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Original poster

What would you do with £180k

87 replies

MyOtherProfile · 31/07/2021 08:37

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.

OP posts:
Wond3rment · 31/07/2021 12:26

Interesting one, for me it would be:
18k to charities (10%)
74k to clear a mortgage
50k into my pension
5k into bonds
10k towards a new car
15k through home renovations
5k towards a holiday
3k towards a keepsake item of jewellery

For you, it sounds like you are saving for the future so your advisor will be give you great advice

scaffoldingtheworld · 31/07/2021 12:35

I’d see what an IFA had to say about our pensions. Is it worth adding to those or investing/saving elsewhere to boost income when we do retire.

I’d book a couple of bucket list holidays. Alaska to start and then another in Asia.

2 new to us cars. Not brand new ones.

Make full use of our ISAs and savings for kids.

Zenithbear · 31/07/2021 12:36

I wouldn't invest in premium bonds. I think too many people have thought the same and the prizes have been crap this year.

Panickingpavlova · 31/07/2021 12:39

For dc, open stocks and shares isa

Vanguard and drip feed money in.
Id also open a sipp for them, who knows what life throws at us and its money for when they are older.
Also house deposit money.

I'd bump up savings again we don't know what life throws at us..

Then once all the savings bumped up I'd look at holidays, nicer cars whatever! (silk mulberry pillows) up grade bedding to siberian goose down.. Rugs... Little things..

Bryonyshcmyony · 31/07/2021 12:41

@BoomChicka

I'd speak to a good financial advisor, save/invest 120k and have a lot of fun with the rest!
This!
Panickingpavlova · 31/07/2021 12:42

Yes invest and premium bonds are not bedfellows.

Premium bonds are more for putting money in a fairly accessible place where you may get something probably not...

To actually invest with a return you need stocks and shares account.

hellcatspangle · 31/07/2021 12:43

Buy a holiday cottage by the sea.

daphnedoo12 · 31/07/2021 12:44

Sell my little house, buy one ive got my eye on outright for 160k and use the money I make on my current house and left over 20k for renovations and a holiday.

daphnedoo12 · 31/07/2021 12:45

I realise you weren't actually asking what I'd do but that's what I'd do, I can only dream haha

Panickingpavlova · 31/07/2021 12:45

Op have you heard of fire?

Financial independence retire early?

They have great ideas on investment and life choice.
The idea that you have investments that mean you don't have to work again, it's your choice (most people choose too) but only doing what they want.

Jl colins, the simple path to wealth, Jack bogle, vanguard... Invest in index funds and steadily grow money.

DomPom47 · 31/07/2021 13:00

Would feel like such a blessing to have that much money. Would put aside for children’s university fees and save some for pension and use others for experiences and holidays.

nettytree · 31/07/2021 13:11

I would fly first class to disney world. Stay in a suite at the best hotel and just have the best time ever.

EvenRosesHaveThorns · 31/07/2021 13:14

Buy a large woodland or large rewilding project.. good for the planet, good for you and an asset that will only go up in value

User5827372728 · 31/07/2021 13:17

I would get a flat by the sea for holidays!

Jerseygirl12 · 31/07/2021 13:18

I inherited 100k last year and have put 33k in stocks and shares ISA. I also purchased a flat for my DC to live in, I used 45k as the deposit and I’ve kept the rest. I’ve found it difficult to spend apart from on the flat and it’s the only time my DH have argued about money. Every time the ISa’s go up by £450 I take the money out and do spend that on nice stuff such as birthday presents for my other DC’s birthdays or holiday spending money.

Maggiesfarm · 31/07/2021 14:03

Spenddit!

Actually, give a little, save a little, spend a little.

What a lovely thing to happen.

Marmaladee · 31/07/2021 14:12

I think the wisest thing you could do is to give it to me OP. Anything else would just be crazy.

Inextremis · 31/07/2021 14:24

We're in exactly the same position, but have no children nor living relatives. We're planning on totally renovating our home and making sure it's adapted for our future aging - wider doorways in case of wheelchairs, 'step in' bath, ramps where there are steps etc. Having said that, there's a lot of renovation to be done, as we've spent the past 20 years living with dodgy plumbing, no central heating, and no real kitchen! We're using 5k each as 'glee money' to treat ourselves to whatever each of us wants - new computers, or clothes, or charity donations - money we can be frivolous with without having to justify the spending to anyone else (or each other). Anything left over will be invested towards our pensions. It's a great position to be in, and it's such a relief after decades of living very frugally!

WobblyLondoner · 31/07/2021 14:49

Had a similar situation last year. I'm early 50s and most of the money is going to allow me to retire earlier - so after paying off outstanding mortgage is mostly now invested in stocks and shares ISAs (in my and my partner's names), with some in premium bonds (to go into ISAs next year). We also funded some minor home and garden improvements and are overpaying pensions. We will spend a bit more on a holiday but every bit we spend is being tensioned against 'this is equivalent to me retiring xx months early' which is quite a challenging comparison. But totally appreciate it wouldn't be the same if I was younger - but it's absolutely worth putting some of this into your pension.

Good luck with it all.

Terrazzo · 31/07/2021 15:03

Buy some land for a project I’ve been dreaming of. Any leftover, whack in the vanguard probably!

GOODCAT · 31/07/2021 15:04

If I had no mortgage and retirement savings were sorted, join a gym, have a personal trainer, buy a kayak and electric bike, go for some holidays and experience days and eat better and generally up my day to day living experience.

Hen2018 · 31/07/2021 15:11

I’d buy a flat (s) for my children to live in while they were at university. Then I’d sell it when they left and give them some money towards a house.

I’d have to seek advice about investments and pensions.

And I’d future proof my house by installing a ground source heat pump, solar panels and an electric car charging point.

I’d also keep perhaps £10,000 to play about on the stock market and go on a cruise that included Iceland!

OverByYer · 31/07/2021 15:16

I’d buy a VW camper van.
I’d pay off my kids uni debts
Keep some for a deposit for houses for them
Go on an amazing holiday or two

quizqueen · 31/07/2021 15:35

Buy a flat in a cheaper area and rent it out so you have rental income and a property which increases in value.

GoWalkabout · 31/07/2021 15:58

30k to fund the parental contribution for 2 dc at uni
85k to 'fill the gap' and allow dh and then me to retire a few years early (we'll be ok when our defined benefit pensions and state pension kick in).
20-30k for helping with deposits or weddings for dc
The rest for holidays and a few bits that need replacing on the house.