What will I do with £10000?
What will I do with £10000?
A while back, I was listening to a cool post about what a millionaire will do with 1 million dollars, so I thought I’d share what I’d do with a hypothetical £10000- something within reach for the average earner.
£5000 to a high interest savings account
I will set aside half of the lump sum into a high interest savings account because it is easy to get carried away when a lump sum of money is received.
I won’t go into a cliché of – saving towards property or into my ISA, because I believe that it is important for one to take their time when allocating large sums of money but even more important to protect money from high levels of inflation.
£1500 for Spending
I always want to take care of todays version of myself while also planning for ‘future me’ so I will set £1500 aside for spending on anything on my wish list- clothes, perfume, a handbag, horse-riding lessons: name it. It is always great to have lump sums of money for splurging.
£1500 to an Investment Account
I will look to invest some money into some ETF’s / any simple investment vehicle that is well balanced and takes on a good amount of risk. By spreading risk and investing in the S & P 500 I can earn interests of 10 percent or more on my initial investment. There are many investment apps to do this easily.
£2000 to Travel
I love travelling, so I will spend some good money on travel. £2000 can take me on two European holiday or one long Haul Trip. Travelling opens the mind and widens our paradigms. To me, travel is always a great investment for anyone- avid traveller or not.
Podcast of the week – The Magnify Podcast Ep 12: ‘Creating Wealth & Freedom isn’t greedy’.
I love this Podcast because it is a faith-based podcast. Topics covered on a weekly basis range from side hustles to friendship. I love how balanced the podcast is, and the realistic nature of conversations which makes it stand out in comparison to other faith-based content. The episode highlighted covered a very hot topic related to wealth creation as a Christian, it was great because it highlighted the importance of wealth creation and earnings from multiple perspectives.
Announcement- I have finally set up the Instagram page! I believe short form content is a great next step for us, so please follow us on Instagram- disillusionedbyfinance.
See you next time !