What would you do with £180k

[MyOtherProfile]

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.

Aston Martin.

If my retirement savings needed bumping then invest it with that in mind, if they don't then I would invest it with a view to giving DC a larger deposit for their first property - either way invest it.

In your situation, I'd buy a holiday flat somewhere on a coast you like, so you've got somewhere to pop off to when you feel like it. If there's any left then put it in a savings account for your DC.

In my situation, I'd move out of this area and buy somewhere rather than renting. I'd love a fixer upper tbh, with a small amount of land for multiple children and dogs to roam around on. And I'd get some chickens. Kept away from the dogs, obviously.

@Weenurse

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.

Oh lordy, I'd never give my lad £10k for a wedding.

House, yes. Uni/training, yes. Travel the world, yes.

Bit ten grand towards a wedding? not a chance!

I'm my situation, pay off mortgage.

Look at a rental property, excess rental income into investments (S&S ISA likely). Then when DS17 is looking at buying. He'd have his life savings, the ISA savings, and the equity from the rental property (if needed).

I'd set some aside to go on a bells-and-whistles safari holiday with my kids when they are old enough.

I'd invest the rest in a medium risk portfolio to try and grow it before the time comes for helping my DC with flat deposits, uni fees etc.

Buy another property, somewhere to retire to but also for now as an escape away from the daily grind. I'd also rent it out to top up for my retirement.

Been in a similar position although £250k. Paid off my current mortgage, bought a new car and a small flat which my father lives in and had lots of nice holidays. Have enough left to treat ourselves as and when we want to and an investment for when DF isn't here any more. If you do buy to let out it is actually quite a lot of work if you do it right. Landlord registration, insurance, inspections, statutory requirements, self assessment. Honestly not worth the hassle for one property.

New car then save rest.

£130k would leave a very tiny mortgage
£50k in pension

I would buy a second home and rent it out when I wasn't using it

I would use it to buy a holiday home in the area we go to a lot. Would probably not be enough to fund the full cost though! Or I would put most of it away to help dc with deposits in a few years & to ensure we have enough for nice holidays when we are retired.

Put some into pension (to benefit from tax relief), and do same in following years.

Invest the rest. Wouldn't pay down any mortgage given that the current low interest rates mean that any half-decent fund returns one more than the interest payments one would save from paying down a mortgage. Have to be prepared to accept some risk, of course.

In my personal situation that would pay off my mortgage (I have £56k left to pay). That would leave me with £124k.

I'd stick £60k in my retirement fund, put £50k away for DS's future and then spend £14k on a couple of once in a lifetime holidays. French Polynesia, Disney World.

Given you're seeing a financial advisor anyway what's the point of this thread? There are people literally struggling to get through to payday and reliant on food banks etc.

If you've nothing you're yearning to spend it on, good pensions and no mortgage etc why not donate half of it to charity?

Move!!! We don’t get on with our neighbours. Take the kids to Florida, put some in savings. God I can dream lol

I'd pay off the mortgage, get a new car (I'm desperate for one, and would love to just walk into a showroom and pick what I wanted!), max out my premium bonds, and get a new bathroom. I don't think I'd have a huge amount left once I'd done that, but if there was anything, I'd just stick it in a savings account for when we need things or fancy a holiday etc.

JISA for the kids, our LISA/ISAs as well
Pension for us max contribution
Start a pension for the DC ... why not

Perhaps chip a bit more off the mortgage

Invest in property.
We bought a holiday cottage that we use loads and we don't need an income from it.
We also have rentals which some have doubled in value and will provide us with an income in (early) retirement.

Massage
Caribbean vacation
New bedroom do over
New furniture

We had similar some time ago. We paid off the mortgage, had an extension built as we are a large family . To be honest we stupidly haven't done much with the rest. It's DH's inheritance and I don't have access to it. I have nagged dh to sort out investing some properly but he doesn't. He lost both his parents in the space of a few years and I honestly think he finds it hard to deal with. Neither of us have good pensions so I guess in the longer term it will help fund retirement but he seems reluctant to put it into a pension as he has a chronic health condition and I think he thinks he may not have a long retirement.

@MyOtherProfile

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.

Well - how old are you, do you own a property (or just ‘don’t have a mortgage’ which could mean you live somewhere that you don’t own yourself), do you have children, what are your retirement plans, general savings etc?

You’ve not given much info and what I’d soemd £180K on isn’t of much interest to you, tbh!

Home improvement and/or extension.

Then either a holiday home somewhere abroad or a series of amazing holidays .

Ultimately, we would move. Got about 30k equity, add that, and buy a house (we are in a flat).

I love these replies thank you.

We own a house, have done all we want to it and it's our forever home so won't look to move.

I started this thread purely out of interest to see what kind of ideas other people came up with. I've made a list of the ones I fancy!

@NashvilleQueen the point is interest, and finding alternative ideas we might not have thought of. Quite taken by the French Polynesian holiday suggestion. I think that's fine on a discussion forum. Seems other people thought so too.