Sunday, 10 May 2015

My Financial Priority

More than anything I want my boys to have a happy and financially sound future, I would hate for them to worry where the money to heat their house or feed their own children will come from.  The last thing I want is for them to be scrimping and struggling, desperately trying to make ends meet.  I have always been lucky if we have run into rocky territory my parents have always cushioned us, borrowing us money to get us back on our feet!!!  So I need to make wise investment decisions myself so I can provide the same level of security to my boys when they are older.  I am grateful for the bank of mum and dad, as I am sure countless other people are…

Fortunately things are slowly improving, we have bought the forever house now, so fingers crossed we do not have to face the cost of further legal fees, stamp duty and surveying costs for the considerable future.  We are tackling the renovation as best as we can, but hopefully it will unlock value in the property when the time comes to downsize, although I am not ready to think about an empty nest (I love my noisy little fledglings!).

My husband should start to have the occasional bonus if things go well at work; so then we will have to think about what best to do with any extra income.  I was reading about having an offshore bank account as one possibility, in its simplest terms it means banking in a different country.  This apparently has potential tax savings and can give you access to different types of investments that might currently be unavailable in your home country.

If we ever moved abroad I would use an offshore bank account if I wanted additional security with my money, especially when you think of Cyprus planning to tax people’s savings to sort out its own financial crisis!!!  If you have worked hard your whole life the last thing you need is the government dipping into your savings… fortunately they saw sense given enough public outrage but it’s always a worry having all your hypothetical eggs in own basket!

For now though I do not have much to worry about seeing as we have no real savings to speak off!  We are too busy replacing back to front radiators and trying to redecorate (seriously why do people keep painting on top of old wallpaper until its thick and stiff!).  Luckily we have some helpers.

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