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Planning for the future, financially
05-12-2014, 04:05 AM
Hi guys
I'd like some advice/ideas/opinions on handling my finances going forward.
About me. 25 Male, engineer, decent paying job, recently purchased a flat.
In dollars I currently put away per month:
+- $410 into pension
+-$30 into a retirement annuity
+-$200 paying back a loan to my dad
+-$550 homeloan payment
I'm left with about $300 per month. I am tempted to put more money into my mortgage and pay off the flat quicker (interest at 9% p.a. currently). Investing into unit trusts and shares is also appealing...
What would you guys suggest?
regards
Phoenux
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Planning for the future, financially
05-12-2014, 05:25 PM
Quote: (05-12-2014 04:05 AM)Phoenux Wrote:
Hi guys
I'd like some advice/ideas/opinions on handling my finances going forward.
About me. 25 Male, engineer, decent paying job, recently purchased a flat.
In dollars I currently put away per month:
+- $410 into pension
+-$30 into a retirement annuity
+-$200 paying back a loan to my dad
+-$550 homeloan payment
I'm left with about $300 per month. I am tempted to put more money into my mortgage and pay off the flat quicker (interest at 9% p.a. currently). Investing into unit trusts and shares is also appealing...
What would you guys suggest?
regards
Phoenux
9%.....WTF??? Are rates over the top in England or what ?? I'm guessing that's where you live. Anyway...rates here in the US are still really low....under 5%. So, try to refi your property at a good...the best rate you can.
Sounds like you're doing good. Invest at least 10% of what you earn in growth or bluechip mutual funds. You're 25 so don't worry if the market crashes...it will recover...you've got a long long time. Just keep adding. Also...build a war chest savings account of 3-6 months expenses so if emergencies happen...you won't pillage your investment money. ALso....read the richest man in Babylon. I'm a US financial advisor by the way. Cheers mate!!
- One planet orbiting a star. Billions of stars in the galaxy. Billions of galaxies in the universe. Approach.
#BallsWin
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Planning for the future, financially
05-12-2014, 08:42 PM
"You either build or destroy,where you come from?"
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Planning for the future, financially
05-13-2014, 12:35 AM
^^^start there and practice the fundamentals until you master them.