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But its definitely doable if you plan, save AND INVEST wisely.
Not everywhere is as expensive as California. If I were given $500,000 I'd buy 10 Rowhomes in North Philadelphia for ~$400,000 total and rent them each out for $750-$1,000/month. I'd pay off my current mortgage and student loan debt with the extra $100,000. I'd then retire and travel the World on my $7,500-$10,000/month income. My only recurring expense would be property tax of no more than $12,000 per year as well as income tax.
This is my plan, even if I don't somehow end up winning a large sum of cash.
If you were given 500000 dollars to move away and start over, where would you go and how would you spend it?
I know where I won't go; to any of the so-called tier 1 cities where $500,000 won't even buy me a broom closet in a decent neighborhood. I personally don't need/want a big house with a lawn. However, I do want to be able to pay for my house/condo in cash and still have enough left over to buy my wife a new car. For myself, I'd like to buy a brand new Peterbilt day-cab tractor truck (YES, I'm a trucker and with such a truck paid in full, I could EASILY clear $2,000/wk by leasing it on with my current employer). To be honest, a windfall of only $80,000 would change my life drastically. Owning a truck without a truck-note in the south (and in this current recovering economy) is EASY money. However, doing this with a truck payment is a losing situation still. Maybe I'll get that lucky scratch-off or something, who knows...
- Stay in my present house.
- Have some home improvements done, add a room, extend the family room, take out a lot of carpet and replace with hardwood flooring.
- Sell two of my 4 cars and buy two more cars (if I could find the ones I want)... '69 Cadillac Fleetwood 75 Limousine and 1969 Dodge Coronet R/T 440-Magnum
The above would cost around $80,000 (the home improvements costing the most). The rest of the $420,000 I would put in a savings and investments.
In my current town I could live on $500,000 for a good 15 years without working (that's taking inflation into account). And that's what I'd do. I'd quit my job and work my way toward a career as a free-lance illustrator. That's what I tried to do before, but the need for money took precedence before I could really establish myself.
But its definitely doable if you plan, save AND INVEST wisely.
Are you serious. A guy who's living the life in a glorious area, driving Benz and Lambos is saying that. I actually take that as an insult but its cool. Maybe the guy has inherited 500 grand and plans on starting a new life. Not everyone's a rich 1% like your montclair. You probably would turn away a Rolex because it isn't the *insert name you can't even pronounce* limited addition. But yeah if it was me, I'd invest just like Montclair said. Hey the guy isn't stupid.... Just a pretentious dunsworth. I'd invest in some upcoming neighborhoods around Philly and Brooklyn. Maybe buy a couple duplexes with 4 apartments in each of them. Rent them out for a good amount and grow off of that. Then again, if it happened right now, I'd buy a sweet Brooklyn condo, and a Audi S7 2 door coupe which would leave me about 200 grand and then I'd invest in Philly's Germantown area, buying out a duplex and renting out the units. 2 of the units alone will probably pay off condo fees. Then in the future, the neighborhood will be filled with young professionals leaving me no choice but to raise the price however I wouldn't just kick the people out of there place if they can't afford it. I'd have enough money to have another duplex they could move to for free without moving fees and first couple months free. Then those will be rented out even higher along with the others I own.
Pay my debt off, build a new house in the hills of west Austin over looking Lake Travis, then buy myself a lowrider to take out on the streets every week night with the ladies in the back.
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because it isn't the *insert name you can't even pronounce* limited addition. But yeah if it was me, I'd invest just like Montclair said. Hey the guy isn't stupid.... Just a pretentious dunsworth. I'd invest in some upcoming neighborhoods around Philly and Brooklyn. Maybe buy a couple duplexes with 4 apartments in each of them. Rent them out for a good amount and grow off of that. Then again, if it happened right now, I'd buy a sweet Brooklyn condo, and a Audi S7 2 door coupe which would leave me about 200 grand and then I'd invest in Philly's Germantown area, buying out a duplex and renting out the units. 2 of the units alone will probably pay off condo fees. Then in the future, the neighborhood will be filled with young professionals leaving me no choice but to raise the price however I wouldn't just kick the people out of there place if they can't afford it. I'd have enough money to have another duplex they could move to for free without moving fees and first couple months free. Then those will be rented out even higher along with the others I own.
