where to put 80k?
Discussion
I was thinking maybe someone could come up with something unconventional for someone in my shoes. Maybe buy a business or anything. Just after suggestions really as the normal sensible side of me says just put it in a high interest account but that said I'm anything but savvy when it comes to finance etc so open to any suggestions.
PanzerCommander said:
Spend £8000 - £10000 learning to fly its great fun.
Pay a lump off the mortgage (though with that much as a lump sum in the bank I'd imagine you haven't got one anyway), buy a nice tow vehicle, trailer and a track car.
Spend it (or some of it) somehow, makes no sense to be the richest man in the graveyard.
We used it to pay off loans on missus car etc and to get my horrendous terrible new Polo Gti (lol)Pay a lump off the mortgage (though with that much as a lump sum in the bank I'd imagine you haven't got one anyway), buy a nice tow vehicle, trailer and a track car.
Spend it (or some of it) somehow, makes no sense to be the richest man in the graveyard.
So yeah no mortgage at present but the money will be used to go towards the next mortgage in however many years that may be (the cost of my armed forces accommodation is very very cheap so I'd rather not pay for a mortgage again for quite some time)
Just want to make as much money risk (and hassle) free from it as I can.
I could buy another property and fix it up but that's so much hard work I really can't be assed!
LivingTheDream said:
Invest it in my home extension, plannings all done, just need the funds to start work.
It'll be an interactive investment, I'll send you pics of the work being done and write a blog on 'What has your money achieved today?'
You'll be making a little girl who wants to move out of the tiny box room very happy and it'll definitely be risk free, I'll pay it back with some interest.
Win win
If I was a millionaire I would. But sadly it's too much of a risk lolIt'll be an interactive investment, I'll send you pics of the work being done and write a blog on 'What has your money achieved today?'
You'll be making a little girl who wants to move out of the tiny box room very happy and it'll definitely be risk free, I'll pay it back with some interest.
Win win
CaptainSensib1e said:
There's a really useful website called 'Money Supermarket' which lists all the savings accounts ranked by interest rate. Pick a couple covered by FSCS and off you go.
That was our original plan. It just doesn't seem to pay that much!Edited by JoeMarano on Wednesday 1st June 13:59
Interesting. Don't think the other half would go for it though as (to us) 80k is a lot to take a risk on.
I had been using the plus 500 app for a few months and had been pretty successful at making "virtual money" (it's the same as the "real money" version although I doubt she would go for that either...
Best choice is the high interest accounts then I reckon. I could really do with the interest rates going up now I don't have a mortgage to worry about
I had been using the plus 500 app for a few months and had been pretty successful at making "virtual money" (it's the same as the "real money" version although I doubt she would go for that either...
Best choice is the high interest accounts then I reckon. I could really do with the interest rates going up now I don't have a mortgage to worry about
deckster said:
£80k spare, you don't currently have a house, and no immediate need to buy one to live in?
Use it as a substantial deposit on a BTL, surely. You won't be stung by the second-property stamp duty hike and the chances of your overall gain being less than a savings account are pretty much zero - and the chances of it being much, much higher are pretty good. It's more hassle for sure, but I don't see any other option as giving you anything like as much return for as little risk.
When we looked into letting our house out (and not selling it) we would roughly break even maybe pay a bit towards it.Use it as a substantial deposit on a BTL, surely. You won't be stung by the second-property stamp duty hike and the chances of your overall gain being less than a savings account are pretty much zero - and the chances of it being much, much higher are pretty good. It's more hassle for sure, but I don't see any other option as giving you anything like as much return for as little risk.
It's a bummer for sure as I guess it all depends on what we want to do. Me personally I like the idea of staying in this very cheap rented accommodation and save with an aim to buy a house outright (houses are cheaper in Suffolk and Norfolk than where I have come from, essex)
Or we could buy a place and let it out like you say. Would be hassle again though and if anything bad happened to us financially like job loss etc we could be very screwed.
See I would probably agree on some of the suggestions of buying certain cars and selling them in a few years but couldn't see the missus going for that. There's also the high risk I would end up driving them lol
It's a shame we don't have more money to be honest as I've always wanted to be one of those people that just make money from having money
It's a shame we don't have more money to be honest as I've always wanted to be one of those people that just make money from having money
I think short term I'm going to bang it in savings and see were we are. Long term perhaps find forever home (which the last was supposed to be) and rent it out.
Did well on the last house bought for £157k and sold for £242k 3 yrs later. Property is where it's at!
I'm just (rare for me);thinking of the future as an employee I'm probably not very desirable as I don't really have any skills apart from doing well at school (years ago) so would ideally want to be in a position to do something I like and get paid for it (don't we all)
Did well on the last house bought for £157k and sold for £242k 3 yrs later. Property is where it's at!
I'm just (rare for me);thinking of the future as an employee I'm probably not very desirable as I don't really have any skills apart from doing well at school (years ago) so would ideally want to be in a position to do something I like and get paid for it (don't we all)
Speed_Demon said:
May be in a similar position shortly, thought about investing in a car. Scrapped that though, nowhere to store it.
Soooo large deposit on another property to do-up and sell? Difficult to put hours in with a full-time job although the other half is better at DIY than me and works part time.
Perhaps premium bonds, low risk and non-existent effort but 70+k is a lot to put into them and return is tiny compared to what could be made on a house.
Bugger me. No idea.
Yep. I absolutely hate DIY. Though I did learn a lot on the old house. That's the only thing putting me off another property. That and the fact that prices are so high at the moment that if they fall we stand to lose and not gain.Soooo large deposit on another property to do-up and sell? Difficult to put hours in with a full-time job although the other half is better at DIY than me and works part time.
Perhaps premium bonds, low risk and non-existent effort but 70+k is a lot to put into them and return is tiny compared to what could be made on a house.
Bugger me. No idea.
Audemars said:
You took the money out of property but dont own your own house. Put the money back into property. Your £80k will be worth much less in relative terms the longer it sits on the sidelines.
Problem is 80k is a lot of money to have to buy a car or something but it isn't actually a lot of money when it comes to buying a house these days. I don't think that would even buy a one bed flat these daysGassing Station | Finance | Top of Page | What's New | My Stuff