So I was involved in an accident and lost a leg some years ago. As push comes to shove, I'm moving into territory where there'll be a substantial lump sum. (~400k).
I earn decent money, but due to circumstances havent been saving a lot. My dilemna now is that I have to make sure I can afford the ongoing medical expenses associated with the injury, prosthetics arent cheap and wear out every 3 to 5 years.
I was thinking first and foremost I should buy a house at an amount that leaves me with 5-10 years of expected expenses left over. My plan was to run a 3 tiered level of liquidity, with the primary shelter bricks and mortar being the least liquid asset, a high interest savings account for a cash liquid asset, then taking the usual rent/mortgage payments and investing with that money, to ensure it grows over time. Any time I required medical treatment, I would take it from the cash reserve, and the next time the price is right, liquidate some of the stock capital, continueing to reinvest both the dividends and the monthly amount that I'm setting aside to grow it back to pre liquid levels and beyond.
Does anyone see any flaws with this or can offer better advice? I really would prefer not to find myself opting for the pirates peg in a few years time because I've blown the money intended to buy the whiz bang model.
Submitted February 13, 2017 at 08:02AM by OneLeggedFella http://ift.tt/2kZAI5l
