If someone gave you £700000 what would you do with it?

[Yellowbowlbanana]

Can't talk about this in real life and it's perfectly possible this won't happen but we are in the running to receive a payout of £700,000 by the end of the year.
I'm trying not to think about it as I don't want to be disappointed but there is also a bit of me that is a little excited. If it comes off the 700k would be the initial pay out followed by a regular annual income afterwards.

It is a life changing amount of money for us in that it will pay off our mortgage, allow us to buy a new car and go on some great holidays.

What would you do if you were given that amount of money?

First thing I'd do is NOT tell anyone except my (adult) children! Then I'd get a financial planner.

But the first purchase would be a new home. DH and I are 'getting up there' and our property and old farmhouse (needing updating badly) are just getting to be too much upkeep for us. In today's market where we live we wouldn't realize enough to purchase a new place 'outright' after we paid off our existing mortgage.

Pay off the mortgage, buy a nice car, give up work and travel.

Buy a house because we currently rent, a new car and take my DD to Disney world.
After that I'd buy my mum a house and pay off the in-laws mortgage probably.

Pay off my debts, buy a house and a car, treat the family to a luxury holiday

Firstly, Id get a new oven, my one is a nightmare!!! Sorching on the outside, frozen in the middle. Can anyone relate?

How is 700k not enough to retire on? Invested?

Pay off the mortgage, get the house looking the way we'd like it to, work less, live more.

Pay off mortgage maybe move house. Buy DC a property each.

Possibly move a bigger house, but we are near London so even that amount wouldn’t go very far!

Otherwise pay off mortgage, pay off debts and do some DIY. Give money to Niece and Nepthew who are at uni and put some money aside for our children.

Actually it wouldn’t be DIY - as we would pay someone to do it!

Holiday home somewhere nice, that I could rent out for some income and go to when I wanted. And some kicking hols.

Give £100 each to the kids,
Get some more piercings ,
Cover the remaining 'blank bits' of our bodies with his 'n' hers tattoos,
Have those 'enhancements' that Pappy keeps suggesting I have!
Buy a time-share in Madge-jaw-ca
Re-tarmac the front garden,
Get a Hot-tub, with music and lights,
Hire Sven from 'Give us Clue' as a carer for Mum.
Rent a mobility scooter for Mum (no point in buying one at this stage, especially factoring in Sven from above.
Maybe put some money aside so one of the grand kids can get into 'I'm a Celebrity type thing'. I'd love at least one of them to be famous even if they're shit at every think (sic).
With the remainng cash we would give it to charity, but it would be nice if they reciprocated and put up a statue in the local park. Or even just a small bust (although that wouldn't work for me. Ha-ha, see above!).

Pay off mortgage and retire.
I have health issues that are crippling me but, on paper, can’t retire for another 18 years.

Mortgage. Move. Pensions. Investments. Quit hateful FT job and retrain as a gardener. Also go absolutely hog wild with the David Austin catalogue.

I inherited just over that amount. I bought a new house, helped our daughter buy her first home and we have around 350k left which we invest. We are relatively comfortable and the money enables us to buy bits and pieces and eat out whenever we want. So it's a slight upgrade on our previous lifestyle

Pay my mortgage, pay car, travel!

Pay off mortgage and make all the home improvements I'm longing to make.
Buy a newer car.
Retire.
Get a puppy (probably sensible to do that before the home improvements! )

@OnlySpam

I inherited just over that amount. I bought a new house, helped our daughter buy her first home and we have around 350k left which we invest. We are relatively comfortable and the money enables us to buy bits and pieces and eat out whenever we want. So it's a slight upgrade on our previous lifestyle

^ I’d do this Good luck OP, hope you get your pay out.

Pay off mortgage
Help a few friends who are struggling
Charity donations
Buy a camper van
DH would retire early
DC uni fees if they choose to go / alternative
Deposits for DC first homes

Give my 3 children 100k each for house deposit
Then retire

I’d buy my dream retirement bungalow and rent it out until I need it.

Leave work.
Do the house up.
Save.
Travel the world.

Find a (female) chartered independent financial adviser and go through the fact find/attitude to risk stuff.

Hope it all goes well OP. Good luck.

@DroopyClematis

Give it to my children who have no hope of buying a property. One of my children was recently gazumped on a rental. Asking rental price was £1750. Someone offered £3000!!!

Whaaaat people gazump on rentals???

I was left with this after I had cleared my mortgage. It’s all invested and whilst investments can go up and down its now up to £820k in 15 months. I have no intention of spending the capital but use some of the interest for holidays and uni expenses but haven’t invested in private schools or paying university fees or loans. Kids also have £100k each in trust for house deposits. It’s a lot of money, no question, but it’s not enough to spend randomly if I want it to last.