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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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20578133 No.20578133 [Reply] [Original]

lets talk about saving/investing strategies:

>24
>Have about £40k Savings
>£36k Salary
>Already got about £2k in various cryptos

How should I split up my savings? I was thinking
>5k Crypto
>10k Regularly invested in index funds
>20k towards house/apartment downpayment
>5k Emergency Fund/Savings

Also I can still save about £1500/Month before I move out later this year and rent with gf.

Is this a good plan /biz/?

>> No.20578374

Go 15k crypto, use your gains to buy stonks. Don’t put your savings in the greedy hands of jews. Just use your magical internet coins

>> No.20578811

>>20578133
Don't buy a house, buying mine was a huge mistake, if I invested my house deposit instead of acquiring debt I'd have enough money to buy the house outright by now. Of course real estate agents and landlords suck but if you can stick with it for another 3-5 years you'll be better off.

>> No.20578827

peepeepoopoo anon will be poor

>> No.20578877

>>20578133
>>20578811
For context, sure I've got 70k equity on the property and another 15k in advance but I'm still neg 250k and the bank hits me up with about 600-700 dollars interest a month and I'm on a pretty good rate. In the first couple years of the loan I was paying 900-1000 bucks interest a month on a slightly higher rate. Also, the local council fucks me out of over 2k a year in rates. Plus any time anything fucking breaks I have to fix it or replace it. Oven recently fucked itself so I'm forking out 3k for a new one and that doesn't include installation

>> No.20578921

>>20578811
>>20578877
Those dubs are pretty hard to deny. You don't think you'll make more from the property long term if you plan on selling?

>> No.20579046

>>20578921
It's my primary residence and best I could ever hope is to break even if I ever sell.

With investment properties (in kangaroo island) we can claim interest paid to the bank to offset our rental income which gets assessed at normal income rate. Also pretty sure we can claim lost rental income if the house is vacant up to a certain time.

If OP wants to buy property they should absolutely buy it as an investment rather than a primary residence and go for something low maintenance and relatively new. I fell for the DIY renovation meme.

I should also add I've got a wife and kids so having a stable place to live kind of emotionally offsets the loss on my property

>> No.20579260

>>20578133
completely depends on your financial goals, mine are personally more ambitious so I am acquiring more risk

>> No.20579305

>>20578877
>600-700 interest
wtf, how long is your mortgage, how much do you deposit every month?

>> No.20579342

>>20579260
How does one "acquire more risk"?

>> No.20579665

>>20579305
Also in dollarydoos
Mortgage is 30yr term
We put in about 5k a month. The extra amount in advance only reduces the amount they calculate the interest on and does not reduce the principle.
We have over a year in advance but we use that money for bills and random shit too.

At this rate we should have the house paid in about 13 years instead of 30