Could you start a business you could live off for £60k ?

[ItchyScratch]

So we are about to inherit £60,000
(Sadly 2 people died younger than we would have wanted for us to get this money)

But as we are not exactly rich (not poor but I’d say we have about £100 Spare each month After all bills and food)

We don’t want to waste this money.

We did think about paying a chunk of our mortgage (currently owe £135k over 23 years £600 per month)

We did think about moving house

But one little idea we have is to ‘invest’ it in making our lives a bit better in the way of a job.
My DH earns £40k per year but it’s a very stressful job working every weekend and Xmas/ all bank hols and always at least 48 hours per week. Long commute. He doesn’t particularly like it.

So we wonder is there anything in that way we can use the money for? Or are we being stupid and day dreaming?

Any advice or comments on this that might help us?

Any business can succeed or fail so it’s always a bit of a gamble.

If you don’t want to take the risk, you could always see if you could spend a small proportion of your inheritance on gaining new skills leading to better career prospects in the future.

The bulk of the money you could pay down your mortgage with. That would reduce your outgoings so that you can contribute more into your pension pot so it’ll benefit you in the long run just like a long term investment.

Good advice, thank you 🙏

To be honest in the current climate I wouldn’t even think of starting a business.
I would put the whole amount against your mortgage and that would reduce your monthly payments if you want to free up a couple of hundred more each month .
Like a pay rise but guaranteed!
Otherwise keep paying the £600 and it will be paid off much sooner .
They will give you some financial security as it is in an asset .
Sorry for your losses

Would a sideways move in his current career be doable? Alternatively use maybe 2/3 towards overpaying the mortgage and then keepn £20 for retraining/possibly setting up a business ?

I see a lot of small businesses fail badly in my job, but a percentage do grow and thrive. If you find the right "niche" and have the right skills it can work but I definitely don't think it is am easy way out of a stressful career

I have and I did!