Is there any way to turn a lump sum (eg 65 thousand) into an income?
I've recently got some money.
I don't have any debt to pay off, but I also don't have an job due to young children and having health issues so I can't buy realestate with it.
I'd really like to be able to earn money off it but it's currently in a savings account earning a few dollars per month.
What can I do to increase the amount gained without wasting it?
Lump sum into income?
Lump sum into income?
Posted in:
Mental Health, Anxiety & Depression, Money
8 Replies
Start an online business? A professional website, stock, advertising.
If you are looking for a way to grow it over the long term maybe invest it in the stock market.
Honestly I would just keep it and use it for emergencies and bills etc. I wouldn't be doing anything risky.
Only way to guarantee a return without risk, is to utilise term deposits. The return isn’t great, but it’s virtually risk free.
Other than that; invest in your home, yourself and your education
Talk to your bank about setting up an account for long term savings. A lady I knew had one her husband set up before he died and she just lived off the monthly interest.
Interest from 65k would be paltry
It definitely would be. I get $6 a month on 25k. Even term deposits are not really with it at the moment
I'm sure I seen somewhere that soon the rules are changing and single parents on benefit will be able to buy and they will be able to do so with a very small deposit, so if you keep adding to it you may be able to buy a house.