if someone gave you 30k today....

[Inneedofadvice553]

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

Just that really!

What a question. (I came on to say how I'd spend it) 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?
TBH no idea!

Buy house. Wait 5 years. Done.

I can't

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

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

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

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.

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

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.

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

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.

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!!

Caution: NOT a financial advisor

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!

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!

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

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.

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

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