15 Ways To Invest $50,000 Instead Of On A Wedding
Between the ceremony venue, the reception venue, the food, the DJ, the staff, the open bar, the dress, the décor…you get the idea…a wedding can easily clean you out of $50,000. That could be why many millennials are opting out of your traditional wedding, just grabbing the paperwork at city hall, and investing their money elsewhere. Here are 15 other ways to invest $50,000 if you skip the wedding.
Down payment on a house
With good credit and a co-signer, you can finagle your way into a $50,000 down payment on a house. That’s the place you can raise children, host family when they come to town, and start your life together!
Trip around the world
Some may see this as burning money; others might see it as taking in valuable life lessons and experiences. You can get around the world, with reasonable accommodations and taking in excursions on $50,000.
Start a foundation
Have a cause you care a lot about? Homeless animals? Art classes for low-income neighborhoods? Start a foundation for it. You can pay a small team of financial advisors to grow that money for you, hire employees to raise further funds, and really make a difference.
Pay off loans
You probably have some, like car loans, and the all-crippling student loans. How about instead of letting interest rates grow for years, you just pay it all off now?
Start a college fund
If you plan on having children, give them a head start in life by starting a college fund now. That way, you can skip taking out high-interest student loans for them.
Buying a franchise
You can buy a small restaurant franchise with about $50,000 startup cash. If you buy a good one in a busy neighborhood, that’s a moneymaker!
Go back to school
Invest in yourself! Get another degree that will help you make even more money.
Investing in real estate
Maybe you already have a home, but have you thought about investing in real estate? Purchasing a whole or part of an apartment building in a congested area can bring in a lot of cash.
Starting an investment fund
If you put $50,000 in a fund now and let it sit, without touching it, for at least a decade, history would show it should be bigger by the end. Just don’t touch it in the middle of that decade.
Invest in your retirement
Why not invest in that old Roth IRA? Most individuals don’t plan well for retirement today, and don’t realize they’ll live as long as they do.
Renovating a home
You might snag a house at a reasonable rate, but that’s because there’s a lot of work to be done. Wouldn’t it be nice to make those renovations right away, and not take out a loan for them?
Pay off medical bills
Yours, your parents, your grandparents…
Start your own business
Start-up costs are massive! And again, if you can avoid taking out a loan, avoid it. Maybe it’s time to open that small clothing store or start that website design company.
For about $25,000 each, you and your partner could both own cars and skip the interest rates on leases.
Sign up with a peer-to-peer lending group. There are intelligent, responsible entrepreneurs who come to these groups for loans for their next business endeavor. And they’re willing to pay high-interest rates.