25K Redundancy

[PAULJ5555]

Say you worked in an office job for 20 years and one day they said were making you redundant and here’s 25k off you go.

So what would you do with the 25K (not coke&hookers, however tempting it is) this 25K has to earn you 30+k a year.

[monkey gland]

Well you're not going to make 30K off your initial 25K so my advice would be to tart up the CV and get looking for a new job.

[snowy slopes]

I suspect that it will be exceedingly difficult to earn 30+k a year, from 25k, however i am sure the finance types can explain things better

[10 Pence Short]

Spend about £2-3k of it training as a class 1 HGV driver. Then you have a decent backup income source for the times when your choice of job is hard to come by.

[maxrider]

PAULJ5555 said:

this 25K has to earn you 30+k a year.

If this is possible I'm packing in work now.

[66comanche]

There are many ways you could earn £30k/pa from £25k, whether you actually would or not is another matter...

Chipsaway franchise
FTSE Spread Betting
Online Poker
Sports/Horseracing betting
Premium Bonds
Lots of Lottery tickets
Share in a racehorse
Set up a small taxi firm

[MrJuice]

of course it's possible to make £30k+/year from a £25k cash pile.

However, to learn a new trade is not easy and neither is it impossible. With enough tenacity, you can do it and will most likely make significantly more than 30k/year

[maxrider]

MrJuice said:

of course it's possible to make £30k+/year from a £25k cash pile.

However, to learn a new trade is not easy and neither is it impossible. With enough tenacity, you can do it and will most likely make significantly more than 30k/year

Doing what?

[CzechItOut]

What was your "office job"?

Could you use your £25k as backing to start up on your own?

[sooperscoop]

maxrider said:

Doing what?

Well, 2500 + tools will get you from zero to a Part P domestic electrician.

66comanche said:

Set up a small taxi firm

In times of recession I think everyone with a redundancy payment tries to do this. Or plan B, work as a courier. As a result everyone barely scrapes a living and the cost of taxi licenses goes through the roof. And good luck competing with the endless family/cousin west asian taxi firms.

[98elise]

If you are talking investments, and you can come up with something that returns over 100%pa, then Mr Buffet will probably offer you a very very well paid job.

[condor]

66comanche said:

There are many ways you could earn £30k/pa from £25k, whether you actually would or not is another matter...

snip>>>Premium Bonds>>>snip

I've had that amount in them and the last 6 months have received nothing. I'm selling them off at a £1000 each month to finance myself.

[66comanche]

Speaking of spread betting as I did in my post above, I see the FTSE has crept back up to 5400.

So, go short at £25/point (meaning your £25k can 'insure' against a rise to 6,400 which would seem highly improbable) and sell at 5,050 - there's £8,750 made in a short period (guesstimate 2-3weeks).

Will be interesting to see if it happens anyway

[audidoody]

£23,000 in your current account. £2,000 on a VA return flight to Las Vegas. Straight to Bellagio. Buy $35k chips with your debit card. Locate a high stakes roulette table. place chips on red (or black). Double your money (or not as the case may be).

[edinburghlandlor]

Stick to what you know. I would get another lease for a pub in a decent area.

[Mobsta]

Buy £25k of gerbils
Mate them. Have circa £125k of gerbils.

[dingg]

Mobsta said:

Buy £25k of gerbils
Mate them. Have circa £125k of gerbils.

probably the best option out of all of the above


trouble is IIRC they start eating each other and that would put a spanner in the works

[Beefmeister]

Buy this:

http://www.autotrader.co.uk/classified/advert/2011...


Set up executive taxi company, ferrying business people to the airport.

My dad sold his IT Network installation company at 58 as he was getting a bit stressed, paid off the mortgage on his house and Tuscan villa, and bought an A8 diesel.

He now does the hours he wants, cash in hand, enjoys the work, and earns around £30k. He'll retire to Tuscany in a couple of years at 65 a very happy man, and live off his house sale in the UK.

[R11ysf]

So he doesn't have the proper insurance, doesn't pay tax and doesn't have a private hire license.

Not really a useful suggestion for a career is it?

[Beefmeister]

R11ysf said:

So he doesn't have the proper insurance, doesn't pay tax and doesn't have a private hire license.

Not really a useful suggestion for a career is it?

Wow, you must have strong legs jumping to all those assumptions.

To keep the post short i just said he bought an A8. Of course he set up the company correctly, got the right insurance and his private hire license. He's a professional businessman, not a crook.

As for the fact that it's cash in hand, that's the nature of a taxi business. About 70% of his business is account work, but it's all still paid by the individual to him, in cash. And you know what, he even pays his taxes. Shock horror.

That is why i suggested buying a £15k car, as it leaves extra cash for setting up the business and getting his PHL.