What would you do with a substantial unexpected windfall?

[NCexcited]

Name changed for this post. I have been incredibly lucky to have come into a substantial amount of money around £500k going to do the obvious like pay of debts mortgage etc probably take the kids to Disneyland but tell me what you would do if you had a substantial amount of cash to play with

Probably loads will disagree but i’d future-proof my house. Like get it super lovely so i was happy with it for all time, like a gorgeous bomb-proof kitchen, nice art, quality floorings. Landscaped garden i could maintain and it would be stunning. After all we spend a lot of time in our homes so that would bring me most joy.

the same as you then invest the rest for income (am in my 50s)

Pay off mortgage
Upgrade house - new kitchen etc
New car

Or give it to me…

I'd buy a couple of low cost rental properties and finish off the home improvements I've always wanted in my modest home. A new kitchen, toilet in the shower room, spare room kitted out, half as a guest room (room for a bed), the other half a craft and sewing room and a roofed pergola over my patio doors so I can sit outside no matter what the weather.

What you have suggested-pay off mortgage and clear any debts and treat yourselves to a great holiday.

Then I’d be investing a chunk for my pension and a chunk for long term investment.

We paid off our mortgage early to due an inheritance and was the best thing we did at the time.

If it was me now, I’d retire like a shot and go travelling. (Am mid 50’s)

Tell you what just pop it into my account and I'll look after it for you? 😆

My young self would have done some of the things you did. And if there were leftovers, I’d have invested for either my kids Uni or retirement (or both).

My old self would give a big chunk to my kids (28-34) and maybe buy a small holiday home somewhere!

New kitchen without a doubt.
Pay off debt.
Haircut and highlights.
Fancy running trainers.
Apple AirPods.
More home improvements.

I’d get the house sorted and made suitable for an old lady 😃 (so, have a downstairs bathroom fitted) - Or maybe buy a new house.
I’d get a super new car.
Would donate to lottery and family.
I probably wouldn’t give up work but would reduce my days.

Put DS into private school

Move house/renovations depending on age
Invest for myself & dc
Have a fantastic holiday

Pay off the mortgage. Get some independent advice re savings and investments for us and the DC. I’d visit Canada, New Zealand and Europe. Then I’d use the money I was saving not paying a mortgage to upgrade my life. Book some of those zoo experiences where you get to spend a whole day up close with the animals. Get a membership to a good spa and eat out more often lol.

Split it for teenagers education and young adult life.
But keep a firm control of it.

High interest bank accounts for the kids for uni / home deposits.
A chunk into my pension pot.
Upgrades to the home.
Investment in my business.

Pay off the mortgage (£30k), put £50k each away in a high interest account for my three teenagers for future house deposits. £30k each towards uni funds, do the house up and take the family on a few bucket list holidays. Don’t think I’d have much left after that, but the lack of mortgage / uni funds would make life a little easier. Maybe update my car, but nothing flashy.

We have money in a mix of stocks, bonds, and high yield savings accounts. We are meeting with a financial advisor soon to talk about further investment opportunities.

That is what I would do with the money. We could pay off our mortgage and cars, but we don’t because we make more off the money than the interest rate we pay.

This kind of windfall gives you that kind of financial advantage. Don’t fritter it away by spending it.

We are due an inheritance as my mother sadly died last month and had two properties, half goes to me.
We will be paying off the mortgage and possibly buying a small BTL.
I'm struggling though to get in the mindset of "we don't want for money" as we've been quite frugal, DH grew up with no pennies to rub together and my mum was always complaining she had no money and wouldn't take taxis etc.

What's your pension like? I'd add a fair chunk to that if it's not at a decent amount already. Then create your own savings pot plus savings pots for the kids (but I'd keep them in my own name so they could use for house deposits later on) - invest in stocks and shares to try to grow the amounts. And finally home improvements if needed (or some little splurge to make day to day life nicer, like a brand new dining table or fridge) and some amazing holidays.

Pay off mortgage and debts which would leave about £250k left. I’d put £50k each away for my boys and would buy DVC which is the Disney timeshare. We love going to Disney world and it’s been a long time dream of mine to own DVC. I’d also have new windows and door, have the garden landscaped and new carpets. The rest would go into savings and investments.

We'd like a new kitchen but we are a bit broken from having our bathroom replaced!

DCs are unlikely to go to university so we will set them up with small deposits.

look at your debts etc and get rid of what you can. Treat yourself but don't go crazy with eg cars. If it's once in a lifetime make it last.

Buy my next house without the stress of selling this one. Can move and leave the keys with the estate agent.

Take a year off work and travel the world 🌍

Thanks everyone some great ideas here