£80,000

atush

Dont buy property with this money (unless buying a place to live for yourself). Esp property abroad.

80K obv sounds like a LOT of money to a 20 something, but those of us in the real world know it isn't enough to live on for the 'rest of your life'. What it is, is a good start on the rest of your life.

So invest it- one tranche in cash, easy access for emergencies. One lot in S&S isas. Start a pension if yo haven't got one, you can put in your salary from Gigging or 3600- whichever is greater. Then invest the rest and move to S&S isas when you can.

This way the money will grow, and eventually be large enough to live on.

TCA

atush wrote: »

Dont buy property with this money (unless buying a place to live for yourself). Esp property abroad.

The above is good advice. There are many pitfalls to buying a property abroad (even if you're living in it) and the last thing you want to do is to tie up a large proportion of your cash in what may prove to be an illiquid asset, especially in a country that you might decide later that you don't want to live in. Always rent somewhere for a decent period of time before buying. But in your circumstances, I wouldn't buy abroad at all.

heytoki

davelester414 wrote: »

Work in Berlin as a dj and get involved with the circuit, or convert villa into a homestay and teach English, can live like a king out there on 500 quid a month.

If you like Berlin, why dont you save more money until you get enough to buy a 3 bed property? Then you can live there and rent the other two rooms out to travellers.

A friend of mine did that in Australia, made a lot of money and didnt work at all during his stay there.

atush

TCA wrote: »

The above is good advice. There are many pitfalls to buying a property abroad (even if you're living in it) and the last thing you want to do is to tie up a large proportion of your cash in what may prove to be an illiquid asset, especially in a country that you might decide later that you don't want to live in. Always rent somewhere for a decent period of time before buying. But in your circumstances, I wouldn't buy abroad at all.

Exactly.

I have to admit to owning 3 houses, 2 of them abroad. And no they dont make money they cost money. but I can afford it. The french one I bought for the price of a second hand car (5K) and made it livable. Just got back from 2 weeks there. the second is in the USA where I am from, and I will retire too eventually. I will sell the french one in a few years, (the kids are at Uni now and wont want to go anymore) it is worth more than double what it cost me to buy/do up and as I have owned it more than 20 years won't cost me much tax.

but as I do own abroad, I do know what it costs to run them. And I would not own either if I didn't have pensions, a place to live here, cash savings etc

davelester414

now it might be worth as much as 100,000...still can't retire?

atush

Are you talking to me? It is worth approx 80K euros i think (neighbor thinks less), but not sure. Haven't gotten it valued yet. Wil next year I t hink

anyway, even if it was 100K euros wouldn't be enough for me to retire on.