If you came into some money?

[mumofjust1]

Say £20,000

After obviously paying off debts, what would you do?

I really wish I hadn't shortened your username to 'mum'

Hecate! What are you like!!

I'd love to have the guts and knowhow to double or triple it, but I have neither :(

I'm in line to inherit roughly that amount (sooner rather than later sadly )

Because it's on my late fathers side (ish) I'm going to put half aside for DS, pay £5k off a mortgage and splurge the rest.

3000 for a long haul holiday somewhere
10000 towards a new car
The rest I would put towards education.

put it down to buy a house i suppose

A horse! Now there's an idea! Though it's have to be a big strong horse not to collapse under my weight!!

Its not really enough for a deposit on a property is it?

I also want to buy a lovely bag :)

Since I'm not allowed to take it off the mortgage.

New kitchen and a trip to Florida 14000/6000 split ought to do both jobs.

Even a high interest account, locked away for a couple of years, would be better than sitting in a normal bank account. you need a decent interest rate.

Gilts or a fixed rate bond are safe (in that you won't lose your investment) but don't give you much of a return.

Perhaps go to your bank and have a chat?

My eldest has a substantial trust fund, and I have regular meetings with his financial adviser, I don't understand a tenth of what he's on about but I know that money sitting there is money wasted. When you account for inflation, unless you are doing something with it, it's just worth less and less year on year.

It sounds like a lot of money, but if you don't lock it away or do something with it, you will be amazed how quickly it will disappear.

Us it to pay for our extension.

Holiday, replace car and tooth whitening for me and DH..I fancy an American smile!

Take about 5k to use over the next year to increase my standard of living while I will be on a low income (LPC student) and save the rest towards a deposit.

Today I'd pay my credit cards off and I'd reduce my hours at work use it to make up the loss in pay ifyswim.
Tomorrow may be less stressful I may want a new car!!

I inherited 38k about 15 years ago. We went on holiday, moved to 'the' house and put central heating in it! All gone now :). Well, it's still in my house which I love, so it's invested wisely.

We came into that sort of sum last year, we just put it on paying off the mortgage, dull, but interest rates won't say low forever, good to get as much paid down now as possible.

However, if this was an inheritance from someone you were close too, it might be nice to take a grand to buy somehting that reminds you of them, a new watch? Necklace? Or something for the house, a new armchair, wineglasses, clock... (I'm sure others will come up with nice suggestions). Then do practical things with the rest.