I have inherited £60,000 from an aunt. Deposit on a flat or quit my job and embark on 2-3 years of fun, adventure and travel?
I am 30 but I am leaning towards option b. My thinking is that I could get hit by a bus tomorrow or be struck down with cancer at any point in my life so might as well enjoy my self.
The problem is that it will be almost impossible to save that much money so you lose the chance of putting down a meaningful deposit for ever. If you want to travel, what about first buying a flat. Then you can rent out the place to cover your mortgage while you travel. Lots of people do that.
Make the travel worthwhile so that you can use it on your CV. Nobody wants to employ someone that has frittered away two important years. You can write a book, learn a language or enhance your career in some way. All travel is adventure and you can find a way to get paid while you do it. Keep that amazing nest egg carefully warm so that you get a nice chicken at the end.
Travel, yes indeed. But with some sort of plan....and a budget. £60K might sound like a lot but will fizzle quickly if not careful. I figure £15 to £20. Max. Put the rest on deposit on a flat, or safely away at the bank for now.
Invest it in a rental property . your will get rent that will pay any buy to let mortgage payments plus some as well . the price of the property will go up while you are still getting an income, you can then use that property to add another and build a nice portfolio of property that turns a good income and you can stop work after a while and when you retire you can sell them all and be well off. You don't have to do anything if you don't want to we have our properties fully managed by an agency who get tenants do repairs collect rent and check the property periodically to make sure it is OK. Or you can have 2-3 yrs of great fun , but your memories ain't going to feed you later in life. Do you jaywalk? no ? the chances of getting hit by a bus are very remote.. good luck with what ever you do
Like, no joke, if I suddenly came into a bunch of money, first thing I'd do would be to get my passport renewed and book tickets to all of the Scandinavian and Nordic countries...but I'd also make sure I had somewhere to come home to when I was done...
Why not both? Take a year off, come back and buy the flat. Yes, you aren't guaranteed tomorrow, but you may have many, many, more years in front of you. Don't screw up the rest of your life by taking 3 years off.
Personally, I would save most of it for the long-term. Treat yourself to a nice but briefer holiday, and always remember the gift from your aunt. Sorry for your loss, and congrats on the inheritance.
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The problem is that it will be almost impossible to save that much money so you lose the chance of putting down a meaningful deposit for ever. If you want to travel, what about first buying a flat. Then you can rent out the place to cover your mortgage while you travel. Lots of people do that.
Make the travel worthwhile so that you can use it on your CV. Nobody wants to employ someone that has frittered away two important years. You can write a book, learn a language or enhance your career in some way. All travel is adventure and you can find a way to get paid while you do it. Keep that amazing nest egg carefully warm so that you get a nice chicken at the end.
Travel, yes indeed. But with some sort of plan....and a budget. £60K might sound like a lot but will fizzle quickly if not careful. I figure £15 to £20. Max. Put the rest on deposit on a flat, or safely away at the bank for now.
Travel for one year...and save the rest for a down payment on a flat...life is short but you also have to think of the future!
Invest it in a rental property . your will get rent that will pay any buy to let mortgage payments plus some as well . the price of the property will go up while you are still getting an income, you can then use that property to add another and build a nice portfolio of property that turns a good income and you can stop work after a while and when you retire you can sell them all and be well off. You don't have to do anything if you don't want to we have our properties fully managed by an agency who get tenants do repairs collect rent and check the property periodically to make sure it is OK. Or you can have 2-3 yrs of great fun , but your memories ain't going to feed you later in life. Do you jaywalk? no ? the chances of getting hit by a bus are very remote.. good luck with what ever you do
Do a little of A, a little of B.
Like, no joke, if I suddenly came into a bunch of money, first thing I'd do would be to get my passport renewed and book tickets to all of the Scandinavian and Nordic countries...but I'd also make sure I had somewhere to come home to when I was done...
Why not both? Take a year off, come back and buy the flat. Yes, you aren't guaranteed tomorrow, but you may have many, many, more years in front of you. Don't screw up the rest of your life by taking 3 years off.
if you like blowing that kind of money go for it
but whether you live 50 more years or are struck down tomorrow, you make of your like what you make of it
I am not in favor of blowing the hard earned money of someone else who gave it to me on frivolous things
Unless you have a profession that you can come back to then how you going to live?
you will be in a dead end job for the rest of your life and not be able to afford a property.
I would blow 10K and invest the rest.
UK
Personally, I would save most of it for the long-term. Treat yourself to a nice but briefer holiday, and always remember the gift from your aunt. Sorry for your loss, and congrats on the inheritance.
travel definitely, if you haven't been to Barcelona you should make that a must see