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Generating an income

57 replies

Peanutbutterytoast · 16/06/2023 23:39

Neither myself or my partner are able to work (I don’t want to disclose reasons why) We have no income, savings or pension. The only asset we have is our mortgage free house. What would be the best way to generate an income to live off?
If detached house was worth £280-£300k. We could possibly buy a semi detached house for £150-£180k, leaving £100k approx.

We are not financial savvy at all (see no pension or savings)

Options I can think of are:

Buy a property in auction and rent it out.
Invest in stocks and shares (but haven’t got a single clue)

OP posts:
PosiePerkinPootleFlump · 20/06/2023 07:55

So your anxiety isn't debilitating, but you've not worked since lockdown and you fancy 'getting out of the rat race'.
The only way to do that is to live in significant poverty for the rest of your lives. Have you even worked enough years to qualify for a full state pension when you are 67? (you can check on the gov.uk website and should do this).

You're not in the 'rat race'. You've had 3 years off. Lots of us are tired and fed up of work but bills have to be paid. You're in the fortunate position of having no mortgage or rent so should be able to work part time and manage if you live frugally. Just get on with it

CurlsandCurves · 20/06/2023 08:01

Flipping properties is not as easy as it sounds. And if your husbands body is already broken from manual labour, he’s not going to be doing the work himself, is he?

Which means payment of contractors to do it. Which eats into your profit. Which given the precarious times we live in, might not be a lot to begin with.

Clementineorsatsuma · 20/06/2023 08:07

Peanutbutterytoast · 17/06/2023 19:32

We are both in the (45-50) age bracket. Mainly earning nmw or just above most of our lives.

My husband is not disabled, but his body is truly broken 😭he is tired of working so hard for so little money.

we are currently on uc, but we were hoping for a way to get out of the rat race. But it looks like investing or buying a property to rent out is not advisable, and crafting is only a side business/hobby.

what about buying at auction and flipping properties?

45-50 and his body is 'broken'?!
I know physically disabled people who work full time.
People with mental health problems who work to address them so that they can work.
I'm 60, have a debilitating long term health condition, and have always worked full time to support my family.
Good grief.
You both need to change your mindsets. You could retrain. You yourself could work from home online. Or part time in a supportive environment. He can get himself back to work. Grocery picking in Asda. Amazon. Anything.
Try to get out there and find what you can do, instead of thinking only if what you can't.

BernadetteRostankowskiWolowitz · 20/06/2023 08:11

Peanutbutterytoast · 18/06/2023 23:04

I appreciate every single response received here, I really do.
I was just hoping that releasing £100k from my property would find us a way out of the rat race and be able to ‘work’ for myself. But it seems the advice is to continue with employed work, which makes me really sad.
Thank you for all your honest advice

Won't your uc stop if you release funds from your home? As then you will have savings over the benefits cap?

Livinghappy · 20/06/2023 08:25

Op, I think you are too young (with too little savings or investments) to realistically stop working. People have given good ideas to supplement income.

Flipping property is extremely stressful and needs experience to make money. Once you factor in buying, selling, legal costs you will be fortunate to make any money.

You may just feel fed up at the moment but I think you need to change your mindset.

Greentree1 · 20/06/2023 11:48

If you downsize and get £100,000 cash you could safely get 5% interest currently if you shop around, which would give you an income of £5,000 but you would likely lose benefits. Your needs are too short term for real Stock Market investments anything short term is really gambling and if you have no experience you would almost certainly lose. If you move you might be able to buy a property with a holiday let or a B&B, but those are hard work anyway.

OverCCCs · 20/06/2023 19:16

Peanutbutterytoast · 17/06/2023 19:51

I agrée that anxiety is debilitating.

In my case though, it’s not debilitating. I just haven’t worked since lock down, but I know that if there is no other way out of the rat race, then I’ll have to step up.

So basically your previous posts were full of shit? If you want a higher paying job and aren’t currently working, retrain.

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