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

somethingcorporate

Ken68 wrote: »

Probably up North but five acres minimum.
But at age 23, you would not have the life experience to know if you have made the right choice, but you would be a free man.
No shortage of mentors. Skills can be learnt from the internet, even doing you own tax.


OR take a punt, rent a shop and sell something that everyone needs.

A smallholding with 5 acres and change out of £230k?

Again the question is where?

I'm in the north and what you're talking about (near me) costs a minimum of £400k.

IronWolf

Firstly, get a job. Figure out what you want to do, if that is being a postman then go for it, but try to find something you'll enjoy. You can try and live off the 230k but having a job will give you a much better return on your time, and if its something you like doing then why wouldn't you work?

Once you have a job I would put half of your money towards buying a house, with a mortgage as well if necessary. You'll likely get a really cheap mortgage with that kind of deposit and interest rates so low.

With the other half I would invest it after doing a bit of research on investing and stuff.

Ken68

It comes down to working for someone else or being self employed.
Again are you a physical type or academic, or a pusher or content being directed. and are you happy to delay having dependents or desperate to share.
You will have worries whatever, but having you own house is a must.

westy22

somethingcorporate wrote: »

A smallholding with 5 acres and change out of £230k?

Again the question is where?

I'm in the north and what you're talking about (near me) costs a minimum of £400k.

I think it would have to be South / Mid Wales to find such a property for that price - even then you may struggle.

VladDracula

I think there is certainly some aggression and jealousy aimed at the thread starter here.

I actually think the initial plan is quite good. However, i would consider buying one single property for say £225,000 and keep £5.000 for savings/costs. You could then rent out the rooms (or the entire house and just rent a cheap property yourself from your own rental income).

The advantage of this is, if you do need to try and get a job/sign on having a second property/savings higher than £6,000 could limit your ability to claim benefits and find work.

I never understand why people claim you can't live on £1milllion as one poster states. Even in a 2% account that is 20,000 a year before tax. What exactly are people on here spending all their money on? Don't forget different people have different financial responsibilities. If you don't have kids, mortgages, loans to pay and don't buy every mod con you see advertised to keep up with the Joneses you would be surprised how little you can get by on.

Frugality is a quality many people seem to have lost nowadays.

TerrorTuppence

I'm 25 with two children so would do things slightly differently but along the same lines as the OP's working out. I would buy a large house to let to students in the city and then a family house for me and the children with enough space to adapt as if/when my disability progresses. £5k each into savings for the kids and keep some aside to cover the cost of private prescriptions for medications not available on the NHS for me.

Think I could just about get all that in up here!

geelamch

We could put our respective totals together ( pooled) then we would have £230008 ,see we now have a higher total already.
Send your bank details or just put the £230000 into my account ,we'll work out your receipt later .
Cheers

danthemoneysavingman

Spend it all on a supercar and then (no doubt) wrap it round a lamppost. Job done. At least you got 5 minutes fun out of it rather than a lifetime of meh.

justjohn

At the age of 23 - I would blow 20k traveling the world. I would visit new countries I have never been too before. Then invest in property.


Today at the age of 44 - I would invest in rental properties.




230k is will not last forever, invested properly at the age of 23 could be a sizable amount on retirement.

frisbeej

Go to university in America or Europe, travel and see the world in the holidays or gap year.


Set yourself up for an interesting and exciting life rather than saddling yourself with some dark and dingy £100k house and Tesco's value beans for 7.53 years.