the election.

Unless you can time the market, now is always the best time to buy shares, if you plan to buy and hold. You can always spread the purchases over a year (or whatever). No-one knows how high prices will go, nor when the next crash will be, nor how severe it will be. If it's so severe it doesn't recover over a 20 year period, then we'll all have bigger problems than the value of our portfolio.

But if you are nervous, just put in to the stock market what you can afford to lose. If your holding is diverse enough, it's unlikely you'll be wiped out. Over a long period, you'll do well.

[BrilloPad]

And no votes for cocaine or hookers either.

[WTFH]

1. Pay off your £10k debt. You might be “effectively servicing” it, but that just means you’re paying interest for something you don’t need to pay interest on. The only time not to pay off a debt is when the interest rate on it is less than 1%
2. Buy a property. Renting is wasting money, and your fear of negative equity is something that is blown out of all proportion. Negative equity only happens when you go to sell your house. As long as you are still living in it, the value of it is irrelevant (unless you read the Daily Mail).
Find a property for around £300k, spend £200k of your inheritance and get a £100k mortgage. As long as you have a small mortgage on it, then negative equity isn’t even worth thinking about.
(I could go on)

To summarise:
1. Pay off your current debts
2. Buy a property with a small mortgage
3. Spend £50k on a good holiday and a nice car.
4. AFTER you’ve done that, then maybe invest the remainder.

[SueEllen]

No votes for Bitcoin?

Nah.

Votes are in order of popularity:
1. Buy a base you may like to live in but can rent rooms out in a nice area ensuring you have a small mortgage, or
2. Buy shares, or
3. Live it up as you only live once.

Think is if you do 1 then you can do 3 then 2 with the income you earn.

Oh and don't get married until you are well in your 30s.

And remember you don't have to be married to have kids.

Yes you will end up paying for the kids but remember there is nothing stopping you being the main parent e.g. find someone in the NHS after all you have provided somewhere for you all to live.