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My wife works for a large insurance company and she’s just told me one of their advisors she knows will give her some basic advice before taking it to a formal level.
careful how much weight you put on free advice, and how you'll manage that if you decide to ignore the helpful friend...
We had the option to empty all our cash savings and clear our mortgage which seemed like a great idea and I agree with those above saying how liberating it is to own your home.
You always need a buffer - 3 months minimum, ideally 12...
I wouldn't empty savings to pay off a mortgage (not that I have enough savings to do so), but should we benefit form an inheritance we'd definitely pay it off.
Despite the fact you can make more money not paying it off, I'm sure the benefit of knowing you can tell work to do one is quite liberating.
You always need a buffer – 3 months minimum, ideally 12…
But, if you don't have mortgage or rent to pay, the buffer you need is an awful lot smaller....