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If you were left a very large amount of money...

(79 Posts)
lilyplant Mon 09-Nov-09 10:22:37

what would you do with it?

Portofino Mon 09-Nov-09 10:26:20

Buy a house. Invest some for dd's education....I wouldn't want to "fritter" it.

MavisEnderby Mon 09-Nov-09 10:26:27

Spend it on handsome young men and booze.

Seriously?Depends how much.

Invest some.

Buy lovely holiday for family

Home improvements

Put some away for dcs

bogie Mon 09-Nov-09 10:28:14

New house
Pay for good school for dc's
holiday
the rest in the bank

EccentricaGallumBANG Mon 09-Nov-09 10:28:36

pay off a few outstanding bills.
nice holiday.
pay off mortgage.
buy some diamonds.

lilyplant Mon 09-Nov-09 10:32:14

i am very ashamed of being so thick but don't have a clue about tax, have never worked and am on benefits

isn't enough to buy house big enough for my family, and want to put some money away for children, but don't know how money in childrens accounts would affect tax etc

Start off by talking to an independent financial advisor, then.

hatwoman Mon 09-Nov-09 10:47:32

buy a fast car. get myself a toy boy. eat at extremely expensive restaurants. buy loads of designer clothes.

and just waste the rest.

second the financial adviser though - however see if you can find a truly independent one - ie one you pay for. most fas provide advice for free - which, obviously they don't do out of the kindness of their hearts but because they get paid via commissions. becuase they have to tell you what commissions they get they can still call themselces independent. if you want one to be utterly independent you need to pay them.

shockers Mon 09-Nov-09 10:53:02

But take someone you trust with you. Don't get talked into investing in anything you don't understand.

slug Mon 09-Nov-09 10:55:29

This happened to us. It wasn't a huge amount. It was enough to pay off our mortgage but not to buy something bigger.

We paid off the mortgage and invested the rest in ISAs, paid for me to do an MSc and had a few nice dinners at posh restaurants.

sweetkitty Mon 09-Nov-09 10:57:34

We are about to inherit not a huge sum but enough.

We are planning on building and extension, clearing all out existing debts and investing the rest.

Couldn't fritter it away.

lilyplant Mon 09-Nov-09 10:57:53

I am so distressed that the person died, I really want to spend it wisely; don't want it all really but feel it would be disrespectful not to accept it

morningpaper Mon 09-Nov-09 10:59:39

I think you should concentrate on YOU - if you've never worked and are on benefits, why not think about what YOU want to do with your life? Get some training/education and have a CAREER. Much more satisfying.

lilyplant Mon 09-Nov-09 11:00:17

i meant i didn't want it at all

MavisEnderby Mon 09-Nov-09 11:00:46

AS someone else suggested,go and see an ifa (independent financial advisor).you can find from your local Yellow Pages or search online in your area.

lilyplant Mon 09-Nov-09 11:01:03

i was thinking about setting up business

morningpaper Mon 09-Nov-09 11:01:10

What do you want to DO with your life?

BigGitDad Mon 09-Nov-09 11:01:19

If you are on benefits you will have to be careful as it can affect what you get. You need to have an off the record chat with someone at the benefits office but do not tell them what you have as you want to keep your options open.
See an IFA but again just have an initial chat to see what they say. If you invest money you would have to be looking to tie it in for ten years. Especially the way the markets are currently.

ajandjjmum Mon 09-Nov-09 11:02:59

My dh and ds spent last night fantasising about what they would do if one of their tickets was the £45 million winner. DH hasn't looked at the tickets yet, as he is so enjoying dreaming that it might be him!

We did all agree though that it might not be such a good thing - and that we couldn't tell dd because she'd lose any incentive to work that she has!

grin

lilyplant Mon 09-Nov-09 11:03:13

with all my chilren being so young, am not in position to work or train at the moment, although i do already have qualifications, just haven't had a chance to use them yet!

financial advisor sounds good

BigGitDad Mon 09-Nov-09 11:04:42

where to find a local IFA
Must say MP makes a very good point.

geordieminx Mon 09-Nov-09 11:05:26

How much is large? (approx)

MavisEnderby Mon 09-Nov-09 11:05:51

If t is a BIG sum maybe it could pay for childcare while you train for a career?

Dunno circs,but if v large,possibilities are endless.If you can do a degree or something then go onwards from that?

MavisEnderby Mon 09-Nov-09 11:08:46

Oh just saw re business.What would you do?

Divatheshopaholic Mon 09-Nov-09 11:09:16

starting business sounds good, you should see advisers, and see how much it will cost you start business.
i suppose it will all depend what kind of business you want to do.
just be careful!

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