£950,000 what shall I do?

nicko33

Polly_Esther wrote: »

...a financial adviser in a bank where a relative of mine... has all their funds. Total funds are quite a bit in excess of 50k so I expressed my concern about having all funds in that bank.

He told me that even if just the 7th largest bank in the country failed there would not be enough money to pay all investors their 50k so the 'guarantee' is just pie in the sky. Food for thought.

My thought was that the employee of the bank doesn't want you moving money out of that bank - and that was their main concern.

Magic_B

Thanks for all the advise guys. I'm still a bit confused though.

The houses I'm selling are beach villas in Mauritius. One is newish and half built and is defo sold for Rs 9M which is about £200,000 and the other which is fully complete, pretty substantial and in a sort after part of the island which I've been renting out to holidaymakers. We've been offered MRU Rs 35.5M for it.

All this includes taxes and agency fees, so it's around £950,000 GBP.

I also have 2 houses here in the UK to sell if needed which would fetch another £500k or thereabouts.

My plan so far is to also sell the UK houses, buy a small holding around 10 acres and build some log cabins around a large lake doing carp fishing holidays which will allow me to keep my capital and make money off the land. The holiday biz has served me well but this could be an even better earner looking at what others have achieved.

Is this a good idea? I can't help reverting back to the old "can't go wrong with land, bricks & mortar approach"

I used to work as an apprentice for an FIA and sorry things might of changed but they did lose my trust. that's why I'm here, thanks

Jonbvn

Magic_B wrote: »

My plan so far is to also sell the UK houses, buy a small holding around 10 acres and build some log cabins around a large lake doing carp fishing holidays which will allow me to keep my capital and make money off the land. The holiday biz has served me well but this could be an even better earner looking at what others have achieved.

Is this a good idea? I can't help reverting back to the old "can't go wrong with land, bricks & mortar approach"

Sounds idyllic. However, there may be some other issues you have to consider:

1. In the UK there is a close season on coarse fishing. Although generally not applicable to stillwater, you need to check on this.
2. In the depths of winter will there be a demand for this?
3. What's the competition like? Geography will be important.
4. In my experience carp anglers are an "odd" bunch. Will there be a demand for what you offer?

pconstable

mAGIC b , go buy some popcorn . I'd be more interested if you were trying to live on 10K, with your packet, don't be a shylock, pay upfront and get professional advice!

I wonder what top class footballers earning 60k to 130k a week do with their money, they can only spend so much. No doubt they have their hired helpers buying houses amd land and gold and shares all over the world, they won't be ending up like Gazza, for sure

Magic_B

pconstable wrote: »

mAGIC b , go buy some popcorn . I'd be more interested if you were trying to live on 10K, with your packet, don't be a shylock, pay upfront and get professional advice!

Each to their own thanks but no thanks, besides I've never been all that keen on popcorn :P & Professional advice? I could get lucky yes but once bitten twice shy for me hence my being here.

mary

Presumably you have checked out if there are any problems in pulling all that money out of Mauritius. Are there any financial restrictions? I have visited the island some 5 years ago, it's beautiful, only wish I had a property there to stay in a few months of the year! Good luck