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

standinman2009

where I live £230000 would just about buy you a reasonably nice one bed flat ,so i'm not sure where you'd get a large house for that with exception of areas in the north east ,where property prices are going no where .

MissOptimistic

standinman2009 wrote: »

where I live £230000 would just about buy you a reasonably nice one bed flat ,so i'm not sure where you'd get a large house for that with exception of areas in the north east ,where property prices are going no where .

Wow! Have you ever been more than 50 miles North of London? My house is worth approx £230k, its a large 4 bed, 3 bath detached with a big garden & guess what? Its not in the North East.

System

tbh I would rather die than move to London, thankfully I was born in the north

Nebulous2

4 flats at 50k each. Stay in one of them and let the rest.

If you don't think you can get 5 acres for that money you aren't looking far enough North!

atush

berbastrike wrote: »

tbh I would rather die than move to London, thankfully I was born in the north

Thats all right then, For you. No help for anyone else who might want to live in the south?

Not to mention the east or west? Nothing wrong with the north- just your post.

this sort of post reminds one of why the UK is often castigated a a little island nation.

planteria

fwiw living in London is great for those that can afford to do it well.

so, berbastrike, what is the plan??:)

chucknorris

berbastrike wrote: »

tbh I would rather die than move to London, thankfully I was born in the north

I was born in Newcastle, I lived in London for 15 years, then moved to Surrey (9 years ago). London was great for my career, social life and wealth.

ermine

I like berbastrike's ambition, or indeed the lack of it, and I don't see why the most desirable thing in the world is to sell your time for money. At school in the 1970s I was taught that we would soon only need to work about four hours a week, and dedicate the rest of our time to recreation and bettering ourselves. For some reason it didn't work out that way - people invented iPhones and we shoveled all our money into making the cost of bricks and mortar higher, instead of turning all that extra money into a better quality of life, or even cheap beer and lots of holidays. It's still a mystery to me where we all took the wrong fork in the road but we did.

However, realistically, £230k is not enough for someone to retire at 23 I am more than twice as old as the OP, own my house outright and live reasonably economically, but that capital amount would be a push for me to rely on for 30 or 40 years.

So, berbastrike, you gotta find some income or live very frugally. And a crash course in investing - and go on the safe and steady income amount until you've weathered your first stock market crash with equanimity. You need an asset that pays some return if you are going to live on the proceed for 70+ years.

I note the BTL speculators' viewpoints, but Britain is going to have to do something about housing over the next 50 years, and putting it all on a single asset class that is riding high at the moment has not historically been a huge recipe for success. Diversification will be your friend.

But you haven't got a hope in hell of making that sum last a lifetime. Having sold 30 years of life to The Man I have no desire to wish that on anybody, but the cost of living is too dear here. Perhaps if you move to a country with a cheaper cost of living you could do it, and your twenties is a great time to do that. Thailand used to be recommended, but I guess recent events show a low cost of living is sometimes associated with other problems...

carpediem85

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.

Here here! You need to do everything you possibly can to ensure a financially stress free life. You can't fly through your years willy-nilly hoping that 230K will be an excuse to lounge about. Get a career! That has to be top of the agenda. Get a career, become financially stable and get a good home with your money. You're honestly speaking like you're going to live the life of Riley just because you have a few bob in your pocket. Make an honest living and have a SOUND financial plan. That's the key to true inner happiness.

Ken68

True inner happiness is working for yourself, and not at the beck and call of other people.
Rattle to death every board of this forum and you don't need a lot of money.