I hope I'm posting this in the right place. I'm just trying to get my head around planning for my children's future and managing that with my partner.
Right now there is a massive discrepancy between us, but I know that could change.
I am mortgage free thanks to an inheritance, and I'm working full time in a well paying job. My DC's dad is also highly paid.
My partner has £30k debt so can't borrow anything (not that he needs to particularly) right now his job is extremely low-paid, although that is due to rise - and could easily rise much higher than mine (although only if he wants it to) his children's mum is really low paid. So he's really conscious that his children have less than mine.
We live together so it's an issue which always comes up - no matter how much we try to address it.
Anyway my head has been so full of that I've realised that as my children are teens I want to start planning for the next steps. My son is going to Uni and I think it would be good if I bought a flat for him to live in, then I could rent it out or sell when he finishes Uni.
My daughter may not go to uni, but either way- we want to open a little shop in our town. I thought I could investigate buying one of the business premises for sale, and possibly lease it out if we didn't use it for our own business.
I suppose I m posting here to see if that kind of thing is possible since I own a house outright. I don't want to jeopardise my home but I realise it would be used as security with these purchases.
Just interested to hear peoples' thoughts really.