If you won 500k.. how would you spend it?

[Tickledpickled]

I have a mortgage of just under 300k, so I think I’d probably pay that off. As our house needs renovating, a further 200k could easily be swallowed up there. That’d be it - gone! Wouldn’t take long 😮
How would you spend it?

I'm amused at some posters spending it (at least) twice over!!

I'm dismayed to be reminded over & over what an expensive part of the country I live in!!

(I'd put the money into savings initially)

Have the money to see a woman's health consultant, a knee specialist & a private GP to see if money will help me get some issues resolved.

Then after I've completed the current renovation & sold it, I would buy a bigger house for me (it would need the full £500,00 (plus possibly a bit of a mortgage) around here)

I'd find out (as best I could) how much longer my current contract is going to run for, that would determine quite a lot, including where I buy my new house!

id use the remaining equity in this house to have some money to put into making the new house mine. Visit my mum & friends overseas for a few months. Obviously treat those nearest & dearest to a few holidays or other things. & poke some into a pension along with anything extra each month. Then partially retire when this contract ends, taking a smaller contract on.

dream dream dream.

It wouldn't even buy me 4/5 garages around here 🙄

Nice holiday and invest the rest to have passive income

Pay off mortgage (£160k), buy cottage attached to ours (£160k), renovate the two to become one (£150k), buy a new car as we quite desperately need one (£15k), put the rest away in savings.

Argue with DH about how much of it we'd need to upgrade to a bungalow and still allow him to give up, or at least scale back, work. We're old enough for this to be an option, if not the most sensible one.

I’d put my heating on!

I've got my eye on a house for sale just over £500k which I can buy with a small mortgage. I'd be switch my current mortgage which has £80k remaining to btl. Letting out my current house would be my pension plan as I don't have one currently.

Ooh! I'd pay off our mortgage (£100k) and get the house finished - new windows, front porch extension with downstairs toilet and loft conversion (~£150k). And I'd pay off my student loan (~£16k).

Then I'd give up my work. I have a small business that I'd like to continue with but it's not profitable enough to live off atm because of the mortgage. So I'd put some money into that, (maybe ~£100k) and see if I could build it up into something I could live off.

The rest I'd put into savings and investing. Probably. Something for DC's future.

Named changed. Sorry if this lowers the light-hearted tone but we got a £500k insurance payout last week. I'm still in shock.

Unfortunately my husband has terminal cancer. There was a terminal illness clause for life expectancy of under 12 months. We only took the policy out last year, took way more than we needed and never, ever expected to be here. He went from healthy to a terminal diagnosis within days of symptoms starting.

Seeing the money in the bank was surreal and also sickening. We can't even splurge on any holidays or experiences because he's not well enough to travel but still hoping we may get the chance.

£150 paid off the mortgage
£30k paid of some loans
A portion will be my stepchild's share (we have other children) of my husband's half of our house.

The rest of the £200k+ is I guess for me and the children to try and manage without him. It's still sitting in the bank and I'm lost as to what on earth to do for the best with it. Pension? Savings account? Invest?

One thing we have prioritised is a meeting with a financial advisor this week!

I’d pay off my debts, buy my mum her own house, and buy one for me and my toddler.
id take my toddler travelling to see the world
save for her future
finally publish my book and have time to write it

Put it towards new house forever home we have been wanting to move for ages ! The market seems mad at the moment so we are staying put.

I’m so sorry for your husbands news. I hope you use some to spend on eachother and enjoy. Maybe some holidays and breaks away locally?
i know no amount of money can ever make up for that sort of diagnosis. Sending you hugs xxx

On a really good hitman to assassinate some extended family at this rate.

Id save as much as I could so I could take time away from work to home educate my children, there are statistics to show that home educated children have much better mental health than those who aren’t home educated. And my kids mental health means much more to me than which school they attend. So I’d spend it on tutors, exams, materials for home education.

Also time is precious. I wish I’d of spent more time with my stepdad before he passed and if we’d had the money done him a big party at his and my mums house with all relatives and friends. He went in for an op to make his life better and died a few weeks after.
i think it’s up to you Both what you do. Having those difficult conversations now, like what he wants when he passes to celebrate his life. my mum wished she did this for Chris.

Buy a house. £500k would just another get me a non-fancy three-bed terrace. But I'd be delighted.

300 to upgrade property
150 invest
50 running away fund

Thank you cake you're right, it really doesn't. It's life changing and I just want to give it all back. In fact, I haven't stopped crying since. Fingers still crossed his oncologist gives the go ahead for a one time trip after his next scan 🤞 I'm just glad the cover was payable beforehand, so in some way he does get to benefit

Mostly the dcs and family and charities.
But also I'd get the leaky flat roof mended. 5k
I'd get some help in the garden a couple of times a year. 5k
Decorate living room. Carpet is worn down to the canvas in places. 5k
Buy very many books and sheepskin slippers and go to Italy by train. 5k

Think it's probably all gone.

200k would pay off the mortgage.

40k on two new cars
10k big holiday
60k to sent the eldest to uni
30k for new drive and finishing off things we didn't do in our extension

Leaves me with 160. I'd either use it to move or save it to help the kids. It would be very easy to spend that amount

@500kinsurance I’m so sorry to hear about your husband’s ill health xxx

Buy some land and build a bungalow, all to our own specifications. Easily doable with half a million.

Renovation, Mortgage, Car, Holiday, Pension.

Clear off all debt (mortgage / buy car outright)

Renovations

Big holiday

Savings for future

Buy a house. I'm in a council flat right now. I can get a house for our needs outright for under £200k where I am.

£200k in my pension pot. £10k on a once in a lifetime holiday, and the final £90k in a savings account for DC.

Really good holidays for the forseeable

Sort out house get all jobs done

Invest to help dd get on the property ladder in the future

Invest to allow me to retire at 55 / when dd finishes education