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Original poster

You have 100K to start life over from scratch, ground zero aged 50, wwyd?

69 replies

DeadFlea · 10/08/2019 09:21

So you have a stable roof over your head, no partner or dependents & you're in reasonable health. You have no education, career or pension. You can take life in any direction you want. Every expense comes out of the 100K. What do you do?

OP posts:
Original poster
DeadFlea · 10/08/2019 10:20

To the person who said 'No one has no education/skills/experience by 50' Err.. yes they do if they married young with only a few 'O'levels & were a sahm for decades. We can have a debate about why I never worked if you like, I came from an extremely abusive family into an extremely abusive & controlling marriage. I thought that was normal. Now I have to re-invent myself from scratch.

OP posts:
PostNotInHaste · 10/08/2019 10:25

Watching with interest aged 49 and lots of months , deciding what to do with my life.

If you could do anything in an idea world (which it isn’t). what would you do?

growlingbear · 10/08/2019 10:25

First I'd spend a lot of it on sorting myself out. I'd go to a live in bootcamp until I'd lost two stone (about 8k) I'd go on a writing retreat and complete the book I'm half way through writing (another 2 k) I'd do a TEFL course (no idea how much they cost but not 90k) and then make a list of countries I'd love to travel to and apply to teach EFL in them with plenty of time off in between to travel and write. I'd massively miss DC and DH but apart from that I'd be in a state of bliss.

coffeeforone · 10/08/2019 10:25

Put it into a pension. And get a job!

bionicnemonic · 10/08/2019 10:25

Try not to
Let your mindset hold you back. You may have only a handful of O levels, but you’ve run a household and you’ll have (if only from maturity) have oodles of experience, common sense and hopefully (even feigned) confidence. Play to your strengths!

NancyJoan · 10/08/2019 10:27

To the person who said 'No one has no education/skills/experience by 50' Err.. yes they do if they married young with only a few 'O'levels & were a sahm for decades

That would be me. And if you’ve run a home/brought up a family for three decades, you do have skills. My mum was in a similar position to you ten years ago, when she came out of a relationship with a controlling man. She uses those skills to work as a live in carer for elderly people. Works two weeks at a time, then has four weeks off. The money is not bad, and no living expenses while you are there. She works through an agency who book the work, arrange insurance etc.

drspouse · 10/08/2019 10:27

Try and find a way to have a small income (lodgers, buy a small flat and let it out) and do something hands on for charity like run a food bank, homeless shelter, or work with refugees.

Teddybear45 · 10/08/2019 10:27

You need to find a job. It doesn’t have to be highly skilled - many retailers and factories love to hire older women.

superram · 10/08/2019 10:31

You would easily get a job in a nursery. Not well paid but would tide you over and build confidence.

CloudRusting · 10/08/2019 10:31

I think my priority would be working out how to earn money for the next 10-20 years. That money won’t be enough to live on for the rest of your life so you’re going to need to supplement it. Either finding a job with retraining (for only a year or so, more than that I likely to pay you back maybe?h ) or perhaps think about starting or buying a business. I would ha e a good look around your area to see if any schemes to get people back to work - the job centre might be able to refer you to some?

Before paying in NI I would check your position and see how much you already have against your name from being a parent. And also check if you do and don’t top up what difference it makes.

NoBaggyPants · 10/08/2019 10:33

If you've been a stay at home mum, then you'll have skills in customer care, organisation, diplomacy! The care industry is crying out for reliable workers, and many clients would prefer a more mature woman to support them.

You could also look at working for an organisation that supports victims of domestic abuse. As long as you've had time to reflect on your own trauma, and you now feel sufficiently resilient, your lived experience will be invaluable in supporting others.

growlingbear · 10/08/2019 10:33

I might also buy a small terraced house in a city (there are loads for under 50k). Do it up and rent it out to students or other short-term renters, so I'd have somewhere to come back to later.

bookmum08 · 10/08/2019 10:39

What in life interests you? If I had this money I would attempt to start a collectables buying/selling business. But that's me and my personal interest.
What do you like doing or would of liked if you had the chance?
That's a good starting point.

growlingbear · 10/08/2019 10:39

@DeadFlea - You've done brilliantly to come out at this age with a bit of money. You have decades of good life ahead of you.
How would you feel about doing daytime care visits to earn money and going to night school to pick up some extra qualifications? You have the money to do this.

Oblomov19 · 10/08/2019 10:45

I don't think our investments in pensions will pay off. I think we'll lose a lot over the next 10-20 years!

I'd use it to get a buy-to-let.

EachandEveryone · 10/08/2019 10:45

Thats how much my lump sum pension will be and I often think about this as I have rented all my life in London. Do you own your home OP? If Soi would buy a terrace up north and rent it out to students through an agency. With the rest of the money I would sod off to India or somewhere for the Winter then come back and get yourself a job as a carer. I know afew people who do that in central London live in and they really enjoy it as you get to move around and have no bills. It must be really difficult getting a foot in the door but you should try and do afew hours a week for your confidence. My cousin has just got a job after 35 years of staying at home in a local chain of haberdashers/bits and bobs kind of shop and she loves it.

EachandEveryone · 10/08/2019 10:47

Sometjhing like this could be done up www.rightmove.co.uk/property-for-sale/property-61227360.html

RosaWaiting · 10/08/2019 10:48

No mortgage, wow.

So what are the other bills? The answer to your question depends a lot on your lifestyle. I’m very much of a “don’t spend” type.

You can’t live on that forever so I’d def get part time work. I hope you are thinking about things like ISAs, fixed rate bonds etc.

ByeByeBike · 10/08/2019 10:50

First of all figure out what you would like to do for the next few years, you say you have no skills but I bet you do! -l

you could get a TEFL certificate and teach English (either you go abroad and rent out your home for additional income whilst you are away, or you can teach online from home, or if you have a spare room you could do homestay teaching).

You could get a lodger to get enough income to cover your bills (depends on where about in the country you live as to how much rent you'll get)

You could get a job as a carer/companion

I'd also go and see a financial advisor and look at options of how to invest your money.

StarJumpsandaHalf · 10/08/2019 10:54

Where do you live OP? Not your address, just the general area 😁 that gives a vague idea of costs and opportunities.

Are you organised and capable, do you like to muck in, do you take instruction well, are you outgoing?

Personally I’d consider the cost of housing and if I should take a lodger and start volunteering at the National Trust or a charity shop - get something practical and up to date for a CV. Take it from there.

anothernotherone · 10/08/2019 10:55

Get a job.

I seriously question whether it's a sensible investment putting the 100k into a traditional pension at 50.

What age did your grandmother live to? What about other close female relatives? If the women in your family live into their late 90s pension is more sensible than if nobody in your immediate family has lived past 70, given you won't be able to draw on a pension you invest in now until you are 67. Those are realistic considerations with only 100k - you'd need half a million to start a pensi you could live on at 50. Don't throw your money away.

Do you own your stable home?

Do you live in a part of the country where you can buy a small property for 100k? 1 bed flat?

I'd

  1. get any job
  2. buy a property and rent it out - that's your pension
  3. then take stock on whether you want a different job/ to retrain in the evenings or on the job in a different job.
Sizeofalentil · 10/08/2019 10:56

Do you like children? If so, I'd retrain as a childminder and do lots of courses on child development and learning and do that x3 days a week

Alevel · 10/08/2019 11:01

You could start your own business perhaps a cleaning business as little start up costs. As it grows you can take on staff.

Sizeofalentil · 10/08/2019 11:05

And how big is your house / how wedded are you to living there? I'd consider downsizing and freeing up some more money to invest in a couple of rental properties.

But if you're looking for a pretty woman style makeover: I'd join slimming world, the local WI (the ones near me are young and fun so maybe scrap that if so!), get my hair, teeth and feet perfected by professionals, sign up to some free/cheap night courses (diy skills, Spanish, upholstery and garden design are on my list. Maybe sewing) and buy new clothes. I'd consider retraining as a childminder, eyelash technician or counsellor.

I know quite a few women who did similar around 50 tbh. Most after a divorce

Fragalino · 10/08/2019 11:07

Op plenty of jobs where you want need to retrain you can start and they may invest in a you, im thinking school jobs, ta, nursery etc