TLDR...
Get an offset mortgage account where the account is only in your name.
Pension. Not Quite coke and hookers i know. But you have excess cash and need an investment. And I am assuming you are at least a basic rate taxpayer. How much of that 1.05mn personal allowance have you used up. To retire you want to be saving your age as a % of your income into some form of investment.
Buy a couple of mint Honda sp1 and sp2 bikes, they won't lose any cash and prices are in the up.
I bought a BMW Hp2 sport, cast iron cash maker that 😁
Motocross bike and a van.
Buy a couple of mint Honda sp1 and sp2 bikes
It has genuinely been considered already...
Thing is, I don’t have the storage space. I already have too many bikes hence 2 are going. I do have a “useable investment” in the form of an original Aprilia Tuono Limited, one of only 200 made and all in original condition and prices are slowly increasing for these so I’m keeping it low miles an original.
I guess what I really need is an original Foggy Rep 916SPS, they’re starting to change hands for crazy money and values are continuing to rise! 😂
Motocross bike and a van.
Don’t need the van. Have one with work anyway. Have considered an MX bike as I’m local to Apex Worcester and I’m quite good friends with the guy that runs it, but worried I’d be massively out of my depth and/or break myself. I’ve done a couple of Ady Smith’s Enduro days now so getting handier off road, I guess we’ll see, but it does appeal. It may be one for the future anyway, but not right now I don’t think.
To retire you want to be saving your age as a % of your income into some form of investment.
Got it... 40% of my take home pay on Coke and Hookers... 👍🏻 That should take care of me ever getting the opportunity to retire nicely! 😉
A deposit on a mansion somewhere in the Canary Islands to move to before Jan 2021.
A new Kona.
Obviously you would need to find a bit more money.
I think there's 3 options
Work less. Doesn't sound like you need the money, why not go part time and get more riding/motorcycling/other fun stuff in?
Trade in your bikes and motorbike for something top end. I know you don't need to, but you can easily spend £8-10k on top end bike these days without even fitting an electric motor, why not try it out, at least if you have anything a bit racy? Or get a "nicer" motorbike?
Invest it or put it in savings. But then you'll end up with more of a "problem" if it goes well, and stress if it doesn't. An offset mortgage could be an option. Also how is your pension pot? Mine *was* doing quite well until recently, I haven't got around to checking it as I've had more immediate problems.
Canary Islands
****ing terrible place to live...
Worked there for six months and the size of any of the islands is limiting.
It sounds like you’ve made up your mind, but I’m just going to put another vote out there for more money into the Vanguard ISA. From what I’ve seen, read and experienced (IANAFA) it’s time in the market rather than timing the market. Like other people here I took a hit a few months ago but it’s well up now, and certainly doing far better than the pitiful interest available in regular savings accounts. I reckon it’s that or the mortgage that’ll give you biggest bang for your buck.
Someone up there mentioned Mr Money Mustache, he’s pretty full on with his thinking but that doesn’t mean he doesn’t have some good points. For a more uh, British, view on things I quite like Monevator (and also Indeedably and Simple Living in Somerset while I’m here).
So, in the great tradition of ignoring all the best advice given, including my own, here's where the first £10k went... 😂
In my defence... I've always wanted one, the seller almost certainly under valued it, it's now a depreciation proof classic (the coupe's are already appreciating!), it's a lot more fun to drive than the TT it has replaced, the GF likes it (thank god!) and given the lack of viable foreign travel for the forseeable future, I expect it'll get used for a few UK mini breaks in the next 12 months at least so all good... I could sell it tomorrow for more than I paid for it, so in that respect, not a bad investment!
Also managed to sneak a wheel upgrade for my road bike in too (albeit I've sold a few other bits to cover the cost of the wheels), so need to get out on that and get some miles in now really!
As soon as I realise it, the next £10k will probably be going in a mix of Vanguard ISA and Premium Bonds, at least until such a position (hopefully in 5-6 months) when I change my mortgage and can overpay it without penalty. Next mortgage I'll be looking to save 2% APR anyway, so will be accruing a lot more equity in my house each month than I am currently for a given outlay. Fortunately, mine and the GF's jobs still appear totally safe even after the govt's announcements yesterday too, so as soon as I can do so without penalty, will pay off as much of the mortgage as possible whilst I can.
Nice car but...if parked outside your house, do tidy up the hedge and your neighbour's foliage is just unacceptable - by STW standards.
gold
put the spare money into the property especially if you want to rent it in future. Done wisely this will increase the value of the property and increase the rental income.
We have a small flat we rent out. Ok it was somewhat shabby but I put £12000 and a lot of my time into it. Doubled its rental value and put £30 000 on its sale value. In 7 years rental I get my £12000 back in increased rent ( or would have done if I hadn't reduced the rent due to the ruddy 'rona) and still get the capital increase
i may also be able to save say £100 p/m at the moment. its not a lot but better than my bank account sitting with a healthy balance but doing nowt.
ive got a HL s&s SIPP, and a vanguard or fidelity (cant remember which) s&s ISA.
do they cost the same to either chuck a lump sum into, or drip feed a monthly DD into? im thinking that if they charge a small amount for each transaction, then it may be better to just do 1 payment into? or am i mistaken?
and if theyre both the same, with the same tax implications, which would be better to put money into? (im 55 and want to retire at 60).
i think i asked this before on a thread but cant remember the answer and in true stw fashion i did neither at the time 😀
thanks
I've got a fair few shares in AstraZeneca. Since 2016 they have doubled in price. I don't really know much about stocks and shares, and understand this could all come crashing down, but to have 80K double in 4 years is pretty good. Will I ever take the money out of the shares is another thing, maybe I see it as a pension, or money for the kids etc, I don't fully know yet.
Godders
The first rule if investing is DIVERSIFY ... spread your risk man !!
It sounds like you dont think you've worked hard for that doubling of the money and so arent too worried about it ... but it'll be a shame to see it reduce.
Please get advise.... please please act on this matter.
And OP
Don't put money in the market for 6 months.... Investing, as opposed to saving, is a long term (read really long term) activity.
Good Luck all
Premium bond rates are shite now stick it all in some type of fund.
(Though I read recently that the bloke who predicted the sub prime crash is predicting some type of tracker fund crash...)
Godders
This is what I'd do
Transfer half over the to the wife, there's no tax implications.
Then each sell 12000 worth, again no (Capital Gains) tax implications.
Putting the funds into pensions to immediately receive 25% (more if higher earning) gain from the tax rebate.
Do that each year until your single stock holding is reduced to a far more balanced amount
MAybe one year put the funds into an ISA so you can get at some of it if needed.
Good luck
Give it to me. I will pay you back 100 per month. Promise 🙂
Sensible option is premium bonds. Everything else is risky at the moment.
Lunar:
Hold on tight and get ready for a roller coaster. I invested £10k 3 months ago; lost 23% in the first 2 weeks and am now sitting with a nice 15.2% return on my initial investment. If
Can we have an up date on this please.
Want to know if it's just me that's been poleaxed the last four weeks.
I'm down £2k since April at present.
put the spare money into the property especially if you want to rent it in future. Done wisely this will increase the value of the property and increase the rental income.
Yes, don't worry, that's the plan in future... Can't at the moment as still got another 5 months on a mortgage that we can't overpay without a heavy penalty.
Nice car but…if parked outside your house, do tidy up the hedge and your neighbour’s foliage is just unacceptable – by STW standards.
Not my house. Was a few houses down from my friends house when I parked it up on the way back from collecting it (she lives close to where I collected it from). I daren't take a pic on my driveway, as it needs weeding yet again! 😂
I mean ebike 🤷♂️
Apple shares.
NS&I rates have just cliff-edged to 0.01% (from November)
https://www.nsandi.com/income-bonds
So, as you’ve got the car, I’m going to say a couple of £5k Gold ingots.
