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

innovate

makeyourdaddyproud wrote: »

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

Do you know what you are talking about? How long will £230K last you / your family?

A job is always desirable for anyone below pension age. A tiny minority of people will, sadly, be unable to ever have a job, due to an unfortunate disability. But most able people will aspire to a job and will be proud of sustaining themselves and their families.

To think £230K will be enough to sustain a 23-year old for life is just plain dellusional.

innovate

berbastrike wrote: »

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

you must be joking. Living of £625 a month? All because you couldn't get off your backside at the age of 23?

berbastrike wrote: »

So I just have to have enough money for 45 years

230,000/45 = 5,111. Not that I think anyone could possibly live comfortably of that sort of money in 2015, but have you ever heard of inflation? How much buying power do you think £5K will have in 45 years time?

planteria

maybe im missing some comments in this thread, as there seem to be conclusions being jumped to.
£230k is a very useful sum of money, and a very substantial lump for a 23 year old, with hopefully many years ahead to help it grow, ahead of him/her.
a career/business is a high priority..
in terms of what to do with the money now, it's difficult to say without knowing more.
it may be that buying a £200k house outright makes a lot of sense. it may be that getting a job and then buying a £300k house makes even more.

Eco_Miser

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?

What makes you think a job is desirable at any age?

It's usually needed, but most jobs are not desirable, per se.

The OP is in the fortunate position of having nearly a quarter of a million, and obviously hopes that a rental house will provide him with a sufficient income.

I've been living happily on less than the income (dividends/interest) from what was around £130k for the past 8 years, and since the capital is still growing, it looks like I could continue forever, not just the rest of my life.

berbastrike: the state pension is enough to live on, but only just, try to make your money last well beyond pension age.

Personally, I wouldn't put nearly all my capital into houses, I've seen too many demolished.

eskbanker

berbastrike wrote: »

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

Post about it on an internet forum to wind people up?

ViolaLass

If you don't pay any NI, you won't get the State Pension (and I assume you're not claiming benefits!).

mgdavid

ViolaLass wrote: »

If you don't pay any NI, you won't get the State Pension (and I assume you're not claiming benefits!).

an excellent point !

Whiner

I don't believe the OP has £230,000.

LR67

Buy a property as we all need somewhere to live.

Maybe consider setting up a business as you don't have a job.

Spend a little bit on yourself, take a dream holiday or something like that (just don't go too mad)

It might be worth seeing a IFA just to see what your options are.

Just ignore the jealous/inappropriate comments, people in their 20's with wealth tend to be hated on this forum!

DUTR

Whiner wrote: »

I don't believe the OP has £230,000.

Why not? It's a lot but not a lot, you could get a modest house for that a little furniture but would still need to work to pay the running costs.