Well if you can handle seeing a minus number / percentage on your portfolio then you’ll be fine investing. But I would say make sure you talk it through with your wife and get aligned and understood on what both of you want going forward regarding buying vs. renting as it could be something engrained from her childhood which is telling her to buy and you don’t want to be pushing against each other.
Search trinity study 4 percent rule on google, basically it was paper put together by 3 professors at Trinity University looking at a ‘safe withdrawal’ rate for a balanced portfolio with the idea of not running out of money during retirement. So this is linked to your FIRE number, financially independent retire early. So you would take your living expenses per month, X by 12 to get that per annum. Then take your yearly expense number and times by 25. That’s you’re fire number if you withdraw 4% per year from your portfolio once accounting for growth and dividends. Mine for example is,
2,000 X 12 = 24,000 per year.
24,000 X 25 = 600,000 - Fire Number
600,000 X 0.04 (4%) = 24,000
If I had my 600,000 in an index fund and it grew at 8% per annum, and I withdrew the equivalent of 2,000 a month after 10 years it would have grown to £935,106.45
So it grows over time too even though you’re withdrawing a little from it and not working.
Just for context the fund I invest in through Vanguard is currently up 16.35%… and I got in well after March 2020