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investing advice
I am throwing this out to everyone - any advice is welcome.
I am planning to downsize - it just makes more sense now. As my husband and I work independently (a fixed salary is impossible - some months are ok and other months are disastrous - but we have managed), I'm just wondering if it would be better to take at least a majority of the loan from the bank and invest the cash we will get from our house so that we can have a pension plan set for it. Who would be the right person to advise me? My mortgage will be fully paid up in a year. Thanks so much
If you have an irregular income, and you will shortly also have paid off entirely your mortgage, immediately taking on extra debt again to 'invest in a pension' would be incredibly unwise and very irresponsible.
Personally I can't see any circumstances in which I advise anyone to go to a financial advisor with this sort of an idea as all they're going to see in you is a couple of massive commission payments in rearranging your mortgage and setting up an investment portfolio. You'll easily lose thousands before you even start.
Your best course of action now would be in a year once you've paid off your mortgage, take the amounts you were paying on mortgage and invest that. As independent workers, there are tax incentives and benefits to investing for your own pension. Go and speak with your Caisses d'assurances sociales, i.e. whoever it is that you pay your social security to, as they will have (or can point you in the direction of) pension experts to advise their customers. You will also be able to save/invest in a tax efficient method that suits your earnings profile.
