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OfflineM-420
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Registered: 05/08/19
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What would you do if you inherited 80K? * 1
    #26426212 - 01/10/20 09:15 AM (4 years, 1 month ago)

I'm a 25 year old dude, living in Western Europe. I have a normal job that provides for what i need and although i never really saved any money, I also don't have any debts to pay off.

Me and my sister both inherited 80k euro. My sister is thinking about buying a couple of garage boxes in a big city and renting them out. Parking spots ar a big issue, so i see where she got the idea.

I have no clue what to do with this sudden amount of money. My life goal is to buy a piece of land in a country where the land is cheap (thinking about portugal, but romania and bulgaria are good options aswell ) with a natural water source, built a small (earthbag/earthship/ecohouse/...) house on it, own some animals, fruittrees, trees for firewood, a big vegetable garden and live as off the grid as possible. 80k is a good start, but since i still have at least an other 10 year before i want to start this project, it might be a good idea to invest some money and try to make as much out of it as possible.

I'm putting +- 10k aside to buy myself a second hand van and convert it to a simple campervan.

What would you do with the remaining 70k?

edit: i should maybe add that i have no experience with the stock market whatsoever.


Edited by M-420 (01/10/20 09:58 AM)


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OfflineHappyHigh
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Registered: 05/05/17
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Re: What would you do if you inherited 80K? [Re: M-420]
    #26427206 - 01/10/20 08:04 PM (4 years, 1 month ago)

Never a bad idea to spend 30k on a house. no matter how much you wanna travel and how far you go and broke you get... have a place to live.


--------------------
Had I the heavens' embroidered cloths,
Enwrought with golden and silver light,
The blue and the dim and the dark cloths
Of night and light and the half light,
I would spread the cloths under your feet:
But I, being poor, have only my dreams;
I have spread my dreams under your feet;
Tread softly because you tread on my dreams.


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OfflineLogicaL ChaosM
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Re: What would you do if you inherited 80K? [Re: M-420]
    #26429048 - 01/12/20 01:55 AM (4 years, 1 month ago)

You can try invest in things :shrug:

Cryptocurrencies and stocks are popular choices. Stocks aren't as complicated you would think. Basically you can just buy stocks in a specific company or companies and wait for it to grow (hopefully) and then sell stocks when they are worth more. Similar concept with Cryptocurrencies. That's for long-term holding, which is the simplest way to invest.

Short-term investing aka "trading" is more complex and what most people think when it comes to stocks.

Starting a small start-up company of some sort might be also be a worthy investment as well.


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OfflineM-420
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Re: What would you do if you inherited 80K? [Re: LogicaL Chaos] * 1
    #26430616 - 01/13/20 02:36 AM (4 years, 1 month ago)

Looking into stocks a bit now, it all seems less difficult and risky than I tought indeed. Lots of info to be found on YouTube.


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OfflineLogicaL ChaosM
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Re: What would you do if you inherited 80K? [Re: M-420]
    #26431231 - 01/13/20 12:32 PM (4 years, 1 month ago)

Right on! :thumbup:

Yeah, its really not that difficult once you learn about how it works, where to buy stocks from and how to "read" the market.

And if u havent seen geokills mega-thread, check it out: https://www.shroomery.org/forums/showflat.php/Number/7827359/page/1


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OfflineM-420
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Re: What would you do if you inherited 80K? [Re: LogicaL Chaos] * 1
    #26431647 - 01/13/20 03:38 PM (4 years, 1 month ago)

Great thread,thanks a lot!


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OfflineRay Charles
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Re: What would you do if you inherited 80K? [Re: M-420] * 1
    #26432535 - 01/14/20 03:56 AM (4 years, 1 month ago)

If I inherited 80K Euros, which is about $117,000 Cad, I'd buy an old 4Runner and travel across the country for awhile, and do some volunteering through WWOOF.

With what I had left, I would try to get a cheap piece of land up in northern British Columbia, build a yurt, and go off-grid.

So pretty similar to what you mentioned. I'm about the same age as you, so that makes sense.

Good topic, got me thinking about what's important to me. Cheers!


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InvisibleBayerPhi
Always Learning


Registered: 05/28/12
Posts: 1,884
Re: What would you do if you inherited 80K? [Re: Ray Charles]
    #26446975 - 01/22/20 06:51 PM (4 years, 25 days ago)

Blackjack and Hookers, what else?
80k is really nothing at all but a very nice back up security.
I'd keep 15k in savings for emergencies, 50k in something that will utilize compounding interest, and 15k towards your own interests. Don't forget to pay taxes, if there are any to pay.


--------------------
Μανθάνων μὴ κάμνε

:alert: Mycology Fundamentals and Misc. Info :mushroom:

:chemistry: Stains, Reagents, and Media :alert:

Tradelist


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Invisibledeadwk
00101011


Registered: 06/17/09
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Loc: Canada, eh? Flag
Re: What would you do if you inherited 80K? [Re: BayerPhi] * 1
    #26452783 - 01/26/20 12:59 AM (4 years, 22 days ago)

I'd pay off the rest of my debt, and invest the rest of the money in a low risk investment account.


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OfflineLoaded Shaman
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Re: What would you do if you inherited 80K? [Re: M-420]
    #26464499 - 02/02/20 12:07 AM (4 years, 15 days ago)

Pay off debts, then CD ladder the shit out of the rest.


--------------------



"Real knowledge is to know the extent of one’s ignorance." — Confucius


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OfflineBU4O
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Re: What would you do if you inherited 80K? [Re: Loaded Shaman]
    #26464791 - 02/02/20 07:55 AM (4 years, 15 days ago)

I am from Bulgaria you can buy a decent home over here with that amount of money!


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InvisibleChRnZN
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Registered: 12/21/08
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Re: What would you do if you inherited 80K? [Re: M-420]
    #26464825 - 02/02/20 08:24 AM (4 years, 15 days ago)

Romania sounds nice.


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OfflineSDBU
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Registered: 02/02/20
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Last seen: 4 years, 14 days
Re: What would you do if you inherited 80K? [Re: ChRnZN] * 1
    #26465427 - 02/02/20 02:33 PM (4 years, 14 days ago)

Probably not a bad idea to split it into your preferred ratio of savings/reliable mutual funds/bonds/not-crypto so it's at least appreciating in value somewhat while you decide what to do with it, anything 5 figures is not nothing in terms of savings imo. Every dollar counts.

I super regret not putting my smaller amount of inheritance into stocks/mutual funds when I first got it, I've still made quite reasonable growth now that I've got it on point but I basically left free money on the table.


Most importantly though, enjoy it :laugh:


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OfflineM-420
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Re: What would you do if you inherited 80K? [Re: BayerPhi] * 1
    #26481591 - 02/12/20 08:41 AM (4 years, 5 days ago)

Quote:

BayerPhi said:
Blackjack and Hookers, what else?
80k is really nothing at all but a very nice back up security.
I'd keep 15k in savings for emergencies, 50k in something that will utilize compounding interest, and 15k towards your own interests. Don't forget to pay taxes, if there are any to pay.




80k (actually it turned out to be more around 85) is what is left after paying taxes (18% in Belgium) and being split between me, my sister and my mother. (My mother got 50 % and me and my sister each 25 % of my late grandmothers savings). I don't look at it as nothing, its more then I ever owned before :wink:


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OfflineLogicaL ChaosM
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Re: What would you do if you inherited 80K? [Re: M-420]
    #26483834 - 02/13/20 02:31 PM (4 years, 3 days ago)

Thank Grandma for that one :cheers:


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OfflineBU4O
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Re: What would you do if you inherited 80K? [Re: LogicaL Chaos] * 1
    #26492682 - 02/19/20 12:06 AM (3 years, 11 months ago)

I can build a hydro electric power plant over here with that amount of money and never work for the rest of my life...
And instead ppl are going to work for me...


--------------------


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OfflineTripsurfer
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Re: What would you do if you inherited 80K? [Re: BU4O] * 1
    #26494698 - 02/20/20 08:57 AM (3 years, 11 months ago)

you should write a business plan and talk to a bank if that is true


--------------------
Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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InvisibleAhab McBathsalts
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Re: What would you do if you inherited 80K? [Re: Tripsurfer]
    #26495500 - 02/20/20 03:44 PM (3 years, 11 months ago)

I don't think 80k will even get you the HV lines to connect to grid, but I've been wrong before.


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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OfflineBU4O
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Re: What would you do if you inherited 80K? [Re: Ahab McBathsalts] * 1
    #26496304 - 02/21/20 12:23 AM (3 years, 11 months ago)

80000 € in BGR is around 156000 BGR so it's enough for a small power plant!
If you have any particular trusted partner you're about to have great opportunity in my country where small business is promote by country and such!
You can easily get into some of those European Union project and get funding and such and can do great things around here!


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InvisibleAhab McBathsalts
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Re: What would you do if you inherited 80K? [Re: BU4O]
    #26496944 - 02/21/20 12:31 PM (3 years, 11 months ago)

Cool!


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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