What would you guys do?
09 December 2010, 06:56 PM
#1
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What would you guys do?
With £50,000??
My mate just sold a house and made 50k profit. He came over for a beer last night and he told me that it was a dream to have that mu h money, yet he went on to tell me that he hasn't got a clue what to do with it.
I told him to invest it, but he didn't know what to invest it in!
He doesn't need a car, he has a six month car which he loves and it is paid for. Plus he has no debts!!
So, what would you guys do??
My mate just sold a house and made 50k profit. He came over for a beer last night and he told me that it was a dream to have that mu h money, yet he went on to tell me that he hasn't got a clue what to do with it.
I told him to invest it, but he didn't know what to invest it in!
He doesn't need a car, he has a six month car which he loves and it is paid for. Plus he has no debts!!
So, what would you guys do??
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09 December 2010, 07:42 PM
#12
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Find a decent IFA and have a chat. It's what they're there for.
If it's genuinely spare then there are plenty of options...
- invest it for some time in the future - in case of retirement or redundancy, for example.
- start a business; £50k might well cover start-up expenses for any number of businesses including a member of staff for a year
- if that all sounds like too much like hard work, go nuts! £50k buys a very nice car and a couple of years' running expenses.
- take up a cool and expensive hobby... learn to dive and explore the world underwater, get seriously into home cinema or hi-fi, learn to ride a motorbike and treat yourself to a few decent bikes, buy some pro level camera kit and travel the world taking pictures.
- take a year off work. Spend it doing something charitable. Maybe even pack in your career and take a new job that pays less but is more interesting or satisfying.
- Above all - don't get too used to the extra cash! The comedown is a bitch...
If it's genuinely spare then there are plenty of options...
- invest it for some time in the future - in case of retirement or redundancy, for example.
- start a business; £50k might well cover start-up expenses for any number of businesses including a member of staff for a year
- if that all sounds like too much like hard work, go nuts! £50k buys a very nice car and a couple of years' running expenses.
- take up a cool and expensive hobby... learn to dive and explore the world underwater, get seriously into home cinema or hi-fi, learn to ride a motorbike and treat yourself to a few decent bikes, buy some pro level camera kit and travel the world taking pictures.
- take a year off work. Spend it doing something charitable. Maybe even pack in your career and take a new job that pays less but is more interesting or satisfying.
- Above all - don't get too used to the extra cash! The comedown is a bitch...
09 December 2010, 07:45 PM
#13
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i'd suggest doing the same again, buy somewhere that needs a bit of work and spend his time doing the work then sell it on and come back with the same question just bigger numbers next time. plus then he'll have time to ponder the idea and wont rush into anything
09 December 2010, 09:50 PM
#29
In the immortal words of Georgie Best:
I spent a lot of money on booze, birds and fast cars. The rest I just squandered.
I spent a lot of money on booze, birds and fast cars. The rest I just squandered.
10 December 2010, 11:35 AM
#30
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I spent 6 months drinking my way round south asia when I sold a house and had 50k left. got my first scoob as well. I would say either have a top bollocks holliday or buy a holliday home in a country you really like.