where to invest 400k
Discussion
Hi all
Not bragging as I am not rich comparatively here, just laying out some facts
Following my testicular cancer diagnosis, i am potentially about to receive £400k of which £100k has already been paid.
I have a small mortgage relatively (£170k on a £400k home) which is being overpaid already and two rentals with mortgages of around £100k each on values at £250k each.
Have about £100k in a SIPP and around £100k in Unit Trusts
Where should i be best putting the money for the medium to longer term?
thank you
Not bragging as I am not rich comparatively here, just laying out some facts
Following my testicular cancer diagnosis, i am potentially about to receive £400k of which £100k has already been paid.
I have a small mortgage relatively (£170k on a £400k home) which is being overpaid already and two rentals with mortgages of around £100k each on values at £250k each.
Have about £100k in a SIPP and around £100k in Unit Trusts
Where should i be best putting the money for the medium to longer term?
thank you
Your tax position, age, marital status, children, and diagnosis should drive a lot of the advice here, along with the usual risk piece etc.
Pensions are great, but changing. Tax on rentals has changed. VCT and EIS have their place as do ISAa, but your circumstances are paramount and given the limited information provided the only good advice I'd give is to seek professional advice not internet ramblings.
Pensions are great, but changing. Tax on rentals has changed. VCT and EIS have their place as do ISAa, but your circumstances are paramount and given the limited information provided the only good advice I'd give is to seek professional advice not internet ramblings.
ellroy said:
Your tax position, age, marital status, children, and diagnosis should drive a lot of the advice here, along with the usual risk piece etc.
Pensions are great, but changing. Tax on rentals has changed. VCT and EIS have their place as do ISAa, but your circumstances are paramount and given the limited information provided the only good advice I'd give is to seek professional advice not internet ramblings.
Thanks broPensions are great, but changing. Tax on rentals has changed. VCT and EIS have their place as do ISAa, but your circumstances are paramount and given the limited information provided the only good advice I'd give is to seek professional advice not internet ramblings.
Higher rate taxpaper aged 43
Under surveillance with the cancer now every month for 2 years and maybe quarterly thereafter. Hasnt spread beyond the removed testicle based on last few ct scans and xrays. Blood tests show markers all normal now
Married with 2 kids aged 9 and 6 in fee paying schools :-(
I did consider paying off the two rentals but maybe closer to the change in rules
Can anyone recommend a good adviser please?
thanks
johnwilliams77 said:
Sorry, can't help, but all the best with the recovery. It's something I've raised money for in the past.
Ignore me if you like, but how come you are getting so much money?
Life/CI cover that I took out originally in my reckless 20s to cover the mortgage and buy to lets...Ignore me if you like, but how come you are getting so much money?
johnwilliams77 said:
Sorry, can't help, but all the best with the recovery. It's something I've raised money for in the past.
Ignore me if you like, but how come you are getting so much money?
Me and the OH have similar cover both life and critical illness, nothing too odd about it I think.Ignore me if you like, but how come you are getting so much money?
sunil4 said:
Thanks bro
Higher rate taxpaper aged 43
Under surveillance with the cancer now every month for 2 years and maybe quarterly thereafter. Hasnt spread beyond the removed testicle based on last few ct scans and xrays. Blood tests show markers all normal now
Married with 2 kids aged 9 and 6 in fee paying schools :-(
I did consider paying off the two rentals but maybe closer to the change in rules
Can anyone recommend a good adviser please?
thanks
Do nothing for a month, your head is going to be fried right now. In the event of your death, what might happen to your children if your wife then dies? What may happen to her and the children if she gets ill? Your margin for safety has just got a whole lot thinner.Higher rate taxpaper aged 43
Under surveillance with the cancer now every month for 2 years and maybe quarterly thereafter. Hasnt spread beyond the removed testicle based on last few ct scans and xrays. Blood tests show markers all normal now
Married with 2 kids aged 9 and 6 in fee paying schools :-(
I did consider paying off the two rentals but maybe closer to the change in rules
Can anyone recommend a good adviser please?
thanks
There are insurance companies out there who will underwrite you more kindly than others. You're not going to get cover now, but you may in a few years. My advice would be to address the matter of protection in advance so thst when you can be protected, you leap at it with unfettered ferocity!
In the event of your death, will you (and your wife) be badly exposed to Inheritance Tax?
I helped out with a probate case earlier this week, the person involved was so glad he had got cover before he was diagnosed with what was to be, a terminal condition. If you had your payout because of your diagnosis, it underscores how priceless it is. Not just to married clients either, single clients too, are just as badly exposed to a drop of income in the event of serious illness.
Good luck mate. Get the protection squared away first and then consider the investment strategy. Do things slowly. The last thing you need is stress.
Cheers Ginge
Yes the payouts are because of the condition. Priceless indeed.
A guy who used to work with my old IFA was an IFA himself. He was very overweight and couldnt get cheap enough cover because of it. He kept saying he would take it out when he lost weight. He died a year later, leaving his family in tatters as he was the only earner and had no cover :-(
Makes sense, i do need some more CI protection. My wife has a similar level of Life/ CI cover at the moment and we also have about another £270k of joint life, second death cover (not CI)
I took out the cover when I was single, almost 10 years before marriage. Annoyingly I cashed in my endowments about 5 years ago which had another £300k of life/ ci built in.
Yes the payouts are because of the condition. Priceless indeed.
A guy who used to work with my old IFA was an IFA himself. He was very overweight and couldnt get cheap enough cover because of it. He kept saying he would take it out when he lost weight. He died a year later, leaving his family in tatters as he was the only earner and had no cover :-(
Makes sense, i do need some more CI protection. My wife has a similar level of Life/ CI cover at the moment and we also have about another £270k of joint life, second death cover (not CI)
I took out the cover when I was single, almost 10 years before marriage. Annoyingly I cashed in my endowments about 5 years ago which had another £300k of life/ ci built in.
Edited by sunil4 on Saturday 27th February 17:54
If your wife has similar to you (is your life cover still in place?) and if you have the £270k, plus any capital in your rentals (and existing savings), you probably have an IHT liability. You may decide it's ok to put something back, you may decide to want to keep as much for your kids. Horses for courses. But it's simple to do, and it's free. Message me if you need a steer, I'm happy to help point you in the right direction with the insurer.
Nothing to add other than well done for spotting the tumour early. Many guys, for a variety of reasons, don't spot it early and the longer it brews, the worse the prognosis. CI/life cover cover is not something I have considered before....but definitely should given I have a non working spouse and young son.
My very best wishes to you, Sir
My very best wishes to you, Sir
Hey guys and gals
Sorry for the delay, busy weekend with the kids and a typical Monday at work.
Ginge, I will message you thank you, The £270k joint life, second death is still in force along with swmbos own cover but I have no first life cover of my own now so that's a priority,
I am sitting in my hands right now, thinking to clear the btl mortgages when the tax rules change so that's 200k out of the pot. Calling the bank tomorrow to get the offset set up and prob put 100k in that and leaves 100k which I will probably invest in equities via inv trusts drip feeding but that isn't decided yet...
How does that sound? Don't need to really keep any of it free as we have some instant access savings in case of rainy days etc
My tumour was 7.5cm when removed, I did ignore it for about a month as I thought it was fluid caused by a hernia but the gp sent me for a ultrasound and then demanded I go back and see him within a day once he had the results, the nhs were brilliant, within 10 days I was in for the operation. It's been a roller coaster, I was going through a tough patch with my wife to the point of having marriage counselling and even told her to leave with the kids when the doc gave me the news. I didn't tell anyone except my closest mate when we were at the kids football class on a sat morning and I just burst into tears in front of everyone.
I would advise all of you men to check your nuts often and don't ignore any abnormalities. I'm always telling my friends and family this who know about what happened to me.
The Royal marsden have been fab too on every visit, I am just lucky it hasn't yet spread...
Cheers and thank you
Sorry for the delay, busy weekend with the kids and a typical Monday at work.
Ginge, I will message you thank you, The £270k joint life, second death is still in force along with swmbos own cover but I have no first life cover of my own now so that's a priority,
I am sitting in my hands right now, thinking to clear the btl mortgages when the tax rules change so that's 200k out of the pot. Calling the bank tomorrow to get the offset set up and prob put 100k in that and leaves 100k which I will probably invest in equities via inv trusts drip feeding but that isn't decided yet...
How does that sound? Don't need to really keep any of it free as we have some instant access savings in case of rainy days etc
My tumour was 7.5cm when removed, I did ignore it for about a month as I thought it was fluid caused by a hernia but the gp sent me for a ultrasound and then demanded I go back and see him within a day once he had the results, the nhs were brilliant, within 10 days I was in for the operation. It's been a roller coaster, I was going through a tough patch with my wife to the point of having marriage counselling and even told her to leave with the kids when the doc gave me the news. I didn't tell anyone except my closest mate when we were at the kids football class on a sat morning and I just burst into tears in front of everyone.
I would advise all of you men to check your nuts often and don't ignore any abnormalities. I'm always telling my friends and family this who know about what happened to me.
The Royal marsden have been fab too on every visit, I am just lucky it hasn't yet spread...
Cheers and thank you
Edited by sunil4 on Monday 29th February 22:31
Edited by sunil4 on Monday 29th February 22:32
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