The £50 pound note challenge.
We were given a £50 note and asked to do grow it, we have given it some thought and have several ideas, but just instead of talking about it, we are actually putting our money where are mouth is.
As mentioned we have come up with several strategies, our growing options are limited due to the amount of money, so we will use the £50 (+ an extra £5) and in the future we will look at growing larger amounts.
First go at growing £50, in fact in this exercise we have used £55.
It is good to give, as you will get much more back in return. 10% is a good amount to give to help others, but at the moment we are going to use the full £50 to grow so we can give a larger amount later.
We have invested through Property Moose £10 in a secured fixed return loan yielding a minimum of 7% and £20 in a secured fixed return loan yielding 8%. Both of these are payable after 12 months.
We have invested £25 In Funding Secure these are loans secured on property and other items, ours is for a loan secured against properties in Northern Ireland yielding 13% net per annum, we have an ISA account with Funding Secure so all interest earned will be tax free.
£10 yielding 7% per annum 12 month loan.
£20 yielding 8% per annum 12 month loan.
£25 yielding 13% per annum 6 month loan.
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