That’s what the cards say this morning. Over a thousand days ago, so in the middle of February 2009, I made a big fat non-decision regarding a very large sum of money (to me).
The large sum came my way a few months prior. After talking with a financial advisor (yes, I actually went to see one because I didn’t know what to do about my expiring mortgage deal), I decided to take some of the equity out of my flat so that I would have a deposit to buy someplace else. A place I actually wanted to live in.
But about two weeks after I signed a new mortgage deal and this chunk of equity hit my bank account, the entire global economy collapsed.
I had been incredibly lucky, I’d signed what would turn out to be an unbelievable mortgage deal (a lifetime tracker*) and received a stack of cash literally days before no bank planning to stay in business would have agreed to either.
But because the economy did collapse, I could no longer use this sum as I’d intended. Like millions of other people, I wasn’t about to be offered a mortgage on a new property by any bank for a long, long time.
Since I’ve never had so much money all at once (roughly equal to half my salary), I was too scared to touch it; so I just left it there. Sitting in my current account.
About five months later, in February 2009, my bank called me to ask if I was actually insane. That no one should leave this amount of cash sitting in a current account where a) it could be stolen if someone had access to my card and b) it was making virtually zero interest. And so I agreed that they should set up a new account, a savings account, one where the money would earn a little interest and be safer.
And then I went straight back to being too scared to touch the money.
That was over a thousand days ago and this week’s card, the mighty King of Hearts insists that I stop being such a loser about this and find a better place to put what may be a large sum to me, but is still not large enough to be much use in terms of buying a new place to live.
I’m already feeling like I need way more than a week to work this one out — where is the best place to put this money? But in fact all I really have to do is compare saving options. Once I do, it may become more obvious … hopefully.
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* Repayments on tracker mortgages “track” to the rates from the Bank of England’s base interest rate. Which means repayments aren’t fixed, but vary and which has also meant since the collapse of interest rates that the repayments can be and in my case are, extremely low. Over the course of early 2009 what I had to pay monthly on my mortgage went from almost £2,000 to just under £200. While I haven’t seen much press on it in the UK, in Ireland the banks went crazy trying to back buy tracker mortgages from customers since in the current times trackers favour us, not them.