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... if you did, as in actual spare money left over after all the mundane stuff like paying off credit / mortgage, what would you do with it?
I'm thinking:
Buy fixer-upper houses, fix them up and sell them on.
Buy fixer-upper houses, fix them up and rent them out.
Start a small business, maybe a pretentious artisan coffee shop somewhere affluent.
Any or all of the above after first relocating to a country that isn't looking like it's about to implode.
C&H, obviously.
WWSTWD?
Buy fixer-upper houses, fix them up and sell them on.
This.
Particular set of skills and all that.
I'd also open a florist. Just so I could drive the van to deliver the flowers.
Cake shop.
Everyone likes cake.
I'd buy a campsite.
I'd put it in the bank and live off it for the rest of my life.
Its an interesting amount of money. Not enough for a jet set life style but invested well could net you £50k a year for the rest of your life. Certainly enough to go and do something fun. For me, buy property for rental. You get a nice income and you have a tangible asset, both of which should rise largely in line with inflation.
I’d buy a bigger boat..
Start a small business, dont really care what* as the idea would be to get it running, hire a manager and retire as a director. Not 'buy myself a job' as some people do. Doing up houses just looks like paying money to be a better paid labourer unless youre actually a good project manager in which case you could probably earn more working in engineering and not get your hands dirty. With half a million you could at least buy land, have houses built and make some serious money.
But really thats probably only going to take £20k-£30k investment. The rest Id probably just put in a pension as a safe investment and retire on!
*within reason, I could make anything from soap, to beer to bike parts with enough enthusiasm not to be bored.
18333333 Blackjacks
18333333 Fruit Salads
18333334 Mojos.
retire...
That should read French Gites and campsite, but it was hard enough to type in a phone and I am not going to delve in to the delights of editing it
18333333 Blackjacks
18333333 Fruit Salads
18333334 Mojos.
What will you do with the ha'penny change?
Pack in (paid) work and pay myself 24k a year for the next 22 years.
Buy a boat, sail around the world repeatedly until eaither dead, or skint, preferably the former.
Maybe invest in some skills I can take with me (fixing stuff, languages etc). Put the change into a property to rent out in <random country>.
I’d buy a campsite.
Damn, I wish I'd thought of that. A mate of mine works in films (Hollywood, not top shelf) and has used the proceeds to do just that. He seems to be living the life of riley.
I’d put it in the bank and live off it for the rest of my life.
Isn't the interest there about five grand a year? Or is my maths off?
Oh, or do you mean spending it? What's that, £25k/year for 20 years? I was kind of hoping to last a bit longer than that TBH!
I’d post on an Internet forum for financial advice rather than speak to a professional.
Oh, or do you mean spending it? What’s that, £25k/year for 20 years? I was kind of hoping to last a bit longer than that TBH!
Why would I need that much a year if my mortgage was paid off?
Get a couple of investment properties to rent out.
Go and live in Asia close to a beach and good diving locations for 5 years while doing an open university degree course, perhaps spend 6 months at a location before moving onto another.
After 5 years make a new plan.
Why would I need that much a year if my mortgage was paid off?
Good point. Need, probably not. It could fund some expensive hobbies or holidays though, nicer car maybe?
Its an interesting amount of money. Not enough for a jet set life style but invested well could net you £50k a year for the rest of your life
You must be a good Investor to get that.
C&H?
I'd avoid property as an investment at the moment.
It's just gut feel, We're buying (hopefully) in the next few months so I spend my evenings window shopping on Rightmove, I see decent houses sit around for 6, 12 even 18 months before being discounted heavily and then sell below asking. My Boss almost lost a sale because the mortgage co didn't agree with the price and knocked it back 7%, another guy had to pull out of a purchase because they did they same, but the seller wouldn't budge, that was 6 months ago, it's now for sale below the mortgage cos value, but not sold.
Personally, until at least 1st Nov, I'd be looking at something really safe and really inflation proof, Gold probably although I don't pretend to know it's current value or outlook. Trade war between US and China, stupid Brexit, plus even if that isn't resolved we're likely to have been in recession this quarter and last, the headlines alone will cause more than ripples.
Like notspoon says. The first guy I worked for, who was not eyewateringly rich but was more comfortable than necessary told all of us that if you want to be financial sound you need to stop working for your money. You need to take time off to eat, sleep and, well, other things. So you put your money in places where it works 24/7.
So I'd invest it. Maybe rental properties, although those require maintenance. Boring but shares that pay dividends. Funds that are indexed, low fee. 10% is relatively easy to do with those.
Then I'd buy the campsite but I'd be the only one on it.
On a serious note.
Holiday lets either lodges, land with pods or houses they can bring in a comfortable amount weekly.
What will you do with the ha’penny change?
retire
At my age, I'd being forward retirement. And use the security to improve my working life. I'd quit my job and use my contacts to do the same work on a contract basis, taking lengthy breaks in between shorter gigs, just taking longer breaks as I got older.
Go and live in Asia close to a beach and good diving locations
Then retire on the the damages after Elon Musk tweets about you being a pedophile
The only person I knew who had that kind of sum (inflation adjusted) to suddenly invest had just sold his London home, he reckoned the property market was about to tank. This was 1989 and a few years later he bought back into the same street at roughly half price having rented in the interim.
Me, I'd suggest Madame retire from teaching and she'd ignore me but I'm sure there'd be more horses around.
I’m sure there’d be more horses around.
Invest in a knackers yard?
meh.
bikebuoy earlier:
You must be a good Investor to get that.
To some extent, but only good, not exceptional. 9% is pretty achievable if you don't mind a bit of work and a bit of risk.
Buy a house outright (£220k or thereabouts), buy a camper-van and then work part-time doing something I actually like. Invest some for my kids futures and put the balance in a pension fund.
Jesus! I’ve become a bore.
Spend £50k on a yacht plus upgrades, preferably steel with good heating. Stick the rest in a global index tracker fund and live off circa £20k pa doing a slow circuit of the planet. Not just the warm trade wind route, but also taking time to explore some of Norway, Greenland, Chile & Patagonia.
A nice holiday/weekend place on the north coast of NI. Or just invest it and live from the returns.
The key would be to not tell anyone about it and not show off.
Just think how much coke and how many hookers!!!!
Retire.
Move somewhere warmer.
Buy a better road bike.
Buy land, then plant trees. And build some sort of bothy, and space for a campsite.
Holiday lets through the summer , then 4 month term lets over winter for those who live on holiday home / mobile home parks year round. Many of these have a 9/12th clause for planning regs iirc.
I could buy 3 properties locally that would be fine for that task, and potentialy gross c£1200 a week through the summer months, allowing for some expenditure , advertising, cleanin , laundry etc. Then another £1500 a month x 4 for the over winter period
You lot thinking 10% is achievable are overly optimistic IMO, especially as the stated sum is nearly 30x the ISA limit so you've got tax to deduct...
FTSE total returns have averaged 7% pa since I started putting savings away in a tracker in 2003
I think they'll decrease further as well: the days of the 12% long term average ended in the 1980s. Check out OECD growth forecasts and consider how we're running up against planetary resource limits (hint: under the circumstances, slowed economic growth is a good thing!).
Although in general I agree with the tracker and low management fees philosophy, I have put money into RIT Capital Partners as well, as arguably a family business might incentivise long term rather than short termist management (which of course is where most managed funds fall down. Not my theory btw, my actuary friends' idea). RIT has averaged 2% above the FTSE since I bought in 2012, and I believe right now they're hedging against Brexit risk with a big chunk of emerging markets.
9% is pretty achievable if you don’t mind a bit of work and a bit of risk
That it WAS achievable over recent years is no guarantee that it will be in future.
Liposuction...
I once had the great pleasure of sharing workspace with a young lad whose master plan was to borrow as much as he could (in his world maybe 30k), travel abroad so he couldn't be found and not pay it back.
Just planting seeds.... 🙂
Apartment in the Alps and a villa/finds in Spain (was going to say Majorca but too pricey probably) rent them out when I'm not there. And the biggest card I could find to write "**** off" in for my employer.
£550k - put it in the bank and snap up a few cheap houses after brexit so my kids can have somewhere half decent to live their lives for a few years before climate change ****s us over completely - such positivity 🤔
No on the house plan. Too many pretend business people at that game.
Do something with soul.
[rant about middle middle class wet dream of property deleted .. was supposed to be in good humour but didn't read that way :)]
A Land Rover, a trailer and a big hill.
Oreet bike parks got a nice ring to it 😁
It's a tricky amount that... Too little to retire on, too much to not want to.
My house is already paid for (it was cheap), but still needs work doing on it, so I would use some for that. The rest, maybe invest in some extra land, or look around for another property that has more land. If there is decent internet, I can work remotely for a few years with minimal overhead and then think about retiring.
Or, I could invest 50k of it in a shit-tonne of tunnel time & jumping and compete in AAA by next season. Assuming DeLand is still there after Darian
Or, I could invest 50k of it in a shit-tonne of tunnel time & jumping and compete in AAA by next season. Assuming DeLand is still there after Darian
I'd spend a few quid on buying a new keyboard, because yours appears to have failed and started typing random words about 3/4 way through your post. 😁
Buy new house to move into, tart up current one and let it. Add the income to my current pension. Oh and n+1 of course.
Probably invest enough in my sons future, make sure he has some under the mattress for a house/uni or whatever he wants to do (C&H?)
Retire super early, by some land in Thailand for a buddy so he an set up his business, help him build it whilst finishing my OU degree.
Max out all our premium bond accounts & invest the rest after getting the Mrs her Juliana.
To some extent, but only good, not exceptional. 9% is pretty achievable if you don’t mind a bit of work and a bit of risk.
Note that this advice always assumes your "bit of risk" comes good. If one person beats the average then another comes in under it.
See also:
Im alright jack
Ive done it so anyone can
Its the tory doctorine falacy that with a bit of effort anyone could be the the next Jacob Rees Mogg.
Don't say that.
I am really,really hoping that Jacob Rees Mogg is a one of and his children are robots.