£80,000

G_M

davelester414 wrote: »

8000 is enough...if i choose to DJ around the world...helps with flights and accommodation but ultimately will be paid also from gigs.....

So you are going to work...

If just living off the £80K, any earnings would (likely) be tax free.

But if you are earning as well (ie from your gigs) then you may find you are within tax thresholds, so whatever income you generate from the £80K will be taxed.

What you ar looking for is what I used to call 'F**k-You' money: having enough money to be able to say FU to anyone (employer etc) because ultimately you can walk away and still survive.

£80K is not FU money.

dingdong3000

davelester414 wrote: »

There must be a way of investing 80000 so i never have to work again.

When you have that perception of money like that in life sooner or later it will hit you hard.
You're only 27.. keep working and saving at the same time and you'll eventually get rewarded for your hard work.

Like others have said 80k won't be enough in this day and age to never work again, especially when you're so young.

davelester414

thank you for all the response.

lozzy1965

Thread's probably over now, but no one's asked if you even have anywhere to live? Or does the 80K also cover rent? If so, do the sums and you'll soon see how little you will have to buy food after you've paid all your bills. Also, realise that inflation, even the current low inflation, will eat away at your 'income'.

TBagpuss

I'd suggest that you look at investing your £80,000 on a reinvestment basis so that income is reinvested to increase the total capital, and think about then using it further down the line.

It's worth bearing in mind that, as a general rule, higher returns mean higher risk, so in the unlikely event you were able to find an investment which would pay 10% return, it would be high risk with a significant chance of losing all or most of your investment. If you invest more cautiously, then your capital will be at less risk but your return will be lower.

You could look to invest across a range of investments to spread the risk, and use this money as a first step towards a goal of being able to give up work, but £80K at 28 is no where near enough, even if you have fairly frugal tastes. At a 5% return (optimistic) that would only work out at £333 a month to live off, after all...

davelester414

Living at family home at the moment rent free.

I'm tempted to pay off my student debt, approx 30k and start fresh.

davelester414

Or buy a flat in Berlin....or buy a villa in Indonesia and teach English after doing TEFL.

davelester414

Also cheap property in the UK...6 beds at 200 a month is 1200 rent. But have limited knowledge about property.

ViolaLass

Paying your student loan off is unlikely to be a smart use of your money.

Where can you buy a 6 bed house for £80k??

colsten

davelester414 wrote: »

Or buy a flat in Berlin....

A flat in Berlin for £80K? :rotfl:

May be you meant a parking space that comes with the flat?