I'm about to inherit £600,000
What should I do with it? I've been on benefits my entire life so never had any money before.
My benefits are going to stop when I get it, so I'll be losing my current £12,000 a year income. Any way I can generate £12,000 a year off £600,000?
>get the 600k in cash
>pretent you went to casino and blew all the money
>keep the 12k yearly income
>do whatever you want with the cash
Believe me I would if I could but it has to go though my bank account and the DWP audit those every year, so they will know it existed. At that point even if I really had spent it all at a casino they will say that is "deprivation of capital" and act as though I still had it, and remove benefit accordingly.
If you can think of a way of being the beneficiary of £600,000 without leaving a paper trail I'm all ears.
Oh, so in my country the government will always give you benefits if you simply don't have the money (oficially). And to be honest, most people that get benefits would actually blow their money right away here since they are fucking retarded.
You currently live of 12,000 a year. 600k / 12k = 50. Why not just be a NEET for 50 years?
Because I'd continually be getting poorer. Now that I'm getting a lot of money I want to try my hand at being a rich person, not just subsisting.
Buy to let with interest only mortgages. Start with one flat in a town with a big uni, not London. You could have 3 properties by the end of the year bringing minimum 1 grand after expenses.
Then put it in bonds for fuck's sake. Bonds and bluechips.
lol terrible idea. brexit just happened. Interest only mortgages ffs
Yup brexit happened. When his property located in densely populated uni town, where all the good paying jobs are, with little room for new developments increases in price he can remortgage, buy more flats and become a slumlord.
How do you see Brexit affecting the property market?
I can only see prices increase now that the UK is a safe haven from the inevitable Eurozone collapse.
Maybe. Regardless it's an unnecessary risk when you could have a very safe diversified portfolio of bluechip stocks and bonds. Even if the economy crashes on those they're still going to bounce back eventually. With an interest only loan on several properties the banks WILL seize your capital.
I invested £40,000 in Lloyds Banking Group. They used to be £15 a share. Now they're 52p a share. Gorden Brown saddled them with billions of debt. Tell me, when will they bounce back?
Verizon VZ historically pays 4% dividend but it's expected to go up. Let's say you buy 600K in VZ stock, now you make 24K per year forever or until Verizon doesn't exist anymore. You just doubled your income
First thing you should do is split the money Into 12 chunks of 50k. Put them in different places.
Gold, cryptos, day trading, bluechips, bonds, small loan shark buisness, paying pajeet $500 at a time to make world changing app etc.
At the end of the year compare which ones went well and transfwr the leftovers from the losers into the winners. Repeat and divest and expand every now and then.
This is how you become truely rich. Or put it all in bonds or something and enjoy your 6k per year.
Buy Bitcoin.
Diversified portfolio m8. Indexes are above 2007 levels.
I predict you'll be broke within a couple of years.
I suggest you get a proper job and stop scamming the taxpayer for 12k a year.
Invest it in a diverse (say 8) mix of high yielding multinational bluechips and live on the income.
Try 8 companies - £75000 in each. My recommendations and current yields are below. Be aware that yields will vary with prices and I'm basing this upon current prices. You would need a brokerage account (such as on hl.co.uk) to buy these.
1. Royal Dutch Shell (B) - Oil producer - oil consumption is going nowhere and only going to grow long term despite current slump due to the diverse nature of its consumption - will yield about 6.5% at present - that's just under £5k per year
2. BAE Systems - Weapons - weapons suppliers aren't going anywhere - always going to have Defence spending - yields about 4% - £3k per year
3. HSBC - Bank - One of the world's largest banks - big multinational - always need big banks - about 7% yield - about £5k per year
4. Vodafone - biggest telecoms business in UK and one of biggest brands in world - will you stop using your mobile? 5% yield - ~£3500 per year
5. Aviva - Insurance companies - used whatever the weather - 5% yield ~£3500 a year
6. British American Tobacco - Tobacco - Thee companies have huge cashflow and profits and little competition - no danger of going under and infamously pay juicy dividends without fail in addition to capital growth - 3.2% yield per year or £2400
7. National Grid - monopoly supplying UK electricity to houses from producers - electricity is essential and this company's only real danger is the threat of nationalisation in a Corbyn govt. Otherwise, enjoy your 4% dividends or £3k pe year.
8. GlaxosmithKline - Pharmaceuticals - drugs always needed - they own and make a lot - big Pharma comp - 5% yield - £3.5k per year
All in all you're looking at over £20k per year income here from your £600k. I hope you appreciate my time. Have a Karen. :^)
Simple, put the 600,000 in an index fund that yields 3% returns annually. That's 18,000 a year for the rest of your life.
If you want to take on a little more risk, build a portfolio of safe dividend paying stocks that brings 5% returns annually, and you've got 30,000 a year for the rest of your life.
put every cent you have into MNGA stock.
this shit is revolutionary. its going to the moon
.... im kidding, its a good stock and all, but id either invest in muni bonds or NEETbux
Best answer here. Work on self improvement and if you decide to ever get a job, all your work income can improve lifestyle.
Don't withdraw more than 3% of your portfolio each year and you should be good.
Replace HSBC with Lloyds and go with my strategy
I'm a fellow Britbong and therefore I'm aware of the options available to us. Municipal bonds for example aren't valid.
Listen to me. OoooOooooooOoooOoooh!
Traditionally you should expect to earn a consistent 4% annual return on investments, so you'll make about £24,000 a year. Just put it in an index fund and maybe some bonds and be done with it. Don't listen to any financial advisors who want to scam you out of your money when you can easily just research this stuff yourself
Don't be butthurt wagie, we all gotta eat