What would you do with £180k

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We are about to inherit this amount from a childless family member. We don't have a mortgage and live within our means so don't need it to pay off any debts. We plan to see a financial advisor but just wondered what people on here would do with this amount? It wouldn't stretch to a second property round here.

Depends on your age but I'd look at pensions or investments to enable you to retire early

Save it to give to my DC when they are ready to buy a property and need a deposit.

I’d put some in premium bonds and invest the rest.

Pension, maybe half in index stocks for the kids.

I’d pay it off my mortgage and use a little bit for a luxury holiday

In your situation, max fund pensions and S&S ISAs for a couple of years and allocate maybe £10k for ‘fun money’. Tax efficient and pensions are outside of your estate for inheritance tax purposes.

If I came into that sort of money I would buy an (only slightly) bigger home outright, let out my current 2 bed and split the additional income 3 ways - repaying mortgage, pensions, ISAs.

I'd speak to a good financial advisor, save/invest 120k and have a lot of fun with the rest!

We put aside $10000 for each DC to use for deposit for house or wedding.
Then bought an apartment that DD1 lives in and pays us rent. That helps pay the mortgage while allowing her to live away from home and grow up in a supported manner. She is a full time student and works part time.
Plan to sell in 10 years to fund retirement.

Max out our S&S ISAs and max out our pension contributions for the year. And spend 5-10 % of it on something the person who left us the money would like, whether that is a nice holiday or a work of art or piece of furniture or a piece of jewellery or a new car or doing some home improvements or some mix of the above.

Seriously just enjoy life. You already have no mortgage.

You can't spend it when you're dead as your family member found out.

Invest some of it, enjoy the rest.

In your situation of no debt no mortgage.. I would either move to a nicer house that I still owned outright, or do something to the current house like a new kitchen, bathroom, conservatory or extension. Few lovely plants/ bushes for the garden.

Take DP and DC on a lovely holiday.

Then I would max out my premium bonds.

With what was left I'd try to find an ethical investment or put it into pensions.

In my personal situation of a bit of debt and a big mortgage, obviously I would clear the debt and chuck the rest and reducing the mortgage as much as possible.

Buy a second property elsewhere, (not too far away) which I’d rent out and use to boost my retirement income.

I'd be settling aside some for my children to help them on the housing ladder.

30k for fun money.

50k in our pensions.

I'd give the dc a chunk each for a house deposit, have about holiday and invest the rest towards earlier retirement.

A big holiday.

Probably divide between the children or buy a small rental property somewhere cheap.

Buy a younger horse now mine has retired from competing and a nice horsebox

£50k for each child (£100k)
£60k to see off the mortgage
£20k for a new car, sort the garden and a holiday.

Or £60k on an extension and keep the mortgage as it is.

I’d go on a round the world cruise. Literally top class everything. Wouldn’t be doing anything boring with it. If you’re paid off mortgage wise and have a good savings buffer I’d enjoy it doing something wild. Life is too short and all that.

We'd probably move somewhere nicer, to a 'retirement' property, such as a nice bungalow with facilities nearby like shops and restaurants on the edge of a village/small town. Technically, we could do that now, but would mean extending the mortgage.

With low outgoings, if mortgage free and having a medium income (not NMW but not high earners), you can afford most nice things/experiences day to day from income plus build up savings for cars/home improvements/big holidays etc.

Yes, probably use some of it on those holidays that make you wince and think 'how much' - £10/20k for a couple to go on a cruise in a balcony cabin, tour Japan, Australia or the US for example.

Give yourself a little treat holiday post Covid and then get advice and invest it. I inherited a similar amount 5 years ago. Invested it in a higher risk fund with Investec and it has returned circa 45% in that time as capital growth.

For us it would go into investments to help fund a better retirement. Use the annual ISA allowance for the next few years until it is all wrapped up.

It can always be cashed in at a later date if DC need deposits.

In your situation, any necessary home improvements, holiday, then split the rest & put it into long term savings for DCs, for house deposits.

I would purchase a flat somewhere outside of my area (although you could just about get a 2 bed where I live for £180). I would put it through a rental agency and enjoy the extra income each month for some luxuries. This is what some friends do, they have a very pleasant life.