What would you do if you inherited 450K?

[MissSmithToYou]

Just that really. Buy a new house? Spend it? Save it?

I'd pay off my mortgage and buy a larger house with the equity from my existing home and some of the 450K. I'd then invest the rest using a wealth management company I think

You?

Ooh and I'd pay off my student loan! It's about £23k. £200 a month off my payslip.

1. pay off credit cards car loans etc
2. have 6 months living expenses in accessible savings

3, pay off remainder of mortgage 4, buy a house if renting

1. put into long term savings unless pension already adequate

to have a pension of 20K a year you need 500k by the time you are the age at which you wish to retire ( state pension if you have full contributions is worth about another 8K per year) so depending on what your work pension is I would pay off mortgage ( then put what you were paying in mortgage into savings)

1. get house into good repair consider newer cars if required
2. nice holiday and treats

8.anything left over in savings account for DD but in my name so I can decide when she gets it, rather than her name which would mean her getting it all at 18

I'd move to a bigger house, and have much wider options for DS's education.

But why the specific figure of 450k, OP? Are you lucky enough to be expecting that?

I’d invest the lot, looking for a 4-5% yield (about £20k a year). Continue to work and use the £20k pa (this would be taxed so less than that) to pay off my mortgage in about 5 years. Once the mortgage was paid off I’d probably go part time, travel more, and fund the DC’s university or deposit for a first home. I wouldn’t touch the capital unless I had to. It would mean a very comfortable retirement.

@Tawdrylocalbrouhaha possibly. Lucky in one way of course but trust me, desperately unlucky in another way but it is what it is.

A previous poster made a comment I agree with. It's a lot of money of course but it isn't life changing, jetting off around the world money and therefore care has to be taken in getting it right in what you spend it on

Pay off mortgage and buy my mum a little place. She’s nearly 70 and working full time and unlikely to be able to stop 😥 Would take all the money but don’t care.

I'd spend £150k of it, save the rest.
I'd like a side return extension and a loft conversion, so i'd need a new kitchen and 2 new bathrooms.
I would buy a little flat overseas- I already work TTO and enjoy my job so i'd probably ask DH to move to the same working pattern so we could do more travelling with the kids and be more chilled out.

Give 50k each to my 4 adult sons (and their OH's) and keep the rest to ease mine and DH's retirement.

Oh dear - sorry, OP, I didn't think that through.

I'd go on a big fat cruise, and whilst on the cruise decide what to do with the rest of the money.

I did inherit a smaller sum (much smaller). As our mortgage is paid off, I don't want to move, our 8 year old car is fine for many years yet (don't do many miles a year) etc etc, I have been playing 'Secret Millionaire' making small but significant differences to people without them knowing it's me - I am the most unlikely suspect, queen of the charity shop and always pleading poverty (lack of actual cash in my pocket because we live miles from a cash point).
It's very rewarding playing SM and one of the best things ever, great fun.

£450 000 could buy a 5 bed detached house with 0.6 acres round here!

I could get a good house for around £200 000, quit work and do a Phd, visit my great aunt in New York and fenerally have some fun.

Thats so nice Airela.

Revamp my entire wardrobe (something I'm intending to treat myself to soon when I complete my studies) [£1k], redecorate the house [£9k], go on a few epic holidays (and put a decent amount into a holiday fund for future holidays) [£40k], invest the rest [£450k] for children's future, job losses, retirement funds etc. We'd probably both continue working, and wouldn't pay the mortgage off early as we're on track to do that anyway and would rather invest it and grow the money. We could use the investments to pay off the mortgage if absolutely necessary anyway! I think we'd be tempted to upgrade to a bigger house [detached, nicer area, decent size garden], but living in the South East, that would eat up the majority of the money and wouldn't actually leave us any better off in terms of financial security which I value more than the size of the house!

If it means someone has to leave me so that I get the money - I would say no thanks.

I meant invest the rest [£400k]. Not sure where I managed to magic another £50k from!

Buy a house. 450k could buy & furnish a decent place outright round here. Somewhere with a decent garden so we could grow veg etc, & so DD could have a pet - we rent & aren't allowed animals.

Sell my flat and buy a house!
Pay off student loan.
Try and save some.
Maybe a holiday.

Buy like 8 rental flats here in ggow at like 50k a pop, fix em up if need be then rent them out n live off the profit for ever more.

Buy some land for my Tiny Houses. Build Tiny Houses. Travel and live in Tiny Houses.

Pay off mortgage and quit my job or at least take a few years off.

@PanamaPattie what are you talking about? An inheritance means that's sadly someone close to you has died already. Do you understand that?

Buy a small property.
Build pension pot and save.
Save for my DD.

@Tawdrylocalbrouhaha oh god don't worry! I just didn't really want to start a thread with 'woo hoo etc' because it's just bloody awful really and I'd take having my mum over any sum of money. However an inheritance is an inheritance so it's nice to read the interesting things people would do

Pay off mortgage and outstanding debt. £175k gone.
Buy a flat and rent it out at extremely minimal cost to a woman escaping domestic abuse
£120k
Give the DC £50k each for future locked up somehow so protected for a house I think.
£5k for a holiday
£10K into easier access savings
£90k split between two pensions.