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

[JordanK]

How about purchasing a small house or two bedroom apartment? You can then either rent the other room or use AirBnB to cover the mortgage on the property and begin paying it down. You can then also set aside $400 monthly that you used to pay in rent to go back towards your savings account on top of what you already are able to save each month.

The most solid investments you can make in the beginning of your journey are ones that save you money.. in this case the $400 rent money each month.. as if you put the 40k into an investment fund you'll be taxed heavily on it so you should focus initially on reducing expenses as a dollar saved is typically worth more than a dollar earned.

*You may also get tax relief on your mortgage payments and you'll be building up equity in an asset.

 

[Empire]

How about purchasing a small house or two bedroom apartment? You can then either rent the other room or use AirBnB to cover the mortgage on the property and begin paying it down. You can then also set aside $400 monthly that you used to pay in rent to go back towards your savings account on top of what you already are able to save each month.

The most solid investments you can make in the beginning of your journey are ones that save you money.. in this case the $400 rent money each month.. as if you put the 40k into an investment fund you'll be taxed heavily on it so you should focus initially on reducing expenses as a dollar saved is typically worth more than a dollar earned.

*You may also get tax relief on your mortgage payments and you'll be building up equity in an asset.

Solid advice....thank you.

 

[Empire]

What I am talking is, when that happens do you have the income and money to take care of yourself.

Are you trying to save as much as you can so that when something bad happens at least you have the money?

Yes and no. I am still a little messed up about the whole thing. A part of me says take your savings and just go travel the world, live your life and in 15 years you can deal with the HD. Of course with that approach I would have some great memories but will most likely be left with zero in the bank.
That would mean when the HD finally gets me....I guess I'd be in a bad spot.

I know I probably shouldn't even be thinking about that option...I would prefer to be able to create a successful business....have enough money to do some traveling and have fun...AND have enough saved for the future for when I most likely will end up bedridden.

That last part still scares me and I don't think I have processed it all yet. After seeing what HD is doing to my dad I am not sure I want to be around to experience the same. I am really trying to do the right thing here and push the irresponsible thoughts out of my head....but it's hard.

I worked with clients who have diabetes, and people who are recovering from cancer and stroke. So I have seen much worse.

It really depends on what your individual financial and health goal is. Not everyone is a 25 year old with perfect health trying to run a business and aim for a ferrari.

Well I am 47, no kids so no major responsibilities except to look after my dad while he is still here. My older sister has HD and so her husband will take that responsibility. I have no assets like a home, no life insurance or anything like that....just my €40,000 savings.

My financial goal is to create enough of an income where I can at least have 1 nice vacation a year, own a small house or apartment and still be able to save up for my future. If I earn enough to help out my niece and nephew for their future too then that would be a massive bonus!

I am working towards creating semi-passive income sources...or sources of income I can earn online as that gives me freedom to be and go where I want and still earn. Also, online ventures do not seem to need a huge amount of initial capital to get started.

I am not after the mansion or Ferrari....I am too old for that...but a regular, comfortable income where I can live a nice life, not WORRY about cash and have enough for security would be perfect for me.

I am very good at stretching my money to the point where I can live on very little. The issue I am having is speeding up the process of MAKING that money!

As for my health goals.....I just want to be just like everyone else for as long as I can to enjoy my efforts. I am hoping I have at least another 10 to 15 years of good health....I don't want to spend those worrying about a "not so good" future.

 

[Kevin88660]

Thank you for your advice. You have been very helpful.

I think I need to control my thoughts and look towards more responsible answers than are currently floating around my head. I guess I have too much going on up there to allow me to make a good decision....which is why I am here trying to get outsiders viewpoints...from some real smart people.

Right now I cannot pick up and go anyway because I need to take care of my dad...so I guess I need to push the thoughts of "travel" and "living life" aside for now.

If I do that then I guess I am left with "stay, work your a$$ off, earn and save!"
That would probably be the sensible thing to do.
Work on what I have now and work on my habits, build a system to push towards scaling up what I already earn.

I have come this far....starting from literally no earnings...struggling to make even a meager living online for over three years before I saw any "reasonable earnings", (I didn't even know how to use a computer properly!), with no support from anyone around me.

If I can get to the level I am now, finally earning enough online to be able to live "ok" then I should damn well be able to push myself to the next level where I am living "pretty damn good".

I know, it's my mindset.....filled with garbage. It's the negative voice inside me telling me that I am not a business person, I am not meant to have a successful business, etc..

I need to set up a system. I need to begin baby stepping towards growing my income!

I see.

Your story is inspirational. You are very positive.

My advice is keep accumulating cash in the bank. Liquidity is king. When you see that opportuntiy again then you can invest. Only buy bloodpath bottom of things you believe in.

Im accumulating some Asian high yield divident stocks. Some gold/silver. Some bitcoins. I believe in these. I still keep lots of cash.

Good luck!

 

[COSenior]

I worked with clients who have diabetes, and people who are recovering from cancer and stroke. So I have seen much worse.

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.

 

[Empire]

@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.