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Thoughts please

Travel Forums General Talk Thoughts please

1. Posted by Marcus2k6 (Budding Member 10 posts) 10y

Hi all,

I'm still quite new to these forums but am finding them very informative and friendly, i've got a long story to tell but i'll cut it short to get to the point:

In 2000, I inherited the property I now live in from my late mother. I have had many losses over the past few years and took on the home when I was only 20 with a mortgage so as you can imagine I havn't really 'lived' much and all i've been doing is working a full time job and paying the bills with any spare money having to go on the car or the home.

Now my property has increased in value, I am looking at my options but it's complicated for me as the home is 50% shared with the local housing association so I have to offer it to them (which i am in the process of doing) before putting it on the market and I understand that they will offer me less than market value nonetheless I should still get at least around £35k after the paying the mortgage due to the increase in value.

Providing this is the case, I want to travel to move on from the past and to start a new life.
I really like the look of spain, never been there before I am considering a road trip from the uk (where I currently live) through france and into spain but a big part of me wants to buy a nice car for around £15k to do it in which i will probably sell on for a little less if and when i get back.

The reason I want to do this is because I have 2 passions in life; motorsport and travelling. I want to visit famous race tracks around europe and of course have a reliable source of transport that will cut out plane fairs and will also mean i can go where i want, when i want.

I just want peoples views on this, and indeed if anyone here has done something simular i'd love some feedback anything would be helpful...

many thanks in advance guys I look foward to reading your replies

Marcus.

2. Posted by james (Travel Guru 4136 posts) 10y

My main thought is that you want to sell something that will increase in value, to buy something that will become worthless in a few years.

If you must sell the place, and you do end up clearing 35K pounds once you're done, don't blow that money away on cars and things. Invest most of it wisely, and forget about it.

3. Posted by me.da (Full Member 96 posts) 10y

I dont think forget about it...

I'm not great on car prices, but if you're selling the car when you get back you'll recoup a good part of the price. Although is it so important to have a swish car, bearing in mind that a road trip will give it a bit of a thrashing? obviously you appreciate a car thats fun to drive but surely you can find something for less than 15k that has some speed on it, handles well, and is comfortable. and the depreciation wont be as bad...

I agree with james about investing the rest, but if getting around the race circuit and being able to travel where and when you want is going to make you happy, you've gotta ask if its worth it to you to spend the money that way

4. Posted by james (Travel Guru 4136 posts) 10y

I'm all for pursuing happiness, but this sort of windfall comes but once in your life. It is therefore very important to maintaina a good chunk of it.

A friend of mine got an inheritance from his parents death at age 20. He bought a few cars, golf clubs, every CD he ever wanted, partied hard, went travelling, etc, etc and before you knew it he was back home without a cent to his name. All the money was gone within about 18 months.

This was back in the 1980s and he regrets blowing all that money to this day.

5. Posted by Marcus2k6 (Budding Member 10 posts) 10y

Quoting james

My main thought is that you want to sell something that will increase in value, to buy something that will become worthless in a few years.

If you must sell the place, and you do end up clearing 35K pounds once you're done, don't blow that money away on cars and things. Invest most of it wisely, and forget about it.

Thanks for the view, forget about travelling do you mean? I can't do that, it's what I really want to do.

Good point on getting a cheaper car that won't depreciate in value so much, and yes I will get the majority of the value back as I am not buying new - never worth it, looses value way to quickly i'm not that silly.

If anyone here has done something simular (road trip in a sporty car) then feel free to add you experiances and views.

Thanks again.

6. Posted by xxpacerxx (Full Member 76 posts) 10y

Hi Marcus,
well done for all the hard work over the years, this little journey may make the hardships a bit easier to deal with! I think James meant not to spend it all, which would be a great shame after the few years of hard work! I feel when i was travelling i had far better experiences and met far better folk when i went 'dutch'.

Anyway, get the ball rolling post a msg in the Companion forum! have a think of where u would like to go, for how long and when. sharing the costs would be far cheaper, it would enable you to fit more into your itinerary and would make the experience more enjoyable.

good luck

7. Posted by Alina123 (Budding Member 14 posts) 10y

hi Marcus,
I'm in a similar situation; my mom sold her property, and divided the funds equally among her, me and my sister, giving me 50K. I strongly agree with a post a few above mine--such an opportunity does come too rarely, and to blow it all is likely not a wise move. I, personally, am investing 90% and am using 3000 to travel for 2 months to south america this year. Every year I plan to take out just enough to travel wherever I want to go while the rest collects good interest (I decided to invest in an American bank because their interest is much higher that what I would get in Canada). And, with the amount of interest I get, about half of my trip fees are "paid for", in a sense. So, not money lost.

8. Posted by Marcus2k6 (Budding Member 10 posts) 10y

Quoting AlinaK

hi Marcus,
I'm in a similar situation; my mom sold her property, and divided the funds equally among her, me and my sister, giving me 50K. I strongly agree with a post a few above mine--such an opportunity does come too rarely, and to blow it all is likely not a wise move. I, personally, am investing 90% and am using 3000 to travel for 2 months to south america this year. Every year I plan to take out just enough to travel wherever I want to go while the rest collects good interest (I decided to invest in an American bank because their interest is much higher that what I would get in Canada). And, with the amount of interest I get, about half of my trip fees are "paid for", in a sense. So, not money lost.

Sounds like a good idea, I imagine that I can do something simular here hopefully? Is it a savings account then that you have? Because I know we have them here.
I'm definatly selling the home though, because I want to start again and definatly want to travel for at least a year.
So, I plan to keep half back (for investment etc) and spend half on a time of a life :)

9. Posted by Alina123 (Budding Member 14 posts) 10y

Quoting Marcus2k6

Quoting AlinaK

hi Marcus,
I'm in a similar situation; my mom sold her property, and divided the funds equally among her, me and my sister, giving me 50K. I strongly agree with a post a few above mine--such an opportunity does come too rarely, and to blow it all is likely not a wise move. I, personally, am investing 90% and am using 3000 to travel for 2 months to south america this year. Every year I plan to take out just enough to travel wherever I want to go while the rest collects good interest (I decided to invest in an American bank because their interest is much higher that what I would get in Canada). And, with the amount of interest I get, about half of my trip fees are "paid for", in a sense. So, not money lost.

Sounds like a good idea, I imagine that I can do something simular here hopefully? Is it a savings account then that you have? Because I know we have them here.
I'm definatly selling the home though, because I want to start again and definatly want to travel for at least a year.
So, I plan to keep half back (for investment etc) and spend half on a time of a life :)

I opened an investment account in a USA bank (because they have higher interest yield than my Canadian bank); the money is closed for 3.5 years, but they have other options. You should talk to a financial adviser at your bank--they will tell you all your options if you want to invest with them, or if you want to open a savings account (savings account allows you to make withdrawals but low interest, whereas with investment the interest is higher but you are limited to how much you can withdraw/deposit money).
ps. selling your home, then travelling around the world mostly carefree sounds like a great way to start a new chapter of your life. best of luck!

10. Posted by mim (Travel Guru 1276 posts) 10y

Alright marcus!

I'm a car lover too and your idea sounds awesome, have you thought about following the gumball rally or something next year?!
As for cars, well I'm sure you could find something cheap and fun (but reliable) or...get a car off the internet here, sell it in the next country, buy something else and keep doing that...what a trip!!

Selling the place sounds like a healthy idea, keep a nest egg for later and enjoy life (its too short!)

good luck!

mim

[ Edit: Edited at Jun 5, 2006 5:20 AM by mmmm ]