Christmas lottery extraction 2022: I won the lottery but I don’t know where to invest: do I pay the mortgage? better fixed income or investment fund? | Gift

Toledo

If you were one of the winners of the Christmas lottery draw, take note of some of the advice offered by Globalcaja. The first thing is that if the tithe is shared, all the participants must go to collect it at the finance company at the same time. The reason is none other than to avoid having to make a donation later, with the consequent payment of the tax. If you do it all at once, the bank will deposit the premium amount less withholding tax into each of the listed checking accounts. Prizes whose entire amount is equal to or less than 40,000 euros will be exempt. Prizes whose total amount exceeds 40,000 euros will be taxed only for the part of them exceeding this amount, according to the Revenue Agency.

In the event of a pardon, the first thing to do is seek advice from the experts. If what we want is to get rid of debts, we will have to analyze several aspects. First, the interest rate of the debt in question. Jesús Cepeda, Product Manager for people at Globalization, explains that the interest rates on consumer loans or personal loans are higher than on a mortgage, so it will be more attractive to repay those loans. You also need to analyze the fees of said loans. Many entities charge for early repayments. One factor to take into consideration is the possibility of deducting the mortgage payment, a situation valid only for those who took out the loan before January 2013.

Is the fixed income coming back?

Interest rate hikes by the European Central Bank will not only make mortgages more expensive, but also make fixed-income products such as deposits attractive again. Naturally, the interest rates are lower than those of somewhat riskier products such as investment funds. Furthermore, within this category there are many types of investment funds and different types of risk. You may also consider investing in foreign currencies or in the stock market of other countries. Here you have to analyze the profile of each customer and his risk.

Pension plans, once one of the leading products of banks, have now lost their appeal due to the legislative change which brings the maximum annual contributions to 1,500 euros. Although there are some exceptions, such as those whose spouse receives income of less than $8,000 a year or generates no income at all and wants to contribute to their spouse’s plan regardless of what they contributed to yours. In the case of disabled people, the maximum annual contribution is 24,250 euros. Third parties related to that person can pay contributions of up to 10,000 euros per year when the limit has not been exceeded.