If you were 23 and had £230k, what would you do?

Legacy_user

You have no job, no house.

Would this be the best plan:

Buy a house for £100k to live in.

Buy another house for £100k to let

Put £30k in savings

lozzy1965

If the house will be enough for you to live in for 5+ years, then I would invest the rest in 5%+ dividend yielding, top 250 company, uk shares. Personal opinion is I don't rate property as highly as dividend shares as an investment.

innovate

berbastrike wrote: »

You have no job, no house.

Would this be the best plan:

Buy a house for £100k to live in.

Buy another house for £100k to let

Put £30k in savings

You forgot the obvious one - get a job.

What makes you think that at the age of 23, a job isn't desirable?

System

innovate wrote: »

You forgot the obvious one - get a job.

I have no clue what career to do, I was top of grades at school, but tempted to become a postman right now!

innovate

OK, if you were top at your school, it shouldn't be too hard for you to work out that £230K will last you just about no time, an that you do need 1) a proper job and 2) a financial plan so you can see yourself through to a financially stress free life.

How much are you spending now? How many years will your £230K last you? How many £K will you need for the rest your life? Assume you will live to at least 100, and assume you will need to pay for care in your old days.

Never mind about needing to know what to do with your £230K - yes, of course you need to deploy this money in the best possible way. But your main concern should be that you haven't got a job, and you really do need one because you need a heck of a lot more money to ensure you have a comfortable life in 10, 20, 40, 60 etc years time. The £230K won't do that for you, even if you find the best possible investment.

System

innovate wrote: »

OK, if you were top at your school, it shouldn't be too hard for you to work out that £230K will last you just about no time, an that you do need 1) a proper job and 2) a financial plan so you can see yourself through to a financially stress free life.

How much are you spending now? How many years will your £230K last you? How many £K will you need for the rest your life? Assume you will live to at least 100, and assume you will need to pay for care in your old days.

Never mind about needing to know what to do with your £230K - yes, of course you need to deploy this money in the best possible way. But your main concern should be that you haven't got a job, and you really do need one because you need a heck of a lot more money to ensure you have a comfortable life in 10, 20, 40, 60 etc years time. The £230K won't do that for you, even if you find the best possible investment.

Won't the state pension, £7.5k a year, be enough to live on after 68..?


So I just have to have enough money for 45 years

Chickabiddybex

Are you for real? O_O

makeyourdaddyproud

innovate wrote: »

You forgot the obvious one - get a job.

What makes you think that at the age of 23, a job isn't desirable?

A job is never desirable, at any age, with £230k

Living_proof

I would consider myself unbelievably lucky and place any immediate cash in a high interest account whilst I considered my options and educated myself. I would acknowledge that I had a head-start on my peers and would look at maximising my assets whilst giving money to the poor and less priviliged - what goes around comes around.

System

Chickabiddybex wrote: »

Are you for real? O_O

are you ????

innovate

Living_proof wrote: »

I would consider myself unbelievably lucky and place any immediate cash in a high interest account whilst I considered my options and educated myself. I would acknowledge that I had a head-start on my peers and would look at maximising my assets whilst giving money to the poor and less priviliged - what goes around comes around.

What high interest account(s)would you put your money into? Presumably you are aware of the FSCS and therefore wouldn't want to commit to just one financial institution.

How much would you be giving to the poor and less privileged, and what hat money would you be living of?