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

[Tom Hark Preston Park]

Good thinking I will think about that too I am saying no more than we should both be retired early, the debt incurred was I am afraid a mistake which has meant that we have to keep on working for a while but you really have made me think at a different tangent and I may well take some financial advice on that, I know a good adviser.

Maybe a bit of a long shot but do you and Mrs RC have any old pensions from previous employers that you may have lost track of over the years? There's a free hmgov Pension Tracing Service that can point you in the right direction

https://www.gov.uk/find-pension-contact-details

I'd advise anybody to do the same. In my case I worked for a large publishing company for four years in the early 80s. Moved house, changed jobs etc etc and wasn't even sure I'd had a pension with them in the first place. But I had. Turns out it was non-contributory and had been quietly snowballing interest for 35 years. Until I followed up on an article I read in the paper about the Pension Tracing Service I was completely oblivious to its existence. Turns out it had a transfer value quite a bit more than the sum you are aiming to raise. Good luck!

 

[CheeseRolls]

I was waiting for that question.
I have come into quite a sum of money, I have already purchased a nice car and I have set aside a sum to spend on the house, the remainder I want to set aside as a tidy sum to retire on, along with pensions we should be comfortable in our retirement.
But we owe £50k and we are slowly paying it off but the payments are a problem for Mrs Chopper as she wants out of her job but can't all the time we have this amount to pay off.
I could pay it off but it will leave us with hardly anything left after spending on the car and house.
But with all the dosh I have at the moment I can lose £1000 to try and get £50000, pay the bill and still have my nest egg intact.
I am 58, Mrs Chopper is 3 years younger so retirement is looming.

when you look at the challenges youngsters face today getting established things always look really tough. I was talking to my mum on the weekend on this subject and she mentioned that their first house cost £2,200, but her wages were £6 per week. Forget inflation for a moment. How long do you have to work save £1,000?

 

[Eric the meek]

Maybe a bit of a long shot but do you and Mrs RC have any old pensions from previous employers that you may have lost track of over the years? There's a free hmgov Pension Tracing Service that can point you in the right direction

https://www.gov.uk/find-pension-contact-details

I'd advise anybody to do the same. In my case I worked for a large publishing company for four years in the early 80s. Moved house, changed jobs etc etc and wasn't even sure I'd had a pension with them in the first place. But I had. Turns out it was non-contributory and had been quietly snowballing interest for 35 years. Until I followed up on an article I read in the paper about the Pension Tracing Service I was completely oblivious to its existence. Turns out it had a transfer value quite a bit more than the sum you are aiming to raise. Good luck!

Blimey. You must have thought you'd won the lottery! Congratulations. Now go and blow it all on a nice car.

 

[MJsGhost]

The facetious answer would be: nip down to B&Q, get yourself a time machine, go back to a time before you bought the nice car, and don't buy it. Pay off the debt instead.

Alternatively, it sounds like you can pay off the debt anyway, so why not pay it off? Is it secured or unsecured? You could use your lump sum from your pension(s) to fund the spending on the house. Or you may decide that retirement is more a priority than house improvements.

I'm 62, retired at 56. Wife 60, also retired. I don't know anyone who regrets retiring early. Life is short.

No offence meant, but this is the most ridiculously diabolical advice I have ever seen on NSC (and as bars go, that's a high one).

It starts well - the bit about a time machine is bang on - but if he's gone to the trouble of going to B&Q for it, he might as well go full Biff Tannen and use it to win some bets.

What would the odds have been for a Maupay equaliser in the 95th AND a Lacazette equaliser in the 95th against our dear friends?

 

[Eric the meek]

No offence meant, but this is the most ridiculously diabolical advice I have ever seen on NSC (and as bars go, that's a high one).

It starts well - the bit about a time machine is bang on - but if he's gone to the trouble of going to B&Q for it, he might as well go full Biff Tannen and use it to win some bets.

What would the odds have been for a Maupay equaliser in the 95th AND a Lacazette equaliser in the 95th against our dear friends?

Bugger. You're right. No offence taken, mainly because I've got no answer. The shallow depths of my lateral thinking are exposed for all to witness!

By the way, I may have mentioned, purely by accident, that both Lacazette and Maupay shattered Palace's dreams in the 95th, on the Arsenal Palace comments on the BBC. It ain't over till it's over.

 

[Change at Barnham]

I was waiting for that question.
I have come into quite a sum of money, I have already purchased a nice car and I have set aside a sum to spend on the house, the remainder I want to set aside as a tidy sum to retire on, along with pensions we should be comfortable in our retirement.
But we owe £50k and we are slowly paying it off but the payments are a problem for Mrs Chopper as she wants out of her job but can't all the time we have this amount to pay off.
I could pay it off but it will leave us with hardly anything left after spending on the car and house.
But with all the dosh I have at the moment I can lose £1000 to try and get £50000, pay the bill and still have my nest egg intact.
I am 58, Mrs Chopper is 3 years younger so retirement is looming.

You need to reconsider the order of your priorities if you want better mental health and an improved life style for Mrs Chopper and therefore yourself.

* Pay off the £50000 debt (should have delayed purchasing the nice car).
* Spend money on the house when you can afford it. (assuming it is to make the house nicer rather than essential maintenance)
* Use any money you have to increase your income stream, rather than spending it on materials that are wants, rather than needs.

 

[BNthree]

On a serious note.

Buy £1000 worth of Premium Bonds and hope you maybe win a £50k draw. Then you won't even lose your £1k stake

My cousin is an actuary with a specialism in derivatives. He always says the best investment for your average punter is Premium Bonds.

 

[Harry Wilson's tackle]

I was waiting for that question.
I have come into quite a sum of money, I have already purchased a nice car and I have set aside a sum to spend on the house, the remainder I want to set aside as a tidy sum to retire on, along with pensions we should be comfortable in our retirement.
But we owe £50k and we are slowly paying it off but the payments are a problem for Mrs Chopper as she wants out of her job but can't all the time we have this amount to pay off.
I could pay it off but it will leave us with hardly anything left after spending on the car and house.
But with all the dosh I have at the moment I can lose £1000 to try and get £50000, pay the bill and still have my nest egg intact.
I am 58, Mrs Chopper is 3 years younger so retirement is looming.

Given that the 'quite a lot of money' is found money, the smart move is pay off the debts, then get on with normal life.

Is there a chance that, given you are willing to spaff a grand on a punt, a somewhat cavalier attitude to cash may have contributed to the 50 grand debt?

Just a thought....

 

[Justice]

Look for a small prize money race at let’s say Brighton, if a horse has traveled a long distance to run in the race let’s say Yorkshire bet on that horse.

 

[Insel affe]

Look for a small prize money race at let’s say Brighton, if a horse has traveled a long distance to run in the race let’s say Yorkshire bet on that horse.

Oh I am not sure on that one, it is long old drive, the horse could get horsebox sick

 

[sparkie]

Pay off the debt.

The Mrs can work to pay for the kitchen in return and then she can change jobs / resign.

Take a small pension tax-free draw down if you are prepared to work a year or 2 extra to top it back up again.


Don't gamble, and if you do then don't under any circumstances chase the loss.

 

[Insel affe]

how much did the nice car cost ?

 

[MJsGhost]

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.

I was waiting for that question.
I have come into quite a sum of money, I have already purchased a nice car and I have set aside a sum to spend on the house, the remainder I want to set aside as a tidy sum to retire on, along with pensions we should be comfortable in our retirement.
But we owe £50k and we are slowly paying it off but the payments are a problem for Mrs Chopper as she wants out of her job but can't all the time we have this amount to pay off.
I could pay it off but it will leave us with hardly anything left after spending on the car and house.
But with all the dosh I have at the moment I can lose £1000 to try and get £50000, pay the bill and still have my nest egg intact.
I am 58, Mrs Chopper is 3 years younger so retirement is looming.

So what you're saying is that the windfall is enough to cover the new car, the home improvements and the £50k debt, but only just.

What you would like is to pay for all of that with the windfall and still have £50k left over as a nest egg?

So all the window dressing aside, you just want £50k and are prepared to risk £1k in the process?

Let's face it, a 4900% return on your investment in a short space of time is VERY unlikely to be achieved, so there are two options as I see it. Either something you will enjoy doing (so you get something out of it when you lose the £1k), or something quick (so you don't waste loads of your time as well as the £1k).

If you were to opt for the latter, here's my punt for an 8-fold accumulator:

PSG vs RB Leipzig - PSG to win (4/7)
Man U vs Atalanta - double chance: draw or Atlanta win (Evs)
Ajax vs Dortmund - both teams to score? YES (4/11)
QPR vs Blackburn - both teams to score? YES (4/7)
Benfica vs Bayern Munich - Bayern win (4/11)
West Ham vs Genk - West Ham win (1/3)
Club Brugge vs Man City - both teams to score? NO (17/20)
Atletico Madrid vs Liverpool - both teams to score? NO (11/10)

£1000 returns £49,090.91

You're welcome.

 

[Eric the meek]

So what you're saying is that the windfall is enough to cover the new car, the home improvements and the £50k debt, but only just.

What you would like is to pay for all of that with the windfall and still have £50k left over as a nest egg?

So all the window dressing aside, you just want £50k and are prepared to risk £1k in the process?

Let's face it, a 4900% return on your investment in a short space of time is VERY unlikely to be achieved, so there are two options as I see it. Either something you will enjoy doing (so you get something out of it when you lose the £1k), or something quick (so you don't waste loads of your time as well as the £1k).

If you were to opt for the latter, here's my punt for an 8-fold accumulator:

PSG vs RB Leipzig - PSG to win (4/7)
Man U vs Atalanta - double chance: draw or Atlanta win (Evs)
Ajax vs Dortmund - both teams to score? YES (4/11)
QPR vs Blackburn - both teams to score? YES (4/7)
Benfica vs Bayern Munich - Bayern win (4/11)
West Ham vs Genk - West Ham win (1/3)
Club Brugge vs Man City - both teams to score? NO (17/20)
Atletico Madrid vs Liverpool - both teams to score? NO (11/10)

£1000 returns £49,090.91

You're welcome.

Top drawer.

I'd thought of blathering on about futures or day-trading, but to get the return to £49,000 is proper NSC.
Well done for working out the correct return of 4900%. Not a lot of people would know that.

 

[Mr Smggles]

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.

Where have you found this at such great odds? B365 have Draw/Win for City at 3/1.

 

[MJsGhost]

Top drawer.

I'd thought of blathering on about futures or day-trading, but to get the return to £49,000 is proper NSC.
Well done for working out the correct return of 4900%. Not a lot of people would know that.

I was slightly disappointed I couldn't get the acca right up to the desired £50k return, but it's near enough.

I obviously had to stick a tenner on it, otherwise I'd be kicking myself if it comes in*










*it won't

 

[schmunk]

I purchased a 6000 mile nearly new mild hybrid that I love for £20000

the amount I paid was one eighth of my inheritance

Making the total inheritance £160,000? You've spent £20,000 and still have £140,000?

Yet you're trying to come up with a hare-brained scheme to avoid paying £50,000 to close off a (presumably interest-bearing) loan...?

 

[beorhthelm]

the further we go into this the dafter it gets.

there are sound reasons to not pay back debt, not usually ones that arrive at a plan to gamble to cover 50k.

 

[herecomesaregular]

Making the total inheritance £160,000? You've spent £20,000 and still have £140,000?

Yet you're trying to come up with a hare-brained scheme to avoid paying £50,000 to close off a (presumably interest-bearing) loan...?

Indeed, talk about wanting to have your cake and eat it. This thread must be a wind up or maybe you're not that in love with your partner (ouch, sorry, bit judgemental). Reducing stress (if the debt, job is causing excessive stress) is surely priceless?

 

[Shropshire Seagull]

Pay off the debt.

The Mrs can work to pay for the kitchen in return and then she can change jobs / resign.

Take a small pension tax-free draw down if you are prepared to work a year or 2 extra to top it back up again.


Don't gamble, and if you do then don't under any circumstances chase the loss.

Be mindful that taking draw-down will permanently place you in to the Money Purchase Annual Allowance [MPAA] - all your future pension deposit will be capped to a max of £4k p/a

Depending on how much you take out, but could take some years at £4k to recover.