What would you Do?

Glacier

I'm 25, inherited a house worth around €750k in Dundrum & also about €65k savings. I dropped out of College & now regret it. Is there any way I can make the most of my situation?/ I'm unsure what I want to do.

unclebill98

Live in the house, atleast that way your rent/mortgage free. Sounds like it be a nice place to live. Invest the cash, plenty of treads with advice on this subject. Lastly, go back to college as a mature student, with the cash you got you could afford to pay the fees. Depending if your working you can do it f/t or p/t....simple. If that was me I'd take the chance to do something I really wanna do. Maybe this is why its happened to you!!! Fate!

Glacier

I wouldn't like to go back as a Mature Student, but I don't think you could do anything worthwhile without it, I don't know what to do. I don't want to go sell it with no idea what to do. Any ideas?
It might be a good idea to travel, a lot of people do the Australia year, people would finish College then travel for a couple of years before setlling on a postgrad. I wouldn't to be 27 having not settled in to any job.

Sangre

What did you want to do before you came into this money?

ircoha

Have u paid the CAT?
http://www.revenue.ie/index.htm?/publications/leaflets/infolef7.htm

Min [800k-500k]* 20% = 60k

Random

I'd put a fair chunk of it away and then splash out with the rest for 2 or 3 years abroad. Hell, I'd probably go live abroad.

Most of my ideas involve enjoying the now though and don't really involve investing it etc.

Dudess

Glacier wrote: »

I'm 25, inherited a house worth around €750k in Dundrum & also about €65k savings. I dropped out of College & now regret it. Is there any way I can make the most of my situation?/ I'm unsure what I want to do.

Wow, you have the financial wherewithal and you regret dropping out of college - surely that's a no-brainer?

Why is going back to college such a source of anxiety for you? It's a scary step but majorly, majorly worth it.

cazzy

Id finish college. You said you regret it so why don't you finish it.
If you dont want to go back full time you could do distance education or part time. Does yor course allow for that ?

Just cause you might not have a mortgage you will still need to work in the future so this will set you up for the job that you may have wanted ???

It will amaze you how quick 65k can go - its 2 years salary for the average industrial worker but not having work to take up your time (if you travel/go to college) Im sure it could easily be blown quick enough. And a lot of people have their mortgages paid off but still have to work so this is why having that course might be important for you.

The travelling thing is a good idea also if you want to do that. (and maybe college after) . If it was me I would consider that also. You could rent out the house in Dundrum and make some money on it while you travel.

Keith186

Gamble the €65k and double your money.

pow wow

Go back to college, at least try it. If you don't like it you don't like it but rather than sitting around thinking you should do it but not really wanting to, you'll know one way or the other. I'd also think about working part-time, you might get a taste for the kind of career you'd like. And be like a 'normal' 25 year old.

Your posts always have you seeming so confused about what to do next and that's a real shame. So take a step and do 'something'. At least financially you can afford to make a couple of mistakes educationally/careerwise, unlike many other people.

Digi_Tilmitt

If I were you I`d sell the house invest the money and probably try to retire. You could do it if you invested properly and lived relatively frugally.

To be free of the shackles of work at 25! This is a chance few are offered.

Hitchhiker's Guide to...

moving to investments, should probably also go to personal issues (the "what should i do with my life" part)

btw, you wouldn't be able to retire on this amount of money. But its a nice start. Is it worth spending some of it on a business that interests you?

personally, i'd return to college. 25 is very young and doesn't really make you a mature student (even if you are technically one).

myheadhurts

Don't be a fool! Go back to college full time and finish up. If the house is mortgage free, you can use the cash you inherited and you could take out a small loan against the house to support yourself over the next 3 or 4 years. When you finish, you'll have at worst a tiny mortgage, much better employment prospects and probably 3 or 4 years of great memories.

If you want to travel, go to college abroad. Most of Europe is quite cheap as are Canada & Austrailia. You can take some money against the house to pay your fees and rent it out to give you an income to live on while abroad. You're in a very good position to go back to school so you should consider yourself quite fortunate!

kincsem

1. Live in the house. If you need some extra money you could rent out a room, as you are in an area sought by students (and as far as I know €6k rent income is tax free).
2. Finish your course, if you are most of the way throught it, even if you do not like it. Show me a student who likes studying.:rolleyes: If you prefer to study something else, call in and get advice on your options.
3. Take say €20,000 or whatever you need for college fees, and pay it into college now. Put the rest away.

The world will still be there in a few years.

The worst advice is to sell the house, and travel the world. Do you have somewhere else to live when you come back (and are in your 30s)? Ireland is so much nicer than large parts of the world, and all you will learn is how well off you are.

People have to work to produce goods. There are no free rides. You might as well study, and get a better job.

A Random Walk

kincsem wrote: »

The worst advice is to sell the house, and travel the world. Do you have somewhere else to live when you come back (and are in your 30s)? Ireland is so much nicer than large parts of the world, and all you will learn is how well off you are.

Why is this an either or? The OP could also consider downsizing if they'd like the "security" of having a house while they free up some cash to achieve the other things in life they dream of.

conor_mc

First things first - forget about the money. What do you want to do with your life?

Figure that out first, then come back to the house/money situation and decide how best to go about achieving your goals.

It sounds to me like you're agonising about "under-achieving" because your financial situation. If your dream is to become a pilot, take out a hundred grand somehow and go do that. If you want to be an artist or something, downsize and put aside cash/investment for (the possibly many...!!!) rainy days ahead.

Figure out what makes you tick, then go about achieving it. Going on the piss for a year in Australia won't help that, so in that context I'd agree with kincsem, but that doesn't mean you can't spend some of your money taking a few flying lessons or art classes or whatever it is that might help you make up your mind.

pokermonkey

i'd downsize to a nice 500k house/apartment. and use the remaining €300k to learn some business savvy, set up a company and hire somone to look after it for me.

ok, easier said than done, but your at the age where you could go off and fail miserably, and still come back stronger.

you only live once so take a risk. the reward if you suceed wuld be worth it.

kincsem

Some advised that the opening poster sell his house, and travel / fulfill other ambitions. My reason for suggesting he doesn't sell the house is he has €65,000 which should be enough for a year ot two in Australia or wherever.

Also downsizing / buying an apartment does not make much sense to me as you lose a little every time you do a transaction (solicitors, estate agents, stamp duty), and end up with something worth less than you had.

It can take twenty-five or thirty years to pay a mortgage. Getting a house in an inheritance cuts out a lot of lean years.

mcirl2

why not rent the house and go travelling. I would not sell at all. A house like that will just get more and more valuable.

Of the 65k, If i were u I would invest most of it in whatever you are interested in (eg Real estate - doesnt have to be ireland).

65k will disappear very fast if you dont do anything with it or leave it in the bank earning a crappy return.

read some financial education books - this will open your eyes a lot.
cashflow quadrant is very good but basic. Great first book though.

oh and btw - do not get loans against your house - with your situation that is madness.

hope this helps!!