Okay, let's say that I had no education at all and was thrown on the street with $50,000.00 to start with. What would be the best thing to invest that $50,000.00 in so that it would support me for life?
2007-10-03 09:15:56 · 7 answers · asked by Anonymous in Business & Finance ➔ Investing
Education.
Eduction in what, that is up to your interests, but in something that would prepare you for a useful paid job.
$50k plus a small part-time unskilled job would get you through 4 years of a state-supported U in many places, although you'd have to practice care and penny-pinching.
2007-10-03 09:52:17 · answer #1 · answered by enoriverbend 6 · 0⤊ 1⤋
I wouldn't use the money to make money if I had noplace to live. I would invest that $50 K in a home. In today's market, you can't safely invest your money, and feel sure that you'll get a return. Not if it's all you have. If you rent an apartment, you will end up flushing the entire $50 K down the toilet within a few years. However, if you invest it in a foreclosure which needs some work, you can purchase a place for $44,000 cash and cover the closing costs with the remainder of the money. Then get a job to pay your other expenses. You have no costs for housing aside from taxes and insurance. Since you're living in it, you still get a homestead exemption. Fix the place up and sell it for a profit, tax free. Then move to another foreclosure and do the whole thing over again. This is the safest bet, assuming you can get a good job and hold it down. Eventually you'll build enough wealth that you can live in a much nicer, bigger house, and purchase other properties to resell.
2007-10-05 23:59:17 · answer #2 · answered by Jaycee 3 · 0⤊ 0⤋
Now, that's a lucky bum... homeless, but $50k richer. Not a bad situation.
I would use that $50k to get an education on how to invest. Not all of it, because I will need to use about half that to get a place to live for a year. Invest the other half in educating myself. I'm not talking about a degree or anything, just a certificate that shows I have employable skills, and a decent wardrobe for work clothes. Then get a job, and then invest the money I make from my job.
2007-10-03 16:26:34 · answer #3 · answered by Think Richly™ 5 · 0⤊ 2⤋
Currently , No investment will return enough on $50K to support you for 1 year , let alone life .
If you had serious talent ( carpenter ) , you could buy tools that would support a lively hood . . .
But at a really fabulous dividend rate, you would only get $5000 a year .
I guess if you lived in the park and only needed groceries , you could get by on that .
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2007-10-03 16:53:44 · answer #4 · answered by kate 7 · 0⤊ 1⤋
Property. After all you will need a room to sleep in. Rent out the remaining rooms at the market rent. Increase rents year on year and keep up to date with insurance, health and safety and security and you will have an income for life.
2007-10-07 16:10:56 · answer #5 · answered by Stuart Haden 2 · 0⤊ 0⤋
Buy a couple of new suits. Put the rest in the bank. Move into a homeless shelter. Get into a broker trainee program.
2007-10-03 16:38:43 · answer #6 · answered by jeff410 7 · 0⤊ 1⤋
Thrown on the street. Do you have a place to live? Where do you live?
$50,000 means differentthings in different areas. You might be able to buy a house or a car.
Call me when you get the $50,000 and we'll talk.
2007-10-03 16:20:18 · answer #7 · answered by Tim 7 · 0⤊ 2⤋