Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

to just want more than this?

32 replies

lecreusetpeppermill · 05/12/2021 00:03

Lived a very creative life, so has my partner. We prioritised this above all else, happily, and are now middle aged. We have not had kids and that's fine, and we chose to rent and are still renting.

I like this, to a point. I was never focused on the ordinary way of doing things, and have enjoyed my life so far; we are a bit 'boho' and i have no interest in living a prescription lifestyle. But as i get older, and after a few alterations to my circumstances, i am beginning to wonder...

I earn from my self employed work, wfh, and choose my jobs. It is easy money, 50% passive, and comes naturally to me, and often the work brings in great rewards both financially and emotionally. Sometimes my earnings are veeeeery low and this creates fear and stress. I would love to be able to earn another way and do my creative work for pleasure instead of stress.

But last year i inherited £30k. Prior to this i had just bobbed along and never thought much of changing anything. But money changes you, no matter how much you insist it won't.

I am now looking at an uncertain future, no idea if my income will rise, fall or disappear entirely in the years to come. It is often a matter of luck, even though i work very hard and have a lot of passion for what i do. I am very happy to continue renting, i like the options and freedom of this, but I do need to ensure that i can cover it indefinitely.
I do not like the idea of having to claim benefits, even though i support the system, respect those who use it, and am grateful for it being there. It just fills me with terror.

So i had this idea about investing in a new career. I am truly fed up with the uncertainty of my current work. I want to learn to drive, to feel secure and broaden my horizons. My DP is fine with this, although we don't share finances (our choice) so no issues there. I don't wish to change that, but i am bothered about my own life, as an individual. I want more choices and options, to use my money wisely. I may only have this one shot!

So i have this inheritance, and i am drawn to going into a career that i would have to train and pay for (around £9). This could supplement my existing income, if i can commit to it, and would enable me to live a very decent life into the far future and put back into the savings pot (which my current work would not). But I have been in my own little world for so many decades that I am frightened of doing it. But if i don't do it, invest in my future, I may end up screwed down the line. I keep telling myself i cant do it, etc.

Would you invest some of this money to train up for a good occupation that you would love and earn well from, or stay put with a precarious creative income? Whilst i am very satisfied with my work, i just want more, and some security for my future, so that i dont just dribble my inheritance away on rent, bills, when times get tough.

Is it worth the initial outlay to pay for the skills to further my job prospects?

OP posts:
lecreusetpeppermill · 05/12/2021 00:05

Sorry, the career i would have to train for would cost 9k not £9 Grin

if only!

OP posts:
SlB09 · 05/12/2021 00:07

Sounds like a no brainer if it would be a career you'd love and be interested in training for - go for it! It may be a hard lifestyle switch though and you would need to accept some kind of structure during training at the least. If your ready for that then no issue. Just choose what lifestyle you feel you could live with

Hunderland · 05/12/2021 02:34

I would look at getting on the property ladder if at all possible. Mortgages tend to be lower than rent so may remove some stress.

violetbunny · 05/12/2021 03:52

It's hard to say without knowing more detail.

Ultimately, what is your plan in the long term? Are you happy to keep renting forever, or do you want to buy at some point? Personally I want to be mortgage free and in my own home when I retire, the thought of being at the mercy of a landlord in my old age scares me. And keep in mind that as you near retirement age, it could be tougher to get a mortgage.

Having said that, if your current income is a bit precarious, then getting a mortgage might be an issue. Might be worth speaking to a mortgage broker just to see where you stand currently.

Do you need to retrain in order to generate a more stable income? If you're middle aged then presumably you've been working a long time already - so chance are you may have transferable skills. I would only invest in education if there is a clear path to a particular kind of job at the end (so I would work backwards from the job you want, and think specifically about what training is required).

UsernameInTheTown · 05/12/2021 06:10

House deposit. That's the most sensible thing to do longterm.

FindingMeno · 05/12/2021 06:17

I would spend the money on learning the new skill, keep an accessible emergency fund, and put the rest somewhere that you don't have instant access.

Antiqueanniesmagiclanternshow · 05/12/2021 06:22

Have you got a pension?

Alfixn · 05/12/2021 06:33

Absolutely do the training OP! It's only 9k out of your 30k so you will still have a nice lump sum from your inheritance that you can put towards other uses - but more importantly, you will be investing in yourself and your future, and possibly turning your 9k into a decent longterm income.

Giving yourself a chance to not only do something new and learn a new skill is a worthwhile endevour in its own right... but also this may be the best opportunity you will ever have to create a more stable income for yourself. If money and erratic income is your biggest stressor you will always regret an opportunity to change that for yourself. I think you'd be mad not to do it!!

(& as for the "get a mortgage" advice being given above... is that something that will make you happy? If so, fine, but you are MUCH more likely to get a mortgage with a stable income in place in the first place. If you decide owning a house isn't for you, fine too!)

CurtainTroubles · 05/12/2021 06:45

This reply has been deleted

Withdrawn at the user's request

allthegoodusernameshavegone · 05/12/2021 06:49

I would use the £30k for a deposit on a house, rent doesn’t go down when you retire but to be mortgage free would take the pressure off later financial requirements.

Snog · 05/12/2021 07:06

How will you have enough to pay your rent in retirement without benefits?

A state pension surely won't cover this?

PlumManor · 05/12/2021 07:14

This.

As someone middle aged myself, I’ve spent my whole working life putting into my pension and working full time until last year, it’s taken this long, 36 years, to pay for the house, get a bit put by and have an ok pension.

I would be terrified to be still renting and with only 30k which will surely get eaten up quickly when your income drops.

You won’t even get benefits with that buffer, not at first.

If spending 9k to retrain will massively improve your chances of earning well and making up the shortfall go for it!

SarahBellam · 05/12/2021 07:25

I think that is a fantastic thing to do with an inheritance. It would give me great pleasure to know that someone had spent money I’d given them on their education. It is time to invest in yourself and it will take you what, a year or two, to recover the £9k in increased earnings?

DeepaBeesKit · 05/12/2021 07:33

People who rent for life are often reliant on housing benefit in retirement, which often won't fund the sort of property you might hope to live in.

I would definitely consider the training but will your age limit you in starting the career? If it's a competitive field to enter you may find employers want youngsters.

DrNo007 · 05/12/2021 07:34

Definitely I would invest in the training! It’s a great idea. As a by the way, if it’s not too outing, may I ask what the training is? I am interested in doing some kind of training myself to improve income security in the future years but unsure what to choose and your choice may inspire some thoughts. Personal message me if needed.

Summersnake · 05/12/2021 07:34

Seriously
House deposit
How can you pay rent ,when you are to old to work

PooWillyNameChange · 05/12/2021 07:35

I disagree with others who say house deposit/pension. Those are sensible usually but if OPs income is precarious it won't go far really and a mortgage may be tricky. 30k in a pension will amount to £100/monthish before growth so a career where OP can focus on a couple of decades of contributions will be far more valuable (sorry OP not sure how old you are as middle aged seems to span a long way depending on how optimistic people are!)

My DH retrained for far less than £9k and went from circa £25k earnings to six figures.

Is it a coding bootcamp or something?

Jayaywhynot · 05/12/2021 07:44

Funny how middle age creeps up on us and gets us worrying about our old age, depressing isn't it 😉
I think you should use the money to retrain.
I wouldn't take on a mortgage in middle age, investing money in property has always been the advice people will give you but do you want a mortgage, would you be able to get one based on your up and down income? Unless of course you and your DP want to get a mortgage together.
If your happy to rent I'd continue to do that, you say you don't like benefits but you will be entitled to housing benefit to help pay your rent when you retire.
Sounds like you want to live in the now with a bit of security and put something away for your old age, id retrain and speak to a financial advisor regarding your options for the rest of your inheritance.
Good luck op

BurnedToast · 05/12/2021 07:48

Do you move regularly? As in, different areas or countries? If not, I'd look at buying a property as there is no poin renting if you're settled in an area.

FindingMeno · 05/12/2021 09:27

The other option is buying into an intentional community or buying a narrowboat if those lifestyles would appeal.

H0tJarSpicy · 05/12/2021 10:27

Learning to drive would definitely widen your job opportunities & provide you with more freedom.

The 9K course, would that course definitely lead to a better job ?

You could learn to drive
Buy a camper van

lecreusetpeppermill · 05/12/2021 12:15

Thanks everyone!

Really confused by the mortgage comments, i have never wanted one and am not going to begin now. Not everyone desires the exact same lifestyle or has the same priorities. Myself and DP are absolutely fine with renting and are not panic stricken by having to do this for an extra few years before care homes seize us and our savings or death itself knocks us out.

I dont give a fuck if my money goes to a landlord or not. It allows us freedom to move around, make choices that are important to us, etc. I really don't see why there is so much pressure on people to pay a mortgage to a bank instead so that for a few extra years of 'rent free' tacked on at the end of my life (and would rather not give up a career or artwork that i loved in my mid 60's) I can feel justified by having something to give to the council/private care home at the end.

I may have thought differently if i had had children, in fact i am sure i would.

My OP was focused upon using some of my money to retrain/study something I am excited about and love. I am of course planning to learn to drive but not convinced about the narrowboat Grin

OP posts:
lecreusetpeppermill · 05/12/2021 12:17

I think perhaps what many people can't get their heads around is that you absolutely can have decent savings and rent. It suits many people, so possibly best not to push the idea of a mortgage unless they show or express interest in doing it.

OP posts:
MatildaTheCat · 05/12/2021 12:29

Your plan sounds absolutely solid. You seem very sure you’d love your new career so it’s a bit of a no brainer if you want more financial security.

Having an artist friend it’s painful to see the amount of work and expense that goes into pieces that are mostly not sold. He did have a successful business in a related field but didn’t really enjoy the aspect of having to produce work to someone else’s specification ( or having any sort of a boss). If you are ok with that you should do well

FindingMeno · 05/12/2021 13:37

Yes, then definitely retrain.
You know deep down you want a narrowboat though Grin