70k how to spend it?

[Mrswhite777]

Hi

I have inherited 70k, I am debt free but have very little in terms of pension and retirement.

I want to invest the money into something that will provide a turnaround to be able to support me financially in the future.

How would you spend the money?

Well that depends on how risk adverse you are

Cocaine and escorts

Property?

Solar panels/heat pump/batteries.
Given the way fuel prices are heading, getting ahead on generation or reduction will save more each year.

@Samanabanana

Cocaine and escorts

Yey. Me too. 😉

If you're still working you could drip feed it into your pension over a few years. I think you can contribute up to 100% of your salary although you only get tax relief on the first 40k. Even if you're not working you can still put around £3-4k in each year.

@probablynotthesame

Well that depends on how risk adverse you are

So so, I would ideally like to invest into a business of some kind ideally my own but my skill set is in cheffing and no money in that!

@Samanabanana

Cocaine and escorts

Of course! I've already blown 50k on that but it's getting a bit boring

Easy. Just send it to me

Hookers and gin (or coke). Given how much the price of coke has fallen over the last 30 years, sounds like a winner.

Electricity is so dull and you don’t get much bang for your buck.

Put it aside for your next few electric bills.

I would invest over the next 4 years into an ISA, with good financial advice.

Put it towards a buy to let. Here in the east I can get a reasonable terraced house for £100k. Up north half that. An income of £5k a year after tax and normal. costs. 5% yield as I've no intention of doing things from afar as I don't think I could be as good a landlord.

Depending on your age and current income, and your interests and aptitude - re-training for a career with a higher income.

How long do you have til you plan to retire?
I would say investing around 74% in shares 15% bonds and leave 10% cash but that depends on when your planning to retire, if it's in 5 years time that portfolio won't be any good for you

75% shares that should say!

Does debt free include mortgage free?

How old are you?

But the simple answer is to make sure you have sufficient cash for emergencies or any big payments like cars or home improvements and the put the rest in a S&S ISA or a pension, taking allowances into account.

Lots of advice on the internet to help you decide which, depending on your age and circumstances.

@Damnloginpopup

Put it towards a buy to let. Here in the east I can get a reasonable terraced house for £100k. Up north half that. An income of £5k a year after tax and normal. costs. 5% yield as I've no intention of doing things from afar as I don't think I could be as good a landlord.

Not so good if a higher rate tax payer