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Original poster

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

144 replies

Yellowbowlbanana · 13/09/2021 18:44

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?

OP posts:
FizzyDibdab · 14/09/2021 02:11

Private school for dd and equivalent in savings for ds.
Move to a larger house
Refurbish my existing house and let it out

PumpkinsGalore · 14/09/2021 02:11

Canadian cruise and spread my Dad's ashes over there. Give my Mum enough to improve her home and what she's always wanted - a brand new Audi! (I'd also get myself a better car but nothing too much)
Put a good amount away for my daughter's future and give the rest to my brother & animal charities

PumpkinsGalore · 14/09/2021 02:15

@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
Not meaning to brag or anything, of course Hmm
PumpkinsGalore · 14/09/2021 02:21

@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
And here's some of us wondering how we're going to buy milk for our child for the next 6 days. How the other half live.... ConfusedEnvy
ConsuelaHammock · 14/09/2021 02:41

I’d buy land.

mummaelle · 14/09/2021 02:44

I don't know. That isn't a lot of money these days 😂 maybe a house and just live comfortably like go on some holidays etc

Unsure1983 · 14/09/2021 02:48

Buy myself a really nice ring, buy something lovely for my dad, invest the rest in property.

PurBal · 14/09/2021 02:57

Pay off mortgage. Invest the rest to provide a monthly income so I could retire.

CanIPleaseHaveOne · 14/09/2021 02:59

What would you like out of life financially? Would you like to own your home and a holiday home?
Or would you like to own your home and an investment property or two?
Or would you like to have a strong retirement portfolio? A mix of all the above?
Have you a business you would like to start, study you would like to do/travel/etc?

Have a think about that and then see how you will allocate the funds which bloody better come through for you 'cause it is lovely to think that someone may get a great break like that! Grin Grin.
Fingers crossed eh?!

Bloodybridget · 14/09/2021 03:00

I don't know what I'd really do. One thing could be sell this house and buy a lovely, eco-friendly, old-age friendly one with a bigger but manageable garden. And a hybrid or electric car.

Pikamoo · 14/09/2021 03:57

I'd invest it. I've got young kids and am very fortunately not in a position where I want/need more money as our lifestyle and income match nicely. Having a nest egg built up would come in handy in the future though.

HarebrightCedarmoon · 14/09/2021 04:34

Pay off the mortgage, do some redecorating, buy another property as an investment.

MrsDThomas · 14/09/2021 10:01

Pay off the mortgage
New car
New kitchen and bathrooms

Then bank the rest.

Mydogisagentleman · 14/09/2021 10:16

Buy a house with a bigger garden on the coast.
Buy a flat for dd who is at university
Camper van so we could take our dog away more
Get a couple more Bedlington terriers
Donate to the breed rescue
Give up work

Hen2018 · 14/09/2021 10:18

Buy my children a house each.

IngridTails · 14/09/2021 10:21

Go and live somewhere where the sun shines all year round.

notthemum · 14/09/2021 10:26

I'd buy my daughter and her two autistic children somewhere safe to live with a garden. As despite many letters from family workers, social workers, doctors, schools, paediatrician and even an mp the council will not help her.
I would also buy myself somewhere to live as with health issues and no income at all each day is worse than the one before.

ShingleBeach · 14/09/2021 10:50

Some of these plans are stretching further than a MN chicken Grin

VeryLongBeeeeep · 14/09/2021 12:50

@Sgtmajormummy

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.

Depends on your age and lifestyle, surely? Even with generous estimates of the cost of my wishes (pay off [comparatively small] mortgage, do up house, buy new car), the remainder of the lump sum* would see me into my mid-70s with a slightly higher standard of living than I have now, a couple of years longer if I stayed relatively frugal but still not having to watch every penny as I am now. Then I'd have 100% equity in a well-maintained house to be able to sell and downsize to somewhere smaller and cheaper if necessary, probably taking me to 80 - if I even live that long, as I have a chronic illness.

*That's not taking into account any dividends from investing it as a pension pot, which I'm assuming for the sake of easy sums would be roughly equivalent to and therefore wiped out by cost of living rises anyway.

LaBellina · 14/09/2021 12:51

Leave my husband

Theredjellybean · 14/09/2021 13:01

I think it so depends on personal circumstances.
You could say "oh pay of mortgage and then retire" but the OP may have a 700k mortgage.
You can say "buy a new car".. That could be 150k on a new range rover or 5k on new dacia run around.
In my current position I'd pay off mortgage 350k.
50 k to each dd... Two have mortgages, two about to go to uni. With caveat it was invested or put against mortgages
100k to pay for dgodd private school fees upfront.
Last 100k into my investments... Currently dp at his pension cap and I'm close so no point adding to tgat.
It also depends on the annual income... If it was more than what the 200k would earn invested then I'd be tempted to probably give some more to dds.
But it depends wildly on the op own current financial situation

idontlikealdi · 14/09/2021 13:13

Pay off the mortgage and horses. Having no mortgage would make us significantly better off each month.

OhGiveUp · 14/09/2021 13:18

I'd add it to my savings as I wouldn't need it for anything specific.

SteveArnottsWaistcoat · 14/09/2021 13:23

Get a cleaner.

TwoLeftSocksWithHoles · 14/09/2021 18:45

@idontlikealdi

Pay off the mortgage and horses. Having no mortgage would make us significantly better off each month.
Oh no! Are your horses blackmailing you?