What to do: have 6 figures in the bank. Buy shiity flat, buy expensive flat or just continue to enjoy number going up. No kids. No hope. Im leaning towards shitty flat because i’d pay it off quickly but if all goes to hell then does it matter?
Genuine question. Current living situation is irritating but cheap.
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What do you want out of it? Owning adds responsibilities and costs. If you don’t have a reason to own other than you can, why take on those responsibilities and costs?
Owning a property is not just an investment, not just not paying rent, but a commitment. Some of us consider it well worth it. Some of us even like that part of it. But consider whether that’s you
If you have a place to store your stuff, maybe look at other countries. Living in America was very depressing.
buy shitty flat, wait a few years and pay down the loan as if the interest rate is and extra 2%, in a year or 2 sell the shitty flat and buy a better one. rinse and repeat
Welcome to the property ladder.
The shitty flats have been the same price for a decade, plus the goal here is to stop moving. I’ve rented too many places, just want a home.
You interested in home improvement? Buy the shitty flat, slowly fix it up the way you like, and if you ever decide to sell, it’ll likely be worth a little more.
Get a hobby that you are passionate about. All that money should disappear relatively quickly
Fuck. I’m smart and broke
If you were smart you’d just pull yourself up by the bootstraps.
The secret ingredient, is crime.
(You could easily run for office and abandon all yout morals… accept bribes, get rich)
Hi stupid but have money, I’m dad
In the bank? Whatever you do, don’t keep six figure numbers on your bank account. Either invest it in ETF index funds or buy something fun or useful.
I sold my etf last week. Maybe I should buy again. I’m supposed to buy a place to live though. Apparently that takes a lot of work and research and you have to hire multiple people to check that the other people aren’t lying too much and I’m tired. Buy shitty flat or buy nice flat?
Are there any decent flats? So a slight upgrade but won’t cause you to go broke over time
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Buy land from the lunar embassy. Guaranteed to go to the moon!
No hope.
Weird thing to say. If you were looking purely for financial advice, that’s one thing. But if you have no hope, then I don’t see the point in having good finances.
if it all goes to hell then does it matter?
Again, weird thing to say.
Of course, this is no stupid questions, so you can ask whatever you want. But imo, we need a lot more context to help you, and your actual problem has little to do with where you live
if you have no hope, then I don’t see the point in having good finances.
Guess you answered my question.
Talk to a financial advisor. The moment I was making more money than i knew how to confidently manage myself, i talked to a financial advisor and it was one of the better decisions i’ve made. Now i know exactly what i can spend on what and still be saving what i need to.
What if you think the whole system is going to collapse, or you hope it’s going to collapse, what is the financial advice for climate change meets trumpistan?
All I know is in that situation, owning property outright with the means to defend it is the only safe bet. You should just turn it into a prepping hobby, there’s worse stuff to get into out there.
You know what I’m going to say something different and I hope it’s not too inappropriate.
The other commenters have done well so far. But have you considered using some of your money for therapy? I see you said you’re on antidepressants, but I wasn’t sure if you were already in therapy or not.
I don’t mean this as a cop out answer and I don’t mean that they will directly help you with your finances. But it might be a good idea to talk to someone about the “nothing matters because the world is going to shit” mentality. Even if there is merit to what you say, it isn’t exactly helping you feel happy or satisfied with your life. If you can learn to cope with this particular thought, you might find the rest falling into place a little easier.
I’d buy the shitty flat.
You’re 50. You don’t know how long you’ll be able to work to pay off the expensive flat, nor do you know what needs you’ll have as you get older. You can buy the shitty flat, pay it off quickly, and you’ll own it. If you lose your job, you won’t be evicted for not paying rent. Depending on where you live, you’ll still have condo fees, property taxes, or whatever, but you’ll still have more leverage and leeway than simply being a tenant.
Don’t just grab any shitty flat; think of what you want now, and what you’ll need as you age. You may not still be in the same flat 10 or 20 years from now, but make that assumption and plan with that in mind. I don’t know what you want now (lots of kids vs no kids around, etc), but some things to think of as you age:
- People hanging around outside: this may be difficult to notice this time of year (I’m assuming you’re in the northern hemisphere), but kids playing, a community garden, someone sitting on their porch smoking - anything that speaks to a level of comfort being outside. That generally means more neighborhood spirit / community involvement, and generally means less tendency toward future crime.
- Some neighbors younger than you, and at least a few kids. When you get older, you’ll occasionally need help, and asking younger people you know is the easiest way.
- A grocery store within reasonable distances that is accessible either by walking or public transit.
- Minimal stairs to get into the building, minimal stairs to get into the flat, and minimal stairs within the flat. Stairs become more of a barrier and more of a danger as you age.
Probably other stuff as well, those are just the first things I thought of.
Well id plan a little bit for things to go to shit, but also have some fun. This world won’t last and we could be in ww3 tomorrow or wiped out by a global disease next year.
If that doesnt happen, you should buy some assets like a paid off house so when the economy crashes you won’t be homeless. Money don’t mean shit when a wheelbarrow of dollar bills buys you 1 potato.
If I were in that situation I would buy a shitty flat, pay it off, then spend as little time there as possible while traveling the world. Maybe have some passive income from the flat by renting it out. Not having kids to worry about would make all that a lot simpler.
But you should do what makes you happy. Try not to worry too much about the future and enjoy what you have now.
Im leaning towards this but the thing is that I don’t actually want to do anything. I have no desires aside from sit on couch and drink. There is nothing I enjoy aside from food and booze. I can do whatever I want, I’m incredibly lucky, and I just want to be be unconscious.
Maybe some of your money would be well spent on therapy and/or antidepressants.
Yes, a lot of things suck in the world right now, but there are a lot of great things when you look at the micro level—unless you have depression. And that’s the strong vibe I’m getting from your comments. Therapy isn’t a total fix and finding the right drugs can be a pain, but they can both make a significant difference over time.
I have antidepressants and you’re not wrong. I was also poor for a long time and convinced myself that I dont actually need anything that costs money. Hence the 6 figure bank account.
It does sound like you may be suffering from depression, but it also sounds like you are receiving treatment. Assuming this isn’t something medical, maybe you need a change of scenery to change your outlook.
You could travel, as I would have. You could also engage in a hobby (perhaps with friends, new or old). If you’re feeling altruistic, maybe think of something that you wish someone had done for you, when you were in a worse situation. Maybe you know someone who’s down on their luck and you can help them. It doesn’t have to be with money, it can be in other ways. I’ve heard that one way to break out of the depression spiral is to focus your attention outward instead of inward. That would be a way to do it.
I hope you find your way out of the funk. As bleak as things look, there are still things to be happy about and be grateful for. Don’t let your past prevent you from appreciating the present.
It is stupid to die with money in the bank. You don’t know enough to plan this out exactly though, so the real goal is minimize the money left, but don’t run out before you die.
The first question is what is your situation like.
How is your retirement savings plans? 6 figures at 25 is a very good amount of savings, 6 figures at 60 is a terrible retirement account.
What is your education like - this will buy a good college degree, which tends to pay off very well in the long run for young people. (but only if you pick a good degree and study)
Make sure you have a good amount of emergency savings. 6 months living expenses is the general rule of thumb. You never know when something bad will happen in life - but bad things happen to everyone and savings it a useful way to ride it out.
Once the above is done:
Will a better living situation improve your life more than something else? You could go on a cruise every year with that money instead (I picked something wasteful that some people like, others hate). You could buy a really nice piano with that money. You could do lots of other things. Buying a better flat is one good option, but it isn’t right for everyone. There is no universal right answer here, only right for you, so you have to decide (and understand sometimes you will be wrong)
