Reply to: What would you do with ones years income?

[ladymuck]

Thanks....appreciate it.

Can't talk about it on Facebook as I don't want to upset the elderly parents and LinkedIn isn't the place either....

.....so you bunch of mercenary, day rate obsessed contractors are going to have to put up with me 'sharing' for a while

No problem! Lost It has their own thread about their challenges. rants about the system and other stuff. You might find doing something similar quite cathartic

[NotAllThere]

Thanks....appreciate it.

Can't talk about it on Facebook as I don't want to upset the elderly parents and LinkedIn isn't the place either....

.....so you bunch of mercenary, day rate obsessed contractors are going to have to put up with me 'sharing' for a while

I think we can handle it.

[TheMortgageSquad]

Overpayment of a mortgage may not reduce interest. What often happens is that overpayments are kept in a non-interest holding account. BTW, on most mortgages, the day of the month for payment also makes no difference to interest so therefore it is always best to pay on the last day of the month. Read the small print.

It's only a few lenders whom work in this way, the majority of lenders nowadays actually apply the overpayments straight to the principle sum thus reducing the interest you pay straight away. Also the point about making the mortgage payment at the end of the month only applies if your mortgage interest is calculated on a monthly or annual basis which a lot of older mortgages were. However, with the vast majority of mortgages nowadays, interest is calculated on a daily basis so as soon as you make that monthly payment, interest is then recalculated on the lower balance the next day meaning it benefits you more to make the payment earlier in the month. Always ask your lender how frequently interest is calculated so you know which applies to your mortgage.

Another point to consider with paying the mortgage at the start of the month versus paying at the end of month is that should anything go wrong with your Direct Debit at the beginning of the month, you effectively have the remainder of that month to fix the issue and get the payment made so as it doesn't register as a late/missed payment on your credit file. If you opt to make the payment at the end of the end of the month and the payment doesn't go through, by the time you have fixed it, it would likely spill over into the next calendar month meaning you didn't make a payment in the month before and consequently would have a missed/late payment marker on your credit file.

[David71]

fingers crossed for both of you!

Thanks....appreciate it.

Can't talk about it on Facebook as I don't want to upset the elderly parents and LinkedIn isn't the place either....

.....so you bunch of mercenary, day rate obsessed contractors are going to have to put up with me 'sharing' for a while

[vetran]

FTFY, Fingers crossed for you, been too close that and have test next week to make sure still clear.

fingers crossed for both of you!

[Gibbon]

Depending on what the oncologist says tomorrow, I might have a chunk of life insurance to decide what to do with. I guess mortgage paid off, some to kids, and after the remainder on black in Vegas give the rest to the wife.

FTFY, Fingers crossed for you, been too close that and have test next week to make sure still clear.

[David71]

Depending on what the oncologist says tomorrow, I might have a chunk of life insurance to decide what to do with. I guess mortgage paid off, some to kids, and after some trips here and there, then the rest to the wife.

[edison]

I was in a similar position last year when I inherited a share of my dad's house equivalent to about two years gross contracting income. One thing I would suggest is to take your time to think about what to use it for considering your life goals, family/any dependents, current income, savings, outstanding debts like mortgages etc. Don't rush out and buy a fancy car or similar.

My outlook on life changed after my dad passed away. I now prioritise free time and experiences over anything material, and am thinking more about my kids' financial future.

In the end, I earmarked about a third of the money for paying towards the kids to go to university and a couple of long haul family holidays to visit extended family that my wife and I have thought about for 10 years but never got round to doing.

The rest is to give me more of a cushion to work less days per year over the next 5-6 years till I hit 60 odd and switch to more part time working.

[Unix]

Invest the money in time with the people who matter to you.

So arrange and pay for a monthly CUK jolly

[swamp]

Depends if he can get more in savings interest than what he's paying on mortgage interest.

It's usually worth overpaying (vs savings) if doing so will bring the LTV < 60%. The next mortgage renewal should then be cheaper.

[vetran]

If you have a microphallus, you could buy one of these to compensate:

if you have a microphallus and a small budget get a hairdresser's car?

[Zigenare]

I'm not waving my dick about.

If I wanted to do that I would buy a sports car rather than drive a Ford Torneo Connect.

You could try spelling lessons.

[TheDude]

One option is to post on an internet forum full of anoymous posters to wave your dick around and listen to the dreams of your peers.

I guess a lot of us will receive an inheritance of some size.

In any case the dick waving on this forum normally concerns day rate, property portfolio, the car you drive and the lady standing next to it in the photo.

At least there is a lot less dick waving about tax efficiency schemes these days.

[NotAllThere]

I got an inheritance 6 years ago. Each month I spent 1/12 of it buying shares over a wide range of sectors. It's grown in value quite nicely, despite Covid and Putin's war. Initially I had a subscription to fool.com, which I feel was value for money, as prior to that I was a newbie in the stock market.

[SueEllen]

Overpay the mortgage.

Depends if he can get more in savings interest than what he's paying on mortgage interest.