Independant Advice?
Discussion
I used to have a plan (family / home / job / cars and a financial future). Events over the last few years have meant that I have had to revise that plan somewhat.
However, I now feel like I need to make more significant changes in order to be happy, rather than just surviving (financially).
I've talked to my wife, who is also ready to make changes, however she's often a little un-realistic (looking at buying houses when I can't get a mortgage).
I've talked to my parents, and while I appreciate their advice, I can't help but think they are a little old fashioned in their ideas. They are also likely to both be directly affected by my actions, and conversely directly impact upon my own finances (only child, so future carer and inheritance issues).
I've talked to my accountant, who is good, but considers everything from a taxation point of view, rather than what is emotionally right for me.
I've talked to my mates, but whilst they are supportive, I can't help think they apply their own standards / ideals, which I guess is perfectly natural.
I don't really want to try a IFA, as I don't really want to be sold something I can't afford.
Do I just write my plan down, along with some figures and talk it through with each of them in turn until I get it right??????
However, I now feel like I need to make more significant changes in order to be happy, rather than just surviving (financially).
I've talked to my wife, who is also ready to make changes, however she's often a little un-realistic (looking at buying houses when I can't get a mortgage).
I've talked to my parents, and while I appreciate their advice, I can't help but think they are a little old fashioned in their ideas. They are also likely to both be directly affected by my actions, and conversely directly impact upon my own finances (only child, so future carer and inheritance issues).
I've talked to my accountant, who is good, but considers everything from a taxation point of view, rather than what is emotionally right for me.
I've talked to my mates, but whilst they are supportive, I can't help think they apply their own standards / ideals, which I guess is perfectly natural.
I don't really want to try a IFA, as I don't really want to be sold something I can't afford.
Do I just write my plan down, along with some figures and talk it through with each of them in turn until I get it right??????
What you are looking for is someone to tell you what you're doing is correct. Unfortunately no one has a crystal ball and can say that if you do this, this and this everything will be fine in the long run.
I've found myself in the same position as you when changing jobs, buying houses/ cars and other times and my advice to you would be listen to all parties but in the end make your own decision as ultimately it's going to affect you and you alone.
Write down a plan but, if you're like me, you're probably more concerned about what could go wrong (i.e. what you could lose) so also think about the worst case scenario and what you need to do to avoid that happening.
I've found myself in the same position as you when changing jobs, buying houses/ cars and other times and my advice to you would be listen to all parties but in the end make your own decision as ultimately it's going to affect you and you alone.
Write down a plan but, if you're like me, you're probably more concerned about what could go wrong (i.e. what you could lose) so also think about the worst case scenario and what you need to do to avoid that happening.
Thanks guys.
I know that the responsibility for my decisions lies solely with me.
I guess what I'm looking for is some sort of divine inspiration / guru who can magically combine both lifestyle and financial advice.
I've decided to put in place a plan that takes me through to the middle of January. Hopefully by then I'll have a slightly clearer picture and be able to produce a short term, medium term and longer term plans.
By then I'll have paid off all of my unsecured debts, just leaving me with a mortgage on BOE+1% and the monthly cost of running a house (bills, council tax, utilities, insurance and food).
I know that the responsibility for my decisions lies solely with me.
I guess what I'm looking for is some sort of divine inspiration / guru who can magically combine both lifestyle and financial advice.
I've decided to put in place a plan that takes me through to the middle of January. Hopefully by then I'll have a slightly clearer picture and be able to produce a short term, medium term and longer term plans.
By then I'll have paid off all of my unsecured debts, just leaving me with a mortgage on BOE+1% and the monthly cost of running a house (bills, council tax, utilities, insurance and food).
GuinnessMK said:
By then I'll have paid off all of my unsecured debts, just leaving me with a mortgage on BOE+1% and the monthly cost of running a house (bills, council tax, utilities, insurance and food).
That sounds like a great place to start. I assume your plans are something like starting your own business, starting a new career from scratch, relocating within the UK or emigrating abroad? Where I mentioned thinking about the worst case scenario above the one that always springs to mind is losing my job. In which case I just think we can strip expenditure down to mortgage, council tax, utilities, house insurance and food and work any job at minimum wage to cover them!
scotal said:
GuinnessMK said:
leaving me with a mortgage on BOE+1%
That's a pretty good rate.
However, it's things like this that confuse me. The changes to my financial circumstances mean I no longer have a regular monthly income. I'm now working from one contract to the next.
At the moment, I could either overpay the mortgage, or build up a pot of cash to tide me over in case the gap to the next contract becomes too long.
Alternatively, I could flog the house, pocket the equity, and go back to renting, which everyone seems to think is a bad idea.
mx stu said:
GuinnessMK said:
By then I'll have paid off all of my unsecured debts, just leaving me with a mortgage on BOE+1% and the monthly cost of running a house (bills, council tax, utilities, insurance and food).
That sounds like a great place to start. I assume your plans are something like starting your own business, starting a new career from scratch, relocating within the UK or emigrating abroad? My complication is that I'm just about to start year 4 of a 5 year part time degree. If I quit now, I'll be throwing away 3 years worth of hard work and expense. If I manage to pay for the final 2 years, combine it with contracting and having a life, then I'll fulfill every criteria to emigrate!
Getting the degree ticks so many more boxes than just the degree, in terms of professional qualifications, chartered memberships etc, I don't feel I can quit.
Selling the house, pocketing the equity, renting for 2 years would take a hell of a lot of pressure off!!
GuinnessMK said:
Pretty much spot on. Lost my company and therefore my job. Spent my cash reserve on living expenses. Started a new company / job, but without a regular customer, so I'm working from one contract to the next.
My complication is that I'm just about to start year 4 of a 5 year part time degree. If I quit now, I'll be throwing away 3 years worth of hard work and expense. If I manage to pay for the final 2 years, combine it with contracting and having a life, then I'll fulfill every criteria to emigrate!
Getting the degree ticks so many more boxes than just the degree, in terms of professional qualifications, chartered memberships etc, I don't feel I can quit.
Selling the house, pocketing the equity, renting for 2 years would take a hell of a lot of pressure off!!
Although I don't know any more than is posted above, I think the selling up and renting plan makes sense. My complication is that I'm just about to start year 4 of a 5 year part time degree. If I quit now, I'll be throwing away 3 years worth of hard work and expense. If I manage to pay for the final 2 years, combine it with contracting and having a life, then I'll fulfill every criteria to emigrate!
Getting the degree ticks so many more boxes than just the degree, in terms of professional qualifications, chartered memberships etc, I don't feel I can quit.
Selling the house, pocketing the equity, renting for 2 years would take a hell of a lot of pressure off!!
You have a plan that in two years you want to emigrate however the barrier to that could be not having the funds in place to finish the degree to enable you to qualify for the visa. You do however have funds within your house which remove that barrier.
The key for me would be selling the house and then trying to preserve as much of the equity as possible, i.e. renting as cheap as possible and keep living standards are low as you can accept, always having the end goal in mind!
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