Savings and Income - ISAs, BTLs, Pensions
Discussion
I know there's quite a few smart people on here so after a bit of advice/reassurance that I'm doing the right things with my finances. I'm early thirties, used to run a business which I sold a few years ago and put most of the proceeds into BTLs (and a car or two).
So current situation is i have 3 BTLs, one with a small mortgage on (£60k), and one with a huge mortgage on (£240k). They generate a little over £20k/year in income. I also have about £170k saved in a Share ISA (currently half invested in the market as I'm weary of a crash) which i guess I'm earmarking as my pension.
I still work as a self-employed contractor and in past years earn around £10-15k/year after tax. This year and for the foreseeable future I'm planning on working less and enjoying life more.
So is this the best strategy for me? Have i missed anything? I don't need much to live (i live in a camper van), with the new BTL tax changes in not sure it affects me because I'm a lower rate tax payer anyway, and the goal with those are to have those mortgages paid off eventually and to provide pure income. I work as little as possible, mainly to make enough each year to live and use up my personal income allowance and maximise my ISA saving, which i feel is important for the future...But I'm also always reminded that i could drop dead tomorrow! Wary of financial advisors as it's a minefield in my eyes...
So current situation is i have 3 BTLs, one with a small mortgage on (£60k), and one with a huge mortgage on (£240k). They generate a little over £20k/year in income. I also have about £170k saved in a Share ISA (currently half invested in the market as I'm weary of a crash) which i guess I'm earmarking as my pension.
I still work as a self-employed contractor and in past years earn around £10-15k/year after tax. This year and for the foreseeable future I'm planning on working less and enjoying life more.
So is this the best strategy for me? Have i missed anything? I don't need much to live (i live in a camper van), with the new BTL tax changes in not sure it affects me because I'm a lower rate tax payer anyway, and the goal with those are to have those mortgages paid off eventually and to provide pure income. I work as little as possible, mainly to make enough each year to live and use up my personal income allowance and maximise my ISA saving, which i feel is important for the future...But I'm also always reminded that i could drop dead tomorrow! Wary of financial advisors as it's a minefield in my eyes...
Yes i found one on Landlord Zone thanks. It depends on how much i earn each year but i can probably get away with £15k/year without pushing into the higher rate.
Interesting idea about a management company, as that'll mean i can use dividends etc to adjust my income as efficiently as possible. I'm assuming there's no HMRC tax avoidance issues with this?
Interesting idea about a management company, as that'll mean i can use dividends etc to adjust my income as efficiently as possible. I'm assuming there's no HMRC tax avoidance issues with this?
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