Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

if someone gave you 30k today....

(18 Posts)
Inneedofadvice553 Tue 16-Feb-16 23:17:19

How would you double it? and how long would it take?

Just that really!

notagiraffe Tue 16-Feb-16 23:20:38

What a question. (I came on to say how I'd spend it) blush Might invest it I suppose. Or some of it. Or buy a place in a cheap but up and coming area and do it up to make a bit of profit. But probably couldn't double it. invest in limited edition Lego? grin
TBH no idea!

RoseDeWittBukater Tue 16-Feb-16 23:21:27

Buy house. Wait 5 years. Done.

Tinofsardines Tue 16-Feb-16 23:22:42

I can't confused

I saw the thread title an ive already spent my imaginary 30k.

hmm was fun whilst it lasted though... Thanx!!

Inneedofadvice553 Tue 16-Feb-16 23:24:19

Could you really buy a house with 30k cash in the uk?

RueDeWakening Tue 16-Feb-16 23:25:26

Would depend on how much I was willing to risk it. But invest it in shares, definitely. Not sure which one, I'd need DH to do the research first.

Last time we did it, it took 2 years.

Babymamamama Tue 16-Feb-16 23:27:14

Pay off some mortgage. House prices go up faster than interest rates.

MrGrumpy01 Tue 16-Feb-16 23:28:36

You could buy a house for 30k in parts of the north.

Just don't expect to double your money.

I guess you would have to buy and sell stock of some description. Investments are unlikely to see a 100% return.

Inneedofadvice553 Tue 16-Feb-16 23:32:03

wow thanks for the info, i am clueless and need to clue up!

notagiraffe Tue 16-Feb-16 23:32:27

Yes you can buy a house in the North East for that amount or a bit less. In a run down area though. Unlikely to double the money easily. But I guess you could rent it out so all the rental income after costs is pure financial growth.

FingerOFudge Tue 16-Feb-16 23:45:31

houses can be cheap in the North East

I wonder if the rent would really make money though? Sure, if rented out it would make more than being in many bank accounts, but it wouldn't take an awful lot of difficulty with getting tenants, keeping tenants or just costs if you were unlucky enough to get a bad tenant to wipe all that out.

I say go and spend it and have fun!! grin

Caution: NOT a financial advisor wink

Inneedofadvice553 Tue 16-Feb-16 23:50:48

wow durham! just been looking at five bedroom estates for £500 k....that won't even buy you a one/2 bedroom flat round here!

SnuffleGruntSnorter Tue 16-Feb-16 23:54:25

I have no idea... But maybe something like this plot of land with pp build first house, sell it, invest proceeds into second and so on. No idea if you could get your build cost down low enough though!

SnuffleGruntSnorter Tue 16-Feb-16 23:57:17

No no wait! Could you fix this for 20k? Houses on the same road recently sold for 75-90k

Wuffleflump Wed 17-Feb-16 14:28:54

If we knew how to reliably double our money, we'd all be doing it.

You could put it all in savings and at current interest rates you'd double it in about 50-60 years.

You could put it in the stock market, and you could double it in under 10 years, or lose the lot, or have it grow much more slowly.

In practice, nobody can project out that far because it's dependent on many and complex factors. Also a factor is how any growth would be taxed, or whether you can actually gain from the tax system (e.g. putting it in a pension vehicle).

But generally, the sooner you want the money, the higher the risk you'd have to take.

Personally, if I had 30K but needed 60K, I'd protect the capital and find another way to get the other 30K.

Lilmisskittykat Wed 17-Feb-16 15:14:54

Didn't double it... If already spent it whilst the page was loading confused

OurBlanche Wed 17-Feb-16 15:17:27

Ooops. I popped it into a pension pot whilst the page was loading. Sorry blush

LionsLedge Wed 17-Feb-16 15:24:07

Message withdrawn at poster's request.

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now