# How can i get my hand on 250k with a 7k salary



## Omarsahn (Oct 18, 2013)

Hello there, i just left my 2250aed salary job and started working with a company for a 7000aed salary. Since i got this salary raise "i have 5000aed monthly which i really have no use for since i'm single " so i thought the best way to invest this money is buying a studio flat and rent it annually, i've asked around and found studios in international city for 250k which rents annually for 25k. The thing is, i didn't even get my first month's salary yet, so, my question is, how do i go about getting my hands on 250k in this country, how does it work? How long it will take for me to be able to have this amount of cash? What's the best "and quickest" way to get my hand on such an amount in my situation?

BTW: i'm completely open to any suggestions. If it helps achieve the goali'd like to hear it.

On a different note
Is there any better way to invest this money "5000aed monthly" and get better returns?


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## mehranR (Jul 27, 2013)

I would open a savings account and keep saving for now.
Disclaimer: I am not an expert, I don't have all answers, my way is not the only way


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## Omarsahn (Oct 18, 2013)

That is to be done of course till i find a way to get the 250k, but the interest rate is around 0.25, that's nothing.


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## Budw (Oct 14, 2013)

I suggest you wait, and just keep the 5k per month on the bank and you have 60k over a year. 

Than you have gained some bank history, and perhaps you can find a good investment; 60K speaks better than 5k.....


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## pamela0810 (Apr 5, 2010)

Omarsahn said:


> Hello there, i just left my 2250aed salary job and started working with a company for a 7000aed salary. Since i got this salary raise "i have 5000aed monthly which i really have no use for since i'm single " so i thought the best way to invest this money is buying a studio flat and rent it annually, i've asked around and found studios in international city for 250k which rents annually for 25k. The thing is, i didn't even get my first month's salary yet, so, my question is, how do i go about getting my hands on 250k in this country, how does it work? How long it will take for me to be able to have this amount of cash? What's the best "and quickest" way to get my hand on such an amount in my situation?
> 
> BTW: i'm completely open to any suggestions. If it helps achieve the goali'd like to hear it.
> 
> ...


Go ahead and dream big! You're in Dubai after all! 

Quickest way to invest in an apartment is by putting a down payment and getting a mortgage. I'm pretty sure with a 7K a month salary, you won't be eligible for a mortgage but I could ge wrong.

Not certain what other suggestions you're looking for. If you are really serious, then get proper financial advice from a certified consultant.


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## Omarsahn (Oct 18, 2013)

Thank you for the advice, i will do that, but i'm asking if there's a way i can get my hands on 250k
Like for example take a loan or even two


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## Omarsahn (Oct 18, 2013)

Yea, mortgages have a minimum salary requirements of 15-20k 
That's gonna take a while


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## mehranR (Jul 27, 2013)

Omarsahn said:


> That is to be done of course till i find a way to get the 250k, but the interest rate is around 0.25, that's nothing.


Facts: with increase in pay, the quality of life changes, expenses become more. You could never have enough money.
Fact: investment involves risk, you risk not more than half of what you have. Keep in your money in your account and save it for a year or two, only then invest half. If you lose you still have half your money left, if you gain don't be greedy to think you should have invested all. 
You cannot risk going all in, in dubai because bankruptcy is not taken as lightly as it is in US.


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## FlexRay (Feb 12, 2013)

You could start your own mobile meth lab, im sure there was a 5 season documentary on lately with full instructions

Craig


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## vantage (May 10, 2012)

Omarsahn said:


> Thank you for the advice, i will do that, but i'm asking if there's a way i can get my hands on 250k Like for example take a loan or even two


2 loans? I see a trip to jail as a defaulter in your future.
There's a reason loan amounts are limited to income.....
You have to pay it back!!!

Do not even think about buying property until you have at least a 20% deposit.
This has to be your own money, not borrowed money!


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