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€40,000 Sitting In Bank...Don't Know What To Do!

windchaser

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First of all, put your savings on a savings account with interest (I know several, pm me if interested, happy to share with you the ones I have, I don't get any commission, I promise :)).

Where in Spain do you live? With that rent you pay I assume in a smaller city, right? I would not discard the idea of an investment property with a mortgage (now that interest rates are super low you can get amazing conditions at a fixed rate), and with a tenant pay the mortgage and even make a profit, then, worst case scenario you own a home and will have a roof over your head.

Depending where in Spain you buy them you wouldn't need to use all your savings.

Maybe a good option would be buying a small investment property (and potential home if things go south) with half of your savings, then leave a small amount in savings account for emergencies and invest the rest in scaling your business.

Considering your age, that you value security and that you don't own a house, getting one sounds like a good idea, even if you use it as a home, as in Spain, (with very few exceptions) is way cheaper buying with mortgage than renting.

Just some thoughts, hope you find them useful
 

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COSenior

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@Empire, based on your responses in the thread, I'm assuming you have been diagnosed and not simply thinking about the odds, which I'm aware are not good, of developing the disease. I'm very sorry to hear it. Your intention to keep from dwelling on the future is admirable.

However, it is practical to consider providing for yourself when the inevitable occurs, and irresponsible not to.

I see everyone talking about scaling your current self-publishing. Would that it were that easy! But whenever your 'product' requires that you, yourself, continue to produce it, scaling that may not be the right thing. There are ways, to be sure. James Patterson and others have found them. May I ask whether you write fiction or something else? And whether you continuously market your backlist?

Consider whether turning your writing skill to something you can monetize beyond your own writing would be feasible. Off the top of my head, I can think of several that work together. Blogging is the foundation, then online course creation, affiliate marketing in your space, i.e., marketing writing courses, etc. With 10-15 years, you can build something that lives on and is automated, can be outsourced when you are no longer able to manage the work, or sold for enough to support you later.

It's taken me far longer than I want to admit to learn how to put it all together, so I understand what you said when you mentioned having to learn everything over the past few years. But you now have a solid foundation. It only requires that you put it together, brainstorm your options, and yes, put a little money into it. Not much. I wouldn't risk more than the five thousand you mentioned. You may be able to do it with much less.

I know little about investing, but I do know there are relatively secure and liquid investments where the bulk of your emergency fund should go. It's unfortunate that life insurance or an annuity for lifetime income will no longer be an option for you, with your diagnosis. However, with your frugality and a little boost in income, you should be able to build that nest egg.

Lastly, do give yourself permission to have some adventures. Find someone who can care for your dad while you take a little time for yourself. You deserve some carefree joy in your life. Everyone does.
 
OP
OP
Empire

Empire

Contributor
Read Millionaire Fastlane
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Feb 27, 2015
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First of all, put your savings on a savings account with interest (I know several, pm me if interested, happy to share with you the ones I have, I don't get any commission, I promise :)).

Where in Spain do you live? With that rent you pay I assume in a smaller city, right? I would not discard the idea of an investment property with a mortgage (now that interest rates are super low you can get amazing conditions at a fixed rate), and with a tenant pay the mortgage and even make a profit, then, worst case scenario you own a home and will have a roof over your head.

Depending where in Spain you buy them you wouldn't need to use all your savings.

Maybe a good option would be buying a small investment property (and potential home if things go south) with half of your savings, then leave a small amount in savings account for emergencies and invest the rest in scaling your business.

Considering your age, that you value security and that you don't own a house, getting one sounds like a good idea, even if you use it as a home, as in Spain, (with very few exceptions) is way cheaper buying with mortgage than renting.

Just some thoughts, hope you find them useful
Thank you. Yes this has been very helpful. Your info helps me look at things differently.
I live in Costa Blanca right on the coast. I live in a nice 2 bed apartment and have been here for a few years but I hate having to pay rent.

I am just finding it hard to take a path. With all that is going on I feel like half my brain is filled with worry about my dad - (even though I know there is zero I can do to make his life less crappy), and the other half is desperately trying to sort my own life out now that I see what my future holds....be it many years from now.

I know people say never make big decisions when you are stressed and it has taken me a year to come to terms with adapting my life to include caring for my dad. He came first no matter what I had planned for this year....but I am not going to spend this year in a mess as I was last year.

Many people have been able to be a success, (whatever that may be for them), regardless of the tough things going on in their lives. They had the strength to do that...so I need to make this year a success.
 
OP
OP
Empire

Empire

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Feb 27, 2015
50
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115
@EmpireConsider whether turning your writing skill to something you can monetize beyond your own writing would be feasible. Off the top of my head, I can think of several that work together. Blogging is the foundation, then online course creation, affiliate marketing in your space, i.e., marketing writing courses, etc. With 10-15 years, you can build something that lives on and is automated, can be outsourced when you are no longer able to manage the work, or sold for enough to support you later.
I am not really a writer I just do this as a means to an end. It is a way of building up a recurring income source so as I can build it up enough to move onto finding another income source. I also earn from course creation and a tiny amount from affiliate marketing. publishing and course creation are doing most of the supporting so far so if anything they are the ones that need scaling.

@Empire But you now have a solid foundation. It only requires that you put it together, brainstorm your options, and yes, put a little money into it. Not much. I wouldn't risk more than the five thousand you mentioned. You may be able to do it with much less.
Yes you are right I pretty much know the ropes now and I am earning a "living" but there hasn't been much growth over the last year or so. Yes, I understand that last year i didn't put out much work due to my dad getting sick and me not handling all this very well....so maybe that is one of the reasons why I have hit an earnings "wall".

Truth is I think it is because my mind is just so filled with junk thoughts that I hardly have enough room to focus 100% when I work. I know I am not working/thinking with a clear mind and i know that is slowing me down.


@EmpireLastly, do give yourself permission to have some adventures. Find someone who can care for your dad while you take a little time for yourself. You deserve some carefree joy in your life. Everyone does.
Thank you, I am fine. If things get bad I just go to the beach. I can't really see myself going anywhere knowing my dad is spending his days bedridden. I share responsibility with my elderly mom who is also getting very tired looking after dad. So, I have her to worry about too.

Anyway, thank you for your advice and kind thoughts.
 

Kevin88660

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Diabetes and stroke worse than Huntington's? You obviously know nothing about Huntington's. The OP was gracious in his reply, but your response left me gobsmacked. You should look it up.
In no way I am trivalising his condition and I apologise if I made it sound so.
 

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