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?

Buy us a house out right, and a brand new car, the rest into savings. If we had no mortgage or rent to pay, we'd be able to have a few luxuries with the money we'd usually spend on that. We'd never be rich but we'd be far far more comfortable.

Oh I am so sorry @500kinsurance what an awful shock for you all. With that money make as many memories as you can.

I'd lock money into premium bonds for the children's university fees and house deposits.

Pay off mortgage £130k
Pay off Mums mortgage £50k
New Bathroom £20k
Convert garage £30k
Help out work colleagues who like me didn't get paid £15k
Sue ex employer for non payment £20k (no idea
Buy orchard and turn into village green with mobile coffee hut £20k
Savings/ Pension for the rest

I’ve just been quoted an unaffordable 40k to have my garden made nice - the house had been rented for years - so I’d have that done. Plus a new boiler and a heating system that properly works. A couple of fabulous holidays and no more economy travel. Don’t know about the rest but I’m a saver at heart.

I’d buy a new house in town. Currently outside town so would sell that and buy another. 2 new to us cars. We would all pick a bucket list holiday. Mine would be Alaska, DH would be Asia. Not sure what the DC would book. Then savings for the DC and some towards our pensions.

Buy a house or flat to let it out. That way I have a steady rental income which I can then use to save for a house deposit for DD plus that I would like to buy a camper van.

I’d buy a flat in central london. Use it to go visit.

Pay off mortgage, prep fees for ds, new kitchen, new car and maybe the loft conversion with the rest, or that would be covered by the money usually set aside for mortgage payments.

Just four things here:

• New family car (80-100k… electric seven seater)
• House upgrades—landscaping with infinity pool, interior work, etc (200k)
• Mortgage (100k… a drop in the bucket, but every bit helps)
• Savings for children’s university fees and/or house deposits (100k)

Poof… gone!

Buy a house, go to Florida, take mum on a lovely holiday

Travelling through Europe and USA.

Estella this is something I did consider, they've got bonds already so seems an easy thing to do for now.

£500k would buy you a shoe box in Central London, a very tiny studio with everything in one room. You'd be hard pressed to find a flat with a separate bathroom and bedroom in Central London.

Bonds are a good way to secure the money without taking risks now. However, I'd invest a tiny amount, £1-£2k tops, in shares because they're really low atm. Do your homework and invest in strong industries like tech, energy etc and take advice.

We rent but houses by us are not too expensive - I’d probably spend £250k on a local 3 bed terrace. Pay off our debts (around £5k) and pay for a mega family holiday for us, my parents and sisters/nieces.

I’d invest/save the rest and go part time at work.

Oh if only!

@500kinsurance
Sorry for your situation.
Think about whether the remainder is needed for long term income generation or will you need to draw out chunks for various reasons.

If it’s for the longer term then consider a low cost index tracker investments (funds that track the stock market). These tend to have lower costs than actively managed fund but perform as well over the long term.
Are you paying your IFA a fee? Check if they earn commission on any of the products.

Go in with an idea of what you need the money for, timescales ie can you leave it invested for a long time and what is the balance you want between growth and income.
Wishing you all the best.

Wow...pay off my mortgage, put a big chunk towards my pension, so some updates to the house (not 200k worth though), have a lovely holiday with my adult DC, take 6 months off work, go and walk the Camino again....

What a lovely dream 😂

Buy my husband out of the house and give him his marching orders

210k to buy a house, I already have one I keep eyeing up on Rightmove that's just the dream place.
40k to clear debts
Rest in savings.

Would also eye up going to college and getting a qualification in a trade.

We’re lucky enough to have finished paying our mortgage, the house was cheap and we decided not to upsize and still wouldn’t. House is also mainly renovated.

I would do the bathroom and buy a decent secondhand family car, ours is 15 years old. Would never buy new; they depreciate as soon as use leave the show room. Fabulous holiday. So 40 grand on that.

50 k on emergency buffer savings.
400k in pensions.
10k for fun!

Do up the house properly - new kitchen, skim all walls, install downstairs shower room, decorate kids rooms, new carpets upstairs, redo bathroom, rip down ancient conservatory and install new extension/big conservatory. Say £150k.

Pay off mortgage - not sure of current total but say £180k.

Hire gardener to do garden plan and lay the groundwork for a nice garden eg sort out what type of plants work where so that I can maintain it with instructions. No idea what this costs. £10k?

Amazing holiday £10k.

That leaves £150k, so I think the final thing is take a sabbatical from work for a year to supervise/project manage all the improvements and generally enjoy life. DH do the same = £100k.

£50k in savings.

Pay off mortgage £140K
School Fees £50K
DC Uni and house deposit £100K x2
Investments £100K
Fun /Holiday/House stuff £10K

Chazs thanks for the tips! I have maintained a career, so thankfully financially can support myself when the time comes, so more so for long-term use. University, helping the children out financially, being able to maintain the life we're used to with the loss of his income.

The DC are only primary aged and younger, so investment might be best, as we're looking at years from now. I'm not sure about the IFA as DH did the research but I will definitely check how they're funded now. If I remember rightly she said no payments would be due until after the initial consultation, at the point recommendations are made, so doesn't sound like commission I'd think.

If we moved, we'd want a detached 3 bed bungalow which we'd have the money to do up to a reasonable standard, so we'd stay in present property and wait for right property. Then some new furniture if any money left over - years since we placed anything.

Sell this house (no mortgage) and buy a nicer one with bigger bedrooms, a utility room and a walk in pantry!