• paulcdb@lemmy.worldEnglish
    0·
    2 days ago

    I’ve been looking at the cost to buy a farm and how much it could earn. Being disabled, I’d need to design it around my health but I think you can make it managable quite easily. Most of my ideas are already shown to work, so I wouldn’t be doing anything that would be considered ground-breaking.

    The other benefit to running a small farm is it makes it far easier to pivot, you reduce problems of water droughts, etc… but if done right, i wwas working out if you can get through the first year for crops to get established, you could be making £50k a year fairly comfortably.

    Aim for perennials, so you reduce the need to seed each year, grow a wide variety, you have a good basis for opening a small farm shop. Setup pre-orders so people can order, then all you pick is whats ordered. Tie in with other local farmers, build the farmos software to track cost/prices and you could even create a pick your own farm to reduce labour.

    I really wished I knew someone who could invest in this because I have so many ideas for earning money with land. Hell, there’s farmers in the UK earning around £2k a month just from YouTube subscriptions, so you could turn the whole project into a youtube channel.

    The biggest issue though is being disabled and being unable to repay any loan until the farm is generating an income which makes it impossible to get normal funding but the more I think of a farm, the more I think it would benefit my health in the long run! 😞

    .oO(one can dream!)

  • kaosterra@sh.itjust.works
    0·
    2 days ago

    Use to pay any other debt with higher interest rates than said loan. After that, if this still has high rates, pay back as much as possible. If the rate is good enough, use it to buy a house to live in.

  • bstix@feddit.dk
    0·
    2 days ago

    I’d use half of it to buy a small farm. Use the other half to cover my living expenses for a couple of years until the farm is up and running enough to be selfreliant.

    Then I’d sell my current house and repay the loan.

  • SourDragon@lemmy.world
    0·
    3 days ago

    Be in the worst debt imaginable when it’s time to pay it back

    Edit: many of the top comments have the same idea. What kinda world do we live in where this is the more agreed upon answer than anything else?

  • Fallibilist@feddit.uk
    0·
    3 days ago

    I’d pay it back immediately. The interests for something like that are in the tens of thousands.

  • CapuccinoCoretto@lemmy.world
    0·
    3 days ago

    Use it as collateral for as many additional fraudulent loans as possible. Ponzi myself up to the billions temporarily. Then leverage those billions for more loans in the trillions then more and more until I then crash the global banking and finance systems.

    Then sit back, cook a marshmellow on a campfire made from the ruins of the old world and reflect on starting anew.

  • Ricky Rigatoni@piefed.zipEnglish
    0·
    3 days ago

    Move all the funds to a cayman islands or swiss shell corporation then file for bankruptcy to remove the debt and move to a country with no extradition to the US.

  • tal@lemmy.todayEnglish
    0·
    3 days ago

    If it’s market rate, just pay it back. Don’t have a use for it. People won’t be lending money at a rate that one can reliably expect to make a return.

    If it’s way below market rate for some reason, and it’s long-term, then maybe invest it. I’d want to understand why I’d be getting a loan on those terms, though.

  • SuiXi3D@fedia.io
    0·
    3 days ago

    Pay off debts. Save and invest. Maybe build a new pc. I’d really like to EV convert an old Ford Ranger I’ve got.

    • EtnaAtsume@lemmy.world
      0·
      3 days ago

      But it’s a loan, not a grant. If you’re paying off debts, you’d surely start with the $1,000,000 one, no?

      • psx_crab@lemmy.zipEnglish
        0·
        3 days ago

        Depend on the interest rate, really, and any terms of repayment. If it’s lower than the rest of the debt then it’s best to clear off all the higher interest one, then use the rest of the loan to invest in something that will yield higher return than the loan long term. It’s a loan, you really cannot spend it on something that doesn’t have any ROI.

  • palordrolap@fedia.io
    0·
    3 days ago

    Void the transaction. There’s no way I’d be able to pay it back and I do not need any of that and everything that goes with it.

    Heck, I might not even be able to afford the interest that accrued on it in the short time I had it and I’d be looking for pro bono legal representation ASAP if the lender tried to stick me with it.

    There’s no way I would have knowingly signed for it, so it ought to be an open and shut case.

    No thank you. No way. Nuh-uh.

    Now if this million was to be no strings attached and no repayment required, half’s getting invested properly after a chat with a financial advisor and the other half is going in the highest interest bank account(s) I can get for it. Then I’ll live off 60-80% of the interest, leaving the rest to stave off inflation.

    I’d still have to live a frugal lifestyle, but I’d be more comfortable than I am on government handouts and I wouldn’t have to worry about a government stripping the help I currently get.