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What shall I do with 20K?

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1 What shall I do with 20K? on Fri Oct 06 2017, 14:34

Biggie

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Admin
If you came by 20K all in one go what is the wisest thing to do with it?

I don't want to fritter it away by buying a car, going on holiday and buying a bunch of clothes. People say 20K is a life changing amount of money - so how can it change your life?

Can I start my dream business with it or simply use it as a windfall to upgrade the usual mundane existence for the next 12 months?

It could fund me to go back to uni for 2 full years (tuition fees only, not including all living expenses to pay for while I am there) - so it's not even like you can change your life by re-educating yourself is it?

Answers on a postcard?

http://forum.boltonnuts.co.uk

2 Re: What shall I do with 20K? on Fri Oct 06 2017, 14:45

Norpig

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John McGinlay
John McGinlay
20K isn't a life changing amount these days, it would be nice to have but wouldn't change my life.

I'm old and boring now and have kids so it would just go in the bank to be used when needed. If i was younger it would have been wasted on women, beer and recreationals (not sure thats a waste now reading it back  Very Happy )

3 Re: What shall I do with 20K? on Fri Oct 06 2017, 15:58

Angry Dad

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Ivan Campo
Ivan Campo
Give it away to a deserving individual it will make you feel good .

4 Re: What shall I do with 20K? on Fri Oct 06 2017, 16:01

Angry Dad

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Ivan Campo
Ivan Campo
Buy a classic car or two will be a good investment, I can advise you what is the best one to go for.

5 Re: What shall I do with 20K? on Fri Oct 06 2017, 16:13

karlypants

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Nat Lofthouse
Nat Lofthouse
How about simply keeping the money in a high interest account for a rainy day?

6 Re: What shall I do with 20K? on Fri Oct 06 2017, 16:48

wanderlust

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Nat Lofthouse
Nat Lofthouse
Give it to me.

Or...

If you don't need to spend it and want it to grow tax free, the ISA limit this year just happens to be £20k.
If you've already got an ISA this year, stick it in a Unit Trust with a global medium risk profile and an ISA feeder, then just draw down from the ISA interest when required.

7 Re: What shall I do with 20K? on Fri Oct 06 2017, 23:31

Sluffy

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Admin
Just depends of what stage you are in life.

IF you could take a year off from your commitments, then go travelling and see a bit of the world.

You might not have much left from the £20,000 when you get back but you will have memories that last a lifetime.

Or do some good with it - especially if you hadn't expected to have been given it.

You like dogs I think you said once, so how about getting involved with a local rescue dogs home near you - or if there isn't think about starting one up!

Again you won't have the money at the end but you'll feel a lot better in yourself for helping save animals that might otherwise may have to be put to sleep.

Or if your parents aren't that well off, send them on a cruise or something.

What can be better than spending it on someone you love.

Otherwise stick it in the bank and forget all about it.

8 Re: What shall I do with 20K? on Sat Oct 07 2017, 09:46

finlaymcdanger


Andy Walker
Andy Walker
Lusty gives sound financial advice but Sluffy's suggestion of 'starting your own local rescue dogs home' sure comes a close second.

Or, if you're up for giving something back, make a donation to a good cause. 13 million Syrians are still in need of assistance. 400,000 of their family members murdered. Boko Haram are still holding over 100 Chibok schoolgirls that they kidnapped. Parasitic worms are a massive problem to the children of sub-Saharan Africa.

Invest your 20k wisely but donate a tenner to a good cause and make yourself feel good.

Puppies are much cuter though.



Last edited by finlaymcdanger on Sat Oct 07 2017, 09:56; edited 1 time in total

9 Re: What shall I do with 20K? on Sat Oct 07 2017, 09:50

y2johnny

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Andy Walker
Andy Walker
Coke n hookers

http://Www.thefacefittester.co.uk

10 Re: What shall I do with 20K? on Sat Oct 07 2017, 10:22

boltonbonce

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Nat Lofthouse
Nat Lofthouse

11 Re: What shall I do with 20K? on Sat Oct 07 2017, 10:29

karlypants

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Nat Lofthouse
Nat Lofthouse
Bonce you look worn out with those 3 girls. Very Happy

12 Re: What shall I do with 20K? on Sat Oct 07 2017, 12:40

boltonbonce

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Nat Lofthouse
Nat Lofthouse
karlypants wrote:Bonce you look worn out with those 3 girls. Very Happy
What 3 girls!? Shocked

13 Re: What shall I do with 20K? on Sat Oct 07 2017, 14:12

Cajunboy

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Tony Kelly
Tony Kelly

Take up a new sport, or just improve your golf strokes.

14 Re: What shall I do with 20K? on Sun Oct 08 2017, 13:20

wessy

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Andy Walker
Andy Walker
karlypants wrote:How about simply keeping the money in a high interest account for a rainy day?
They don't exist theses days on savings, unless you lock it away for a decent time. or prepare to invest with some amount of risk. Your lucky to get 0.25 of one percent in a normal savings account.

15 Re: What shall I do with 20K? on Sun Oct 08 2017, 15:57

wanderlust

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Nat Lofthouse
Nat Lofthouse
wessy wrote:
karlypants wrote:How about simply keeping the money in a high interest account for a rainy day?
They don't exist theses days on savings, unless you lock it away for a decent time. or prepare to invest with some amount of risk. Your lucky to get 0.25 of one percent in a normal savings account.
1.5 % on £20k in Santander 123 account is still just about the best around, but obviously an ISA is better.

16 Re: What shall I do with 20K? on Mon Oct 09 2017, 11:15

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
If you genuinely don't know, or need it, give it to your kids. That's what I did, and it helped one with her mortgage, and the other with her buying a BMW, (she needed it for her travelling with work)

17 Re: What shall I do with 20K? on Mon Oct 09 2017, 11:41

Leeds_Trotter

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Tony Kelly
Tony Kelly
I'd pay off most of my mortgage. Only owe 28k so it would shave a big chunk off of it.

18 Re: What shall I do with 20K? on Mon Oct 09 2017, 16:30

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
Leeds_Trotter wrote:I'd pay off most of my mortgage. Only owe 28k so it would shave a big chunk off of it.
If I'd known earlier, I'd have adopted you, and given you the money. Alas !!!   Very Happy

19 Re: What shall I do with 20K? on Mon Oct 09 2017, 23:34

Biggie

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Admin
Thanks for all the ideas people.
I am in the position where I do need to make money work for me some how. I will consider your thoughts.

However I do often give to charity, needy persons and the homeless generously (I think), even when I can't afford it.

Is 20K enough to start a new business? That would be my hope.

http://forum.boltonnuts.co.uk

20 Re: What shall I do with 20K? on Tue Oct 10 2017, 10:11

scottjames30

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Nat Lofthouse
Nat Lofthouse
y2johnny wrote:Coke n hookers
Laughing

21 Re: What shall I do with 20K? on Tue Oct 10 2017, 10:32

wanderlust

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Nat Lofthouse
Nat Lofthouse
Biggie wrote:Thanks for all the ideas people.
I am in the position where I do need to make money work for me some how. I will consider your thoughts.

However I do often give to charity, needy persons and the homeless generously (I think), even when I can't afford it.

Is 20K enough to start a new business? That would be my hope.
Depends entirely on the nature of the business. Write down a list of all the things you'd need to get going, all the the insurances/equipment/fees/ licences/staff/premises/materials/ stock/transport/marketing costs etc you'd need and cost it using reasonable and balanced logic to support any estimates and from that you can work out what you'll have to spend and when - thereby making a basic cashflow forecast to guide you.

22 Re: What shall I do with 20K? on Tue Oct 10 2017, 12:02

Norpig

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John McGinlay
John McGinlay
scottjames30 wrote:
y2johnny wrote:Coke n hookers
Laughing
 Welcome back Scott  Very Happy

23 Re: What shall I do with 20K? on Tue Oct 10 2017, 12:06

karlypants

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Nat Lofthouse
Nat Lofthouse
Biggie wrote:However I do often give to charity, needy persons and the homeless generously (I think), even when I can't afford it.

Is 20K enough to start a new business? That would be my hope.
Charity always starts at home. If you can't afford to give to charity at that moment in time then you really shouldn't in my opinion.

It also depends on what business you would like to create. You ain't going to get a Tesco Superstore for £20k are you! Very Happy

24 Re: What shall I do with 20K? on Tue Oct 10 2017, 12:06

karlypants

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Nat Lofthouse
Nat Lofthouse
Norpig wrote:
scottjames30 wrote:
y2johnny wrote:Coke n hookers
Laughing
 Welcome back Scott  Very Happy
affraid Very Happy

25 Re: What shall I do with 20K? on Tue Oct 10 2017, 21:43

Sluffy

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Admin
scottjames30 wrote:
y2johnny wrote:Coke n hookers
Laughing

Great to see you back Scott!

Very Happy

26 Re: What shall I do with 20K? on Wed Oct 11 2017, 00:10

Leeds_Trotter

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Tony Kelly
Tony Kelly
gloswhite wrote:
Leeds_Trotter wrote:I'd pay off most of my mortgage. Only owe 28k so it would shave a big chunk off of it.
If I'd known earlier, I'd have adopted you, and given you the money. Alas !!!   Very Happy
There is still time Glos! Haha

27 Re: What shall I do with 20K? on Wed Oct 11 2017, 09:57

gloswhite

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Youri Djorkaeff
Youri Djorkaeff
Spent it on Coke and Hookers    ( I wish !) Very Happy

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