Let’s say a magical fairy hands you $10k each month…lol, that you may stop receiving after a few years. How could you build a business or invest that money so that it becomes a reliable income? And you have zero schooling, just starting from scratch. E-commerce? Buy a food truck? Day-trading? Real estate? What would you do if you were starting from zero and this is all you had? Sorry for the stupidity of this question!

  • ProducerMathew@alien.topBEnglish
    1·
    1 year ago

    First, buying property, convert to HMOs and get tenants in asap. After the first year, re-mortgage and buy another property, do the same. Should now have enough income from the properties to be self sufficient. Possibly even £4,800 gross per month assuming 4 tenants per property (8 in total) and each paying £600 per/m.

    Whilst the 10/15k is coming I’ll keep buying property, converting to HMO and re-mortgaging. I may be inclined to do some ‘3 bed family homes’ too to help diversify and get some long term tenants.

    The goal here is to become self sufficient and earn my own £10k or so per month once the free cash ends.

    With extra cash, I would look to invest in businesses, and create some sort of online business. Maybe online course related s this can scale easily up to £40k per month or so, NET. But also I would take a ton of courses in online marketing and trying to understand business more to the best I can. I want to be more knowledgable than the competition.

    Now that I’m self sufficient and should have around at least 50k in per month. Time to move to Dubai, setup a company there. Base myself there so that I mitigate tax costs. But also a great place for networking and becoming even richer.

    Once I’m bloated with cash, probably return to the UK, buy a super lush property of a few million and basically retire early; all with passive income. Maybe even buy or start up a lettings agency so that I can do all the property management stuff in-house and save further.

    I think the point is, once you get an initial bit of self sufficiency which would enable you to purchase property to let, then you’re sorted in life.