[Finance] How would you make £50k from £1k

[Shropshire Seagull]

Some great advice above ....

1/ If it were easy to turn £1k into £50k we'd all be doing it - and probably keeping the secret
2/ Be VERY lucky [you can't buy luck]
3/ rethink you financial management - spending money lavishly [car / home improvements] with a £50k debt is just plain stupid if you want to stop working and retire
4/ at 58, take some of your 25% tax-free pension to pay off the debt - work a bit longer debt-free to get your pension back up to a figure you can retire on - then think about a car / home improvements

Cake & eat it spring to mind ....

 

[The Clamp]

I need £50,000.
I can afford to lose £1000 to try and get it.
If you were in my position what would be your preferred method, gambling, investment or other.
I have time but would like it ( if successful) ASAP
If gambling on a horse at long odds would you go all in or over various races at shorter odds.
This is a serious question I'm genuinely interested to give me ideas, I am not a serious gambling person, but dabble from time to time.
Lottery and premium bonds are not the answer.

Hello Dearist Misters Choppers

My name is Babush Omfugo, the Crown Prince of the most glorious Nigerian state of Gombe. We may be able to helps each one another for sure.....

 

[Seagull27]

Trying to make £50k from £1k in any reasonable timeframe is just not going to happen, it's not even worth thinking about. The only possibility I could see is getting good at buying and selling (internet or car boot sale), but even that isn't going to happen easily or quickly, if at all.

Gambling in any way (including high risk investment like crypto) would be monumentally idiotic at those odds, literally throwing it away, you're better off using the £1k to take Mrs. C off on a short holiday to get away from the work stress.

There's some very good advice above about paying off the debts with what you have already, and talking to a financial advisor is also worth doing.

Otherwise if I were in your position I'd be seriously considering whether the new kitchen/bathroom/redecorating is really needed (i.e. is it genuinely falling apart or do you just not like it anymore), and if it's really that important then Mrs C may just have to keep working a bit longer.

Sorry to be frank.

 

[schmunk]

I can do it for you in about a week on FIFA.

In real life? Not a hope.

 

[herecomesaregular]

This is a ****ing hilarious thread. You bought a "nice car" before considering paying off a 50k debt? Brilliant.

 

[herecomesaregular]

If you are going to bet (and no I dont recommend it, but if), **** horses (not literally, its weird).

Go with corners, best chance of success.

Each time a big team are down by a goal in the 75th minute, you bet on 2 more corners in the game. The odds will usually vary from 1.60-2.00. Lower than that is not worth it.

You divide your £1000 into 100 units (£10 each) and stick to your units even if you have a good day. If there's been less than 10 corners in the game at that point, you bet two units, otherwise just one. When (or rather if) you've doubled your £1000, you can also double your units. If you lose your discipline and start to take too much chances (maybe if I bet £50..., maybe if I go greedy and bet for this or that result..), you are smoked. If you dont and reach a high win rate, make sure you make the occasional losing bet or the betting company will limit your access to corner bets. Corners are a lot more predictable than goals or results.

Obviously its not bullet proof and you want to look at possession and if most of the play are through the middle or the flanks etc. but generally speaking it will be your best chance of winning on betting.

Corners seem to be down a lot this season? (I'm guessing just by observation and the odd bet on them). I think the value of a corner to top teams has reduced. Less goals seem scored from corners and they seem almost treated like throw ins nowadays (played short, backwards etc rather than lobbed in the box in the traditional British way). There's been many games I've watched with two attacking teams and only a total corner count of 5-6.
Anyway, an interesting strategy and hope you have done well out of it (I assume the bookies have noticed your pattern though on your account?).

edit - my most rewarding strategy is to pick a highly fancied team and bet Draw/Win, Halftime/Fulltime as the weaker opposition, playing defensively, can often hold out until half time. I've done well on that one in a combo £5 (I very rarely bet big but this often pays out £70/80).

 

[Raleigh Chopper]

Some great advice above ....

1/ If it were easy to turn £1k into £50k we'd all be doing it - and probably keeping the secret
2/ Be VERY lucky [you can't buy luck]
3/ rethink you financial management - spending money lavishly [car / home improvements] with a £50k debt is just plain stupid if you want to stop working and retire
4/ at 58, take some of your 25% tax-free pension to pay off the debt - work a bit longer debt-free to get your pension back up to a figure you can retire on - then think about a car / home improvements

Cake & eat it spring to mind ....

I can understand your comments because you don't know the exact situation.
I came into some money and I desperately needed a better car and our kitchen and bathroom is in dire need of replacement, one way or the other I would have had to spend money on these items.
I have always believed that you don't spend money unless you have it and even then you shop around to get the best deals, which I did.
I have not yet got a new kitchen or bathroom.
It's what I do with the rest of it, I want to keep as much as possible as a retirement fund if I can.
One of those options is a gamble with £1000 to try and make £50000 and if successful then all is good that is why I am asking for gambling ideas.
The car was essential, sure I could have spent less but I purchased a 6000 mile nearly new mild hybrid that I love for £20000 and will probably keep for years.
So the money budgeted for the kitchen and bathroom is still in the pot, part of why I asked the question as well.
All my options are still open.

 

[Raleigh Chopper]

This is a ****ing hilarious thread. You bought a "nice car" before considering paying off a 50k debt? Brilliant.

You don't understand, the car was essential I would not have purchased one if it wasn't and buying one outright is better for us than leasing one, the amount I paid was one eighth of my inheritance, I have not yet gone ahead with the bathroom and kitchen which desperately needs doing but not essential unlike the car.
I do not buy big ticket stuff unless a) I can afford it and b) it is really needed.
This is going off the rails a bit, just asking for ideas because I may be prepared to gamble £1k to pay the £50k if I am successful then I can pay that off, get the new house stuff and still pocket the rest.
All my options are still well and truly open.
(The old car was a gift from my wife's sister just as we was going to get one 5 years ago, we ran it into the ground and it failed its mot, to repair it was more than its value, it had to go, we needed a better car for our many trips from Plymouth to London and the SE)
The £50k debt is and will be paid off but I want to try and pay it off allowing my missus to leave her job but I don't want to blow all the dosh.

 

[sydney]

I'm not a gambler but I am prepared to lose £1k to try and get £50k, that is why I am hoping for advice.
Seriously thinking about studying the racing press and going all in at 50/1.
Probably wait until the flat starts as those pesky fences get in the way.
Anyway I have some time to wait until I find something that gives me the best chance.

look at the jockey challenge for various race meetings then do a multi formula 8 leg place bets including the 2 best rides of the jockey tipped to win the jockey challenge at that meet on the day 8 x 1.5 place getters gives you a return of 26 /1 , if you do the doubles in the same bet you will only need 3 or 4 place bets to come in to get half your outlay back.

 

[Raleigh Chopper]

My advice? Just take the hit, pay the debt. You'll thank yourself I promise you. You will never have a better chance to be debt free. If you try to turn a grand into fifty, I promise you, you will retire in debt.

I have been pretty much in your exact position. It was galling to spend such a delicious windfall paying back a debt but mate, the day I paid that back 99% of the stress in my life lifted. Any money I earned after that was mine and nobody had a claim on it. It's the best feeling in the world even if it leaves you with no spare.
I mean this with kindness and I am not judging.

Thank you, I agree.
The debt belongs to my wife, it is due to be paid off by retirement but I feel sorry for her as it is keeping her in a well paid job that she hates, she is very proud and refuses any help and has owned it, I have said it is our money but she wants to deal with her mistake.
For all those saying that I don't stand a chance, I realise that it is a very long shot, it is just an option but many people have gambled and won, I have done quite well on the occasions I have gambled, especially pontoon down the casino.

 

[The Clamp]

Thank you, I agree.
The debt belongs to my wife, it is due to be paid off by retirement but I feel sorry for her as it is keeping her in a well paid job that she hates, she is very proud and refuses any help and has owned it, I have said it is our money but she wants to deal with her mistake.
For all those saying that I don't stand a chance, I realise that it is a very long shot, it is just an option but many people have gambled and won, I have done quite well on the occasions I have gambled, especially pontoon down the casino.

Fair enough. I guess if you’re prepared for the possibility of losing the money and you strictly limit it to 1k then all that remains is to wish you the best of British. Beers on you when your horse comes in mate!

 

[StonehamPark]

The debt belongs to my wife, it is due to be paid off by retirement but I feel sorry for her as it is keeping her in a well paid job that she hates, she is very proud and refuses any help and has owned it, I have said it is our money but she wants to deal with her mistake.

Very cut-throat, but let her continue to work, earn decent money and pay off the debt.
Offer to help her out a bit, of course.

But don't thrown money down the drain on a long-odds horse, finishing work early and straining you financially.

 

[OzMike]

My crypto has gone up by about 300% in just under a year.
How long have you got ?

 

[nwgull]

I was offered a chance to take part in some sort of big-money secret gameshow by a bloke I met at an underground station the other week. Not interested myself but I’ll PM you the number on the back of the card he gave me.

 

[Hugo Rune]

edit - my most rewarding strategy is to pick a highly fancied team and bet Draw/Win, Halftime/Fulltime as the weaker opposition, playing defensively, can often hold out until half time. I've done well on that one in a combo £5 (I very rarely bet big but this often pays out £70/80).

I’m going to take your advice on this. I’ve found great value with this bet on the 4th placed team in the Premier League at 16/1 this weekend.

 

[Swansman]

Corners seem to be down a lot this season? (I'm guessing just by observation and the odd bet on them). I think the value of a corner to top teams has reduced. Less goals seem scored from corners and they seem almost treated like throw ins nowadays (played short, backwards etc rather than lobbed in the box in the traditional British way). There's been many games I've watched with two attacking teams and only a total corner count of 5-6.
Anyway, an interesting strategy and hope you have done well out of it (I assume the bookies have noticed your pattern though on your account?).

edit - my most rewarding strategy is to pick a highly fancied team and bet Draw/Win, Halftime/Fulltime as the weaker opposition, playing defensively, can often hold out until half time. I've done well on that one in a combo £5 (I very rarely bet big but this often pays out £70/80).

Nope there is a slight increase in corners (at least in England, elsewhere such as in Spain they're down a bit due to the weakness of the top teams). Corner goals dont know but its not been a dangerous opportunity in modern times - in the last ten years only 3% of corners result in goals. Like Mou said, they are overrated:

"How many countries can you think of where a corner kick is treated with the same applause as a goal? One. It only happens in England." This is why plenty play it short etc. because the counterattacks from "traditional" corners are pretty much as dangerous as the corner itself.

Yes the strategy works fine and indeed the pattern gets noticed, I have to buy new accounts every now and then. But its my betting cash cow, other bets I throw my money on usually results in deficits long term. I've started to make more notes on my spreadsheet though, like how different teams behave when they are in the lead/from behind and so forth, and hope it will result in more ways of winning. Like if a team is 3-0 up with 20 minutes to go, some teams are going to try to score another for the fun of it while others will be very safe and cautious and things like that are very important and something I didnt look to deep on in the past.

The draw/win sounds like a nice combo at least for the PL, not sure it works for most leagues as the difference between top and bottom is usually bigger.

 

[Springal]

How much have you got left? Are any of you high or higher rate tax payers ? Could lump in a private pensions and then in March claim tax rebate back as cash?

 

[cjd]

You are clearly chasing some thing that makes you happy in your life ( i.e. for you at present, material things ).

How about finding a worthwhile cause and GIVE your money to that....? There are thousands of worthwhile small charities or projects that need some help. Much better that , than chucking it away on hopeless 'chance'.

I'm sure your happiness level would be improved by randomly helping one of these.

 

[Whitechapel]

I need £50,000.
I can afford to lose £1000 to try and get it.
If you were in my position what would be your preferred method, gambling, investment or other.
I have time but would like it ( if successful) ASAP
If gambling on a horse at long odds would you go all in or over various races at shorter odds.
This is a serious question I'm genuinely interested to give me ideas, I am not a serious gambling person, but dabble from time to time.
Lottery and premium bonds are not the answer.

If you want a serious answer then I'd also avoid horses.

The last two years I have landed 50/1 shots on the run of football matches between Boxing Day and New Years. Coincidence? Maybe, but with some logic behind it. I do a massive O 1.5 Acca most weeks and whilst they come in now and then they seem more likely to come in over Christmas. Lower league players who have had a drink over Christmas and maybe aren't in peak condition, followed by 3 games in 6 days means there's normally a few goals. You need about 14/15 games to reach odds of 50/1. Sites like Flashscores are great - you can sort league tables by games with O 1.5 goals per home/away game etc. Go through the Championship, League One, League Two & National League and pick out a few from each league that look like they have goals in them.

 

[Surport Local Team]

Trouble is even if u did win 50 gamberling, 99% of people would still lose. This is because greed Is human nature and the mind thinks turned 1 into 50, so why not 50 into 1 mill. It would take unberlivable restraint to go from 1 to 50 then completly quit!! Who would not have the mistaken view they were somehow brillaint at gamblerling. Eventuaĺy ur luck will turn and the edge the bookies have will come through!

In fact worst thing that could happen would be get to 50 from 1. As u will then lose all that 50, and most probably another 5 of ur own money trying to replicate ur previous success. Best off losing the 1k quickly and then never gamberling again!!!