Me and my partner have worked hard and saved up about £12k. We have no debt, other than a mortgage (£215k over 20 yrs). We have a rainy day fund. We both work in public sector and earn a modest income each (we’re both well within the 20% tax bracket!).
We’d like to invest the money some way to make it work for us and help us and our two small children in the future. Investing scares me a little, I don’t understand it and don’t like risk.
Recently, both my little sister and my mum are looking to buy a house. My sister is buying her first home, my mum wants to downsize and become mortgage free (though she said this 18months ago and bought a home she couldn’t afford). I feel like I have an opportunity to help someone here and maybe grow our money?
What would you do? Help my sister and ask for a % of the sale (we could contribute to their mortgage?!)? Help my mum, but risk not getting any return for a long time as she’s not planning on moving again? Just pay off our own mortgage?! Or any other ideas?!
I know we’re very privileged to be in this position, I don’t want to squander it, and also we’d really like to help without risk of losing money.