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?

Pay off my mortgage, sisters mortgage and parents mortgage - and all debts. Private health care for us all and a nice holiday.

I think I'd pay for new Christmas lights for the village high street.

The current ones are only a few years old, but I hate them. They're so boring. I'd get bright new fun ones.

I'd set up a trust fund to pay the annual leccy bill too.

I'd suggest the village council donate the old set to the neighbouring village as a gesture of friendliness.

I read recently that you should have a million pounds in security in order to retire without worries. I suppose that would be 25 (?) years of living expenses and 3 (?) in a private care home.
So 700k wouldn’t even cover it!

But (un)realistically with that amount, plus a yearly income, I would buy a period home with land, employ a gardener and a housekeeper, furnish it to my taste and have some great holidays.

And provide for the DC, although that has already been planned on our current resources.

It depends what the annual amount would be.
I'd rather drop my working hours rather than pay off the mortgage. Invested, that could allow 28k per annum whilst preserving capital at a 4% withdrawal rate.
I wouldn't stop working entirely but I'd be buying my freedom. I might reduce the mortgage, but more likely just to put it on as long a length as I can, knowing I could pay it off if interest rates went up and the balance tipped that way. I'd also ensure I was in the house I wanted to be in, and get it in the state I wanted it to be in. I don't go in for massive or difficult styles though, I want big enough but low maintenance and hassle.

But yes, some holidays, bit of jewellery or art, some to charity. No holiday home (too much hassle). No private schools (not worth the money if there are decent state schools, and it's not like its millions).

I would rather my time and flexibility than most things, my other tastes are relatively simple.

Buy houses for my children for their financial security

I'd pay off my mortgage, buy some rental homes and calculate what I'd need to charge to pay them off in 8-10 years for the rent / amount if houses I could buy and retire early

We’d pay off the mortgage.

Get new windows.

New front door.

New stair carpet,

New bathroom

New kitchen.

I’d cut down my hours at work.

DH could stop doing on call work at weekends.

Buy a house in a cheaper but pretty area.

Learn to drive.

Buy a 4×4 and a small caravan. Go exploring for a bit.

Go part-time.

Put some aside for my retirement and for DD's first house.

When you say a payout. Do you mean an inheritance? Someone hasn’t had an injury have they? It’s just that an inheritance isn’t usually presented as a pay out.

it's perfectly possible this won't happen

I'd go with that and carry on with your life.

I would use some of it to buy a small house or bungalow as I live in a flat but miss living in a house.

Would have to think about the rest.

Bills
Pension plan
Savings
Fun
In that order.

It depends on your age and debts how far you'd get with that. For me it would pay off my mortgage, allow me to top up my retirement plan for early retirement, allow me to put a portion aside for savings and admire for annual holidays. Swap with me OP!

Buy a house as I rent, send DD to private school, travel the world (where possible), add to pension.

Buy a house outright.
Take a 3-6 month sabbatical to travel.
Put some away for DS's uni costs.

Retire a few years earlier than planned, sell up and buy the place we want in the country.

Pay off my mortgage. Buy some cheap properties to rent. My husband wld quit his job and start to try n buy and sell houses for a living.

I had about this amount of inheritance a few years ago. We paid the mortgage off. Then moved to a bigger house (to have room for kids) with a small mortgage. I’d pay off your debts with it. This frees up money day to day to save up or spend

Mis read the zeros! I recieved 70,000

Leave where I live with the D.C. that would set us up in another country.

Franklin12 No it's from the sale of something. If we retain a stake and then sell our remaining stake in 5 years then it could be very lucrative. Or it could be worth piss all!

Iflyaway I tend to stick with this. I have no real expectations of this happening. We have been in similar positions and it has never paid off (DH is quite entrepreneurial) so I have learnt not to get my hopes up. This is the furthest we have got though and there are offers on the table but still more due diligence to be done so it could easily not happen.

Buy my DCs a flat each.

Buy MIL's cottage and live there whilst she buys the boring beige and soulless retirement flat of her dreams. And a 4x4/SUV to deal with the various farm tracks that pass for roads there.

Send the kids to private school and buy a rental property. I’d get a new car too.

Pay off mortgage and credit cards.
Buy new car (PCP deal ends in Feb).
Do up house and build extension. Or maybe move.
Hire cleaner.
DH would want to drop his hours/quit work, but I don’t know if that’s doable - depends on the annual payout.

Pay off our mortgage, gift £100,000 to each of our children and boost our pensions with the remainder.