Item Familiars and Invested Spells

[Hanuman]

So using the UA's variant feat Item Familiar, how do invested spell slots work? You "invest" your highest level spell slot and gain one back 2 spell slots lower?

Please clarify?

[Vizzerdrix]

You still get to use the invested slots so long as you don't loose the item.

[Hanuman]

So this is how I'm reading it.

Let's say, a leve 9 wizard who can cast level 5 spells has an item familiar.

I can invest a level 5 spell, get a level 3 spell back, and each day I can cast both of them?

So, I channel the level 5 spell out of the item like a battery and the lack of needing the level 5 spell allows me to have an extra 3rd level spell, or what?


Also, that means if I lost the item I'd basically have to lose that 5th level spell slot and not gain the 3rd slot either?

Please clarify?

[Geddoe]

Also, that means if I lost the item I'd basically have to lose that 5th level spell slot and not gain the 3rd slot either?

Please clarify?

You have it right. Basically losing an item familiar you have put any real investment into means you need to roll a new character.