# Financial advice.



## Mike_Wizz (Aug 5, 2013)

So I'm in an odd situation that I need some advice on.. I come in to a decent sum of money but haven't got a clue what to do with it but don't want to just waste it away. So I've spent years working two jobs doing 60 odd hour weeks and saving like mad to get a house while supporting my family which I've done now, however I just got left a load of money and don't quite know what to do with it. Anyone got good ideas 

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## sshooie (May 15, 2007)

Seek professional, INDEPENDENT advice.

Instead of a pension I have put mine into property and that works well for me, but everyone is different.


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## DrEskimo (Jan 7, 2016)

Would invest it in property too. But it depends on the area (location location location...).

Might be a good time to take advantage of the new low interest rates on mortgages too...


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## justina3 (Jan 11, 2008)

depends on your skill set, if your good with cars then maybe buying and selling a few cars for example, 

property is always a safe haven even more so if your cash buyer that said the rental market isnt for everyone and as easy as it seems its hard work also a lot of new legislation has recently come in making it harder to self let and pushing you towards an agent. 

I have never got on with financial advisors myself but no harm in hearing a few out.


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## ffrs1444 (Jun 7, 2008)

Buy a house and rent it out


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## robertdon777 (Nov 3, 2005)

If you have a Mortgage... Pay it off.

If Not.... Buy Another House, rent it.

Buy some old Rolex watches and Keep them. Wear them on special occassions....they won't lose value.


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## Mike_Wizz (Aug 5, 2013)

Well I only bought my house a short time ago. Does anyone know how it works with buy to let I guess my mortgage counts against me for borrowing more... or does the lending depend on the income capabilities of the property purchased?? 
I don't have enough to pay my mortgage off plus have a 2 year early repayment charge. Also not enough to outright buy another place but enough to put more than the minimum deposit... 

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## Mike_Wizz (Aug 5, 2013)

Also thanks for all the ideas guys I appreciate it.. I've never had spare money 

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## Mattwilko92 (Aug 4, 2008)

Ok so going off your post you have come into tens of thousands and not millions. Theres no right or wrong answer to be honest and "the best thing to do" is going to differ.

All i can say is if it was me, id pay a large chunk of my mortgage off (even with early repayment charges the interest you'll save on the total mortgage term is worth it) and i'd keep some aside for an emergency (boiler/car breakdown).


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## robertdon777 (Nov 3, 2005)

Yep pay off as much mortgage as you can, no matter what rate you are on the law of averages means if you borrowed £100K of a bank over 25 years they will get back £200K.


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