Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

How would your life be different with 150k in your account?

119 replies

mikado1 · 01/10/2023 17:24

Sunday daydreaming here....

I would probably get a new, second hand car, start a healthy holiday fund for the future years and spend a chunk on a really good coat/shoes/bag and then... maybe I'd have to be sensible and save/invest.

OP posts:
Bigminnie1 · 01/10/2023 19:53

Everyone who is saying they would pay off the mortgage-I have been told that isn't the best thing to do with your money.

I have just inherited a bit more than this amount and have no idea how I should invest it. I feel so fortunate but I don't know what to do for the best for the future.

Toooldtoworry · 01/10/2023 19:54

I'm 46. Just increased the mortgage to have an extension built and am fixed for 10 years, so I'd do the following:

  1. Buy an AMG A45 as I know it'll be my only chance to buy a car I'd love to own
  1. Pay lump sum into my pension (as much as allowed)
  1. Keep 30k in savings
  1. Holiday of a lifetime to Canada

That's still not 150k. Maybe a bit off the mortgage, or invest whatever remains into a fixed rate bond or similar.

My intention is to overpay the mortgage and repay it completely over the next 10 years.

DaftyLass · 01/10/2023 19:55

I'd be debt free, and able to move back to the family farm.

Jifmicroliquid · 01/10/2023 19:57

I wouldn’t have to panic about how to pay this months bills. I work full time and still can’t make ends meet. I haven’t had a holiday since 2003.

Theredfoxfliesatmidnight · 01/10/2023 20:00

I'd be able to rent somewhere to live, instead of sofa surfing when I can, and sleeping outside when I can't. 😪

Madeupballs · 01/10/2023 20:02

id keep the mortgage as is. I get a better rate on savings and investments than I would save by paying it off. I’d buy a small property near my local (massive) airport and rent it out by the night, via airbnb and absolutely rake it in. Plus I’d get the uplift in the property market.

Then take out all the equity and move mortgage to a holiday let mortgage so it’s interest only, with some other vehicle for clearing the capital, such as the airbnb revenue, rinse and repeat.

Madeupballs · 01/10/2023 20:03

Bigminnie1 · 01/10/2023 19:53

Everyone who is saying they would pay off the mortgage-I have been told that isn't the best thing to do with your money.

I have just inherited a bit more than this amount and have no idea how I should invest it. I feel so fortunate but I don't know what to do for the best for the future.

Exactly. EVERYONE should read “the psychology of money”.

Leverage the debt.

Cocteautriplet · 01/10/2023 20:04

I’d put a considerable amount towards house repairs and renovations. Our run down 1930’s house in the south East needs loads doing to it to make it attractive to buyers .. currently we are saving up small amounts and doing stuff as and when we can afford it (and doing most jobs ourselves). Having a large lump sum would really speed the process up and allow us to sell up for a better price and move to the New Forest.

Atmytethersend · 01/10/2023 20:06

I could pay for some private health care, so would make a big difference to me, as I have a very rare disease and not many doctors know alot about it, but there are specialist clinics that would be able to help me, but would need about £100k

Justcashnosweets · 01/10/2023 20:09

I'd pay off the mortgage, and do the all repairs that need doing on the house. Plus a new kitchen, bathroom and have the garden landscaped. I'd still have money left over, so would put money away in a holiday fund.

Beezknees · 01/10/2023 20:11

I could buy a house outright with that where I live. That would be the best thing for me to do as I rent and can't afford to ever buy a house unless a miracle happens.

Goldmember · 01/10/2023 20:19

Be mortgage free, a new bathroom and kitchen and a holiday somewhere warm with palm trees.

BettyBoomer · 01/10/2023 20:29

Bigminnie1 · 01/10/2023 19:53

Everyone who is saying they would pay off the mortgage-I have been told that isn't the best thing to do with your money.

I have just inherited a bit more than this amount and have no idea how I should invest it. I feel so fortunate but I don't know what to do for the best for the future.

Can I ask why not? I’m just about to come into this amount and was going to put it ALL into my Mortage (which is huge).

WeightoftheWorld · 01/10/2023 20:31

Another one who'd have no mortgage. Well, I would, cos I'd use to it buy a bigger house. But that would pay off this one and enable us to do that.

Theimpossiblegirl · 01/10/2023 20:32

I'd put some away for the kids towards house deposits, pay a chunk of the mortgage and buy a small camper van.

Bigminnie1 · 01/10/2023 20:34

@BettyBoomer not exactly sure but it's not meant to be a great investment. The way I see it is that if we pay off our mortgage (which is about £1k a month- London suburb) and we save that money, it's only 12k a year. We are 50.
It seems like a much better idea to invest the money somewhere else where it will make more money but not sure where! We can fortunately afford to pay our mortgage and live a decent lifestyle at the moment .

cardibach · 01/10/2023 20:37

LadyMonicaBaddingham · 01/10/2023 17:27

Could pay off the mortgage and buy a new car. Would therefore have the cash to put DS through university without needing him to take out loans. Nice dream...

I don’t think I’d do that. The vast majority never pay off the loan, so you are paying for something unnecessary. Maybe use the money to pay him back his loan repayments…

Strawberryshortcake90 · 01/10/2023 20:39

I’d put it in a high interest account for three years until my eldest reaches secondary school age and then I’d use it to send her to the local private school.

cardibach · 01/10/2023 20:39

friedplantain2023 · 01/10/2023 17:48

You shouldn't have more than£80000 in your bank account as its not insured if the bank collapses

Any one bank account. You can have that in as many as you can fund.

SharonTheHappySquirrel · 01/10/2023 20:41

I am already mortgage free, but saving up to move to the forever home. £150k plus our house value plus savings would allow me to do that pretty much mortgage free, maybe a small one less than £50k. I am 40 so would spend the next 15 or so years using my wages to save for retirement.

Sortmylifeout52 · 01/10/2023 20:41

I'd pay for a complete hysterectomy!

Hmmph · 01/10/2023 20:44

I would definitely pay off the mortgage. I really don't understand the reasons why not- we'd have the security, not have to pay the hike in interest rates which will be there when we'd remortgage and have the money each month to invest or spend as required.

LeoEisor · 01/10/2023 20:47

Pay off my help to buy, have a holiday and have a boob uplift. Take my whole family out for Christmas dinner somewhere nice

sanityisamyth · 01/10/2023 21:42

I wouldn't have to worry how I was going to pay the rent tomorrow at least!

OnedayIwillfeelfree · 01/10/2023 22:00

friedplantain2023 · 01/10/2023 17:48

You shouldn't have more than£80000 in your bank account as its not insured if the bank collapses

I have mine spread over several banks.

Swipe left for the next trending thread