Here are my circumstances, how do I become incrementally wealthier?

[TonyTenner]

My circumstances are that I've a consultancy company with me as the sole employee. Company gets paid 95,000 euro per year, I pay myself 75,000 as salary. Rest goes to pension and I leave some in the company. I've savings of 70,000 euro, and an asset of 800,000 euro (land). The asset is inherited and I basically treat it like a family heirloom - my plan is simply to maintain it and pass it on to my future kids. I will never sell. At the moment, I don't make any money form the land - I'm not renting it and what I make pays for it's maintenance.

I have ZERO knowledge of investing or real estate or starting a business. I've always wanted to start a business but have never quite had that eureka moment. I'd like to use what I have to grow incrementally wealthier. My job and the land keeps me quite busy, so starting a business isn't really on the cards.

By the way, I live in Ireland where we pay massive income tax and have capital gains taxes, along with every other tax you can think of.

Is buy-to-let the way to go for me?

All suggestions welcome.

 

[TonyTenner]

Ya, the problem is the top rate of tax kicks in at only 34k. That's 40%. But we also have 2 other income taxes. You're basically paying 50+% an everything over 60k. And it's really hard to avoid income tax here.

 

[Lookatu]

How much land and in what area(rural or close to city)?

You can make the land work for you on a lease possibly without too much interaction or oversight. For example, you could lease it to alternative energy companies like solar and wind turbines. If closer to a city and main traveled road, you could setup billboards on your property and have a billboard management company handle everything. These two would be couple examples of passive income and you still retain your land under your own ownership.

 

[Bible_Belt]

I don't know much about what grows well in your area, but improvements to the land that make it produce food will increase value. Fruit tree crops can take ten years to hit full production, but then produce for decades after that. High bush blueberries produce faster and live 35 years or more. Given that the world climate is going to hell, food is only going to get more valuable.

 

[metalwater]

charge women for sex.

 

[TonyTenner]

How much land and in what area(rural or close to city)?

You can make the land work for you on a lease possibly without too much interaction or oversight. For example, you could lease it to alternative energy companies like solar and wind turbines. If closer to a city and main traveled road, you could setup billboards on your property and have a billboard management company handle everything. These two would be couple examples of passive income and you still retain your land under your own ownership.

About 100 acres, rural, and it's 3 hours from where i live.

Wind turbines is something I'd like to do. unfortunately here the rules are some of the most restrictive in the EU - the turbine must be 800m from all dwellings. Ireland is small, draw a circle with 800m radius from any point and you're pretty much ruling out 98% of the country.

Leasing to a farmer is an option though. I see it as a last resort, I still like working it myself (minimally though as I live far and have a whole other career).

 

[TonyTenner]

I don't know much about what grows well in your area, but improvements to the land that make it produce food will increase value. Fruit tree crops can take ten years to hit full production, but then produce for decades after that. High bush blueberries produce faster and live 35 years or more. Given that the world climate is going to hell, food is only going to get more valuable.

Fruit trees are worth researching alright. Climate here isn't great - cold and wet - but good enough for some fruit trees. There are EU grants for planting trees, though I think it's only trees used for timber.

 

[Lookatu]

About 100 acres, rural, and it's 3 hours from where i live.

Wind turbines is something I'd like to do. unfortunately here the rules are some of the most restrictive in the EU - the turbine must be 800m from all dwellings. Ireland is small, draw a circle with 800m radius from any point and you're pretty much ruling out 98% of the country.

Leasing to a farmer is an option though. I see it as a last resort, I still like working it myself (minimally though as I live far and have a whole other career).

Too bad about the tight regulations. The government has to ruin things as usual...

Something more lucrative in terms of farming but not sure in your country, would be to lease it out to someone that can run a wine vineyard. Those have been popping up like crazy around the areas I've lived or visited in the states. Definitely better profit margins and you could even be a co-owner or investor if you wanted to dabble in that business and put in a little effort.

 

[TonyTenner]

How about using the land as collateral to acquire some buy-to-let properties?

 

[TonyTenner]

Too bad about the tight regulations. The government has to ruin things as usual...

Something more lucrative in terms of farming but not sure in your country, would be to lease it out to someone that can run a wine vineyard. Those have been popping up like crazy around the areas I've lived or visited in the states. Definitely better profit margins and you could even be a co-owner or investor if you wanted to dabble in that business and put in a little effort.

Fraid not. Ireland's good for growing 2 things - potatoes and grass, and we've already loads of both

 

[Bible_Belt]

Fraid not. Ireland's good for growing 2 things - potatoes and grass, and we've already loads of both

Do you see any greenhouses or poly plastic hoophouses on farms there? That is one way to modify climate.

 

[CAPSLOCK BANDIT]

OP, you are the prime candidate to absolutely destroy your own life, simply because you have enough resources to take bad risks.

Just grind bro, educate yourself, #1 is seek your education, the resources are online and free, you have no excuse to be uneducated, thus, they feel nothing for your losses.

 

[RickTheToad]

My circumstances are that I've a consultancy company with me as the sole employee. Company gets paid 95,000 euro per year, I pay myself 75,000 as salary. Rest goes to pension and I leave some in the company. I've savings of 70,000 euro, and an asset of 800,000 euro (land). The asset is inherited and I basically treat it like a family heirloom - my plan is simply to maintain it and pass it on to my future kids. I will never sell. At the moment, I don't make any money form the land - I'm not renting it and what I make pays for it's maintenance.

I have ZERO knowledge of investing or real estate or starting a business. I've always wanted to start a business but have never quite had that eureka moment. I'd like to use what I have to grow incrementally wealthier. My job and the land keeps me quite busy, so starting a business isn't really on the cards.

By the way, I live in Ireland where we pay massive income tax and have capital gains taxes, along with every other tax you can think of.

Is buy-to-let the way to go for me?

All suggestions welcome.

Most people make their money in real estate. Most politicians are millionaires (and billionaires) because of real estate. If bought correctly, it can produce a nice income and is a great inflation hedge. I'd see if you can start off with a duplex or triplex where you can live in one unit and rent out the other (s). Check out www.biggerpockets.com and see if they can answer your question better. It's mostly US based real estate, but they may be able to have some Europeans also there that could answer your question better.

 

[CAPSLOCK BANDIT]

Most people make their money in real estate. Most politicians are millionaires (and billionaires) because of real estate. If bought correctly, it can produce a nice income and is a great inflation hedge. I'd see if you can start off with a duplex or triplex where you can live in one unit and rent out the other (s). Check out www.biggerpockets.com and see if they can answer your question better. It's mostly US based real estate, but they may be able to have some Europeans also there that could answer your question better.

Grant Cardone is also a great guy to listen to about real estate, if that is your thing OP

 

[RickTheToad]

Grant Cardone is also a great guy to listen to about real estate, if that is your thing OP

He's a phony.

 

[TonyTenner]

OP, you are the prime candidate to absolutely destroy your own life, simply because you have enough resources to take bad risks.

Just grind bro, educate yourself, #1 is seek your education, the resources are online and free, you have no excuse to be uneducated, thus, they feel nothing for your losses.

I know, that's why I'm so risk averse. It also means I'll never marry.

 

[TonyTenner]

Most people make their money in real estate. Most politicians are millionaires (and billionaires) because of real estate. If bought correctly, it can produce a nice income and is a great inflation hedge. I'd see if you can start off with a duplex or triplex where you can live in one unit and rent out the other (s). Check out www.biggerpockets.com and see if they can answer your question better. It's mostly US based real estate, but they may be able to have some Europeans also there that could answer your question better.

Thanks, I'll check out that site. I agree re. real estate. Having spent years working in startups and seeing how many fail (9/10), I've come to the conclusion starting a business is too time-consuming, and risky, and real estate is the way to go.

 

[7onriverI f]

He's a phony.

hes a salesman.

 

[RickTheToad]

hes a salesman.

Still phony.

 

[Alvafe]

Still phony.

is not the same thing?