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

[prawnsarnies]

Become a book maker they always win in the end.

 

[happypig]

At Christmas download the current season's Championship (or league 1/2) table and results. Plot every result to obtain each teams home/away form and likelihood of winning/losing drawing in their next game (update every week). Then pick the five games that your predictions most heavily weight and do a Lucky 31 (if you're cautious) or acca (if you're reckless).
This will probably give you a return each week; I did it a few years ago (I gave up on all gambling when I retired) and, whilst it's a fair bit of work, I made a modest profit most weeks from a <£5 stake.

 

[bWize]

Crypto trading futures if you know what you are doing.

 

[Cheshire Cat]

Several sawn off shotguns*?









*this is not a serious suggestion

 

[The Wookiee]

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.

Surely you would be better off paying the debt you owe first, then look at ways to raise funds for the car and house ?

 

[Stat Brother]

T'is a shame the season is drawing to an end.

I could easily, if we could find a bookie to take such a large bet on cycling, turn your grand into £100,000 which we'd have to split 50/50 in order for you to get the £50k you need.

 

[Raleigh Chopper]

Several sawn off shotguns*?









*this is not a serious suggestion

You don't see any good old fashioned bank robberies any more.

 

[Eric the meek]

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.

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.

 

[nickjhs]

Get a job at Starlizard and get a free stake in Uncle Tony's syndicate. Use the 1k for back up in case you have to top up the pot.https://www.businessinsider.com.au/inside-story-star-lizard-tony-bloom-2016-2

 

[Raleigh Chopper]

Surely you would be better off paying the debt you owe first, then look at ways to raise funds for the car and house ?

I am thinking about all my options, this thread is just one of them, I have seriously considered your idea.
Trouble is we actually are in need of a new kitchen and Bathroom plus redecorating otherwise I would pay it off tomorrow.
What I don't want is nothing left of it when I retire.
Mrs Chopper has a well paid job and I cover all the other outgoings but I feel sorry for her because she no longer wants to work there or in her profession she wants less stress but that would more than likely mean considerably less money.

 

[Raleigh Chopper]

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.

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.

 

[Springal]

Not to be a dick. It I’d probably not have been buying a new car if this debt is so important to be paid off.

If £1k to £50k was that easy anyone would be doing it. Maybe £20k in a stock / share ISA might get you closer in a year or 2

 

[Berty23]

Most realist way is to get lucky with a crypto. Get yourself into that thread and pick one! Good luck.

 

[Insel affe]

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 let me get this right.

A: You have come into a nice chunk of money unexpectedly.
B: You have purchased a “nice car”
C: and have set aside some money to spend on the house.
D: You owe 50k
E: You can pay off D
F’in hell some people are never happy…..

 

[StonehamPark]

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.

Reading that, it's a bit fecked up imo.
Priorities and finances all in the wrong place.

Without wanting to come across as a dick, I feel you can solve your issue quickly and easily.

Sell the car asap. It's a great sellers market right now and you've got a shiny expensive depreciating asset.
Use whatever you get out of that to pay towards the debt.
Pay off the remainder of the debt with your excess cash.
Get debt free asap. Buy a nice cheaper used car.

Find a hobby that you both enjoy and turn that into a little profit maker.
It might sound silly, but there's good money to be made from car boot sales, finding some treasures and selling online for profit.
Find a niche, sell to the USA etc.

Main point. Sell car, pay debt, live well within your means, enjoy your time.

You will not turn 1k into 50k.

 

[The Clamp]

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.

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.

 

[Whitechapel]

If you're going to gamble £1k in to 50k then you have more chance being sucsessful with drugs than gambling.

Just saying

Edit: If I'd read more than the title I'd have seen this had been covered, my bad.

 

[The Clamp]

If you're going to gamble £1k in to 50k then you have more chance being sucsessful with drugs than gambling.

Just saying

Edit: If I'd read more than the title I'd have seen this had been covered, my bad.

Until the established dealers find out a family man down the road is dealing. Break into his house, steal all his money and drugs and break his hands as a warning to not deal on their patch.
I would say it's as quick a way to lose everything as gambling.

 

[Doc Lynam]

I'll give you just two with drastically different time frames and risk tolerance!

1. Put your money in a savings account and leave it for 500 years, roughly; 50k will probably be worth 1k in todays money due to quantitive easing but its safe. And as you said if time isn't a factor its the best choice you have.

2. Get a VPN ( so they don't know you're based in the UK) sign up to a Bybit account and leverage up to the tits on Bitcoin, lets say 100x your position guessing whether Bitcoin will go up or down. You'll either lose your money by the next time you take a breath or make a health profit given that you have a 1% margin of error. Repeat this say 20x without losing once (otherwise your liquidated. The odds of this happening become compounded smaller and smaller every time you succeed) and Bobs your Uncle you've turned into a degenerate gambler who now has 50k in their pocket.

 

[Wozza]

Wait, is this season 2 of Squid Game?