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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To ask you what you would do with an inheritance?

83 replies

scoobyloobyloo · 01/07/2017 23:01

If you owned your house outright and had no debts and a decent amount of savings - what would you do with 200k? Theoretically speaking of course :)

OP posts:

Duffmcstockings · 02/07/2017 00:02

Leave my partner. Hook up with someone young and pretty.

EllaElla · 02/07/2017 00:16

V boring but I'd suggest a decent chunk of it into ISAs or into a SIPP and squirrel it away for retirement. There are tax benefits to take advantage of. Most of the UK are seriously, scarily underfunded for retirement at their same standard of living and there is a huge reality check coming for them as they age and want to retire.

Speak to a financial adviser who will help you find the right balance for spending now with your long term considerations and avoid regret either way.

Shewhomustgowithoutname · 02/07/2017 00:32

I inherited and wanted to help others in the family. There were demands for more than I had intended. There was criticism of the locations of properties offered. The constant financial demand was awful and made me feel worthless (emotionally). I don't feel like trying to do things for others now.
Money is not always the blessing it first seems.

80sMum · 02/07/2017 00:36

I would attempt to turn it into £400k on the stock market! Then I would probably pass it on to my DCs.

bridgetreilly · 02/07/2017 00:37

See a financial adviser and sort out my utter lack of pension provision.*

*This is an actual plan, not just a hypothetical.

Vereesa · 02/07/2017 01:52

Add it to my trading fund.

K1092902 · 02/07/2017 02:11

Buy a new car so DSD can have her own again (mine gave up the ghost a few months ago and saving to get another at the end of the year)
New kitchen and downstairs bathroom
Disneyworld holiday

Then split the remaining four ways between me DH DSD and DD (into her savings account)

londonrach · 02/07/2017 06:26

Little cottage by the sea sounds good. Think id help my sister pay off her mortgage if my mortgage was paid off. Either that or move to a bigger house with a garden!!!!

Chillyegg · 02/07/2017 06:36

Well if i owned my own house and paid of my debts.......my minds blown by that concept.
Er id take me and dd on a seriously nice holiday. Buy a small rental property to let out and rent it out cheap. By a laptop i cant afford one at the moment. Im.boring but there you go

QODRestYeMerryGentlemen · 02/07/2017 06:45

Buy 2 properties on 50/50 mortgage/deposit and rent them out with the plan of selling them and our house when DD is qualified and then us having a smaller nicer home and giving her a good deposit

Dd was due to inherit a house but my parents have split up and the estate will be smaller/divided and although dsis and I will inherit, it'll be more bitty
I don't think you can lose with property now. Even if it drops as predicted, with 50% mortgages (our current house is 40% mortgage) you will eventually win if you hold
On

StillDrivingMeBonkers · 02/07/2017 06:49

Buy another property and rent it out.

Property is the fastest way to accrue 'wealth' and you need that as your retirement nest egg.

But if you really didn't need the money - pay off some of your childrens mortgages.

Sgtmajormummy · 02/07/2017 06:56

Use it to set your children up on the path to success with a qualification and a place to live.
That's what we're doing.

Coldilox · 02/07/2017 06:56

I'd move house - not a desperate need but I'd like somewhere a little bigger, with a drive and bigger garden.

Go on a lovely holiday or two.

Put the rest into savings for my son.

LionsOnTour · 02/07/2017 07:02

Give it to my adult DC with no conditions but if they asked for advice I'd suggest they save it and put it towards deposits for houses.

honeysucklejasmine · 02/07/2017 07:11

Make sure my children were on the property ladder, and pay off any outstanding mortgages my siblings had.

RippleEffects · 02/07/2017 07:15

I'd take 5 - 10% do something that possibly I wouldn't have otherwise done. Buy some lovely reflection on life time go on a luxury/ adventure/ far off holiday with my nearest and dearest. Remember and celebrate the fragility of life. Savings and stability are really important and I'm not talking about any where near the full amount but so is memory making and enjoying life, who knows whats round any corner.

I'd look at my whole current life package - housing is it in a good state, am I stable, does it/ will it need work over coming years. Savings do I have 1 years living in fairly liquid savings, am I sorted for medium term savings for bigger purchases like cars, pension is it a level I can retire at a reasonable age on a reasonable level of income.

I'd then be tempted to put max amount into ISA's for a few years. The return on a cross section share portfolio without any tax appears to me, in my unprofessional outlook, better than property with its ongoing maintenance, time to supervise and ever decreasing tax off setting.

bluetongue · 02/07/2017 07:27

No children here so I'd either upgrade my house or improve the one I had, new furniture, new car, new clothes, holiday and the rest in savings.

If possible I'd probably also take six months or so off work and consider maybe working four days a week when I went back.

MissBeehiving · 02/07/2017 07:30

We spent ours on some barns which we converted to 4 holiday lets, that gives us income of £100 k pa which we're using to pay down our mortgage and send the dcs to a good independent school.

coffeemachine · 02/07/2017 07:31

I would invest some of it (see an advisor) and keep some for the DC. I would put money aside to put them through uni/education and help them to buy a property.

SquinkiesRule · 02/07/2017 07:35

I'd put aside some for home down payment help for the last two kids still at home (we already helped number one who has his own house) Then buy a rental property locally, probably a very nice retirement flat in a complex near us as there are lots of retired who could do with an accessible home.
Then a small flat in the sun for our retirement pleasure in a few years.
We are also mortgage free with some savings in the bank.

kaytee87 · 02/07/2017 07:36

Don't shoot me ... buy to let

Brittbugs80 · 02/07/2017 07:37

Tough choice! Clear mortgage, savings for retirement, would definitely go back to New York. Might even do a road trip round New England.

Definitely clear our mortgage though.

AHedgehogCanNeverBeBuggered · 02/07/2017 07:43

Buy a holiday home in DH's home country so we can visit without PIL driving him crackers! Then invest the rest for DC's university fees.

pilates · 02/07/2017 07:53

Invest in property

BrexitSucks · 02/07/2017 07:55

OP said she has no mortgage.
My main thought is Buy to let (holiday home that is also BTL maybe).
Actually MIL who had scrimped most her life, had this decision (age 55).
She bought properties & got relatives to help do them up, sell them on. So renovation business, effectively.
Then after ~ 8 yrs she sank a huge lot into renovating her own home, & now rest is in some kind of financial instrument. Has a nice car, doesn't worry about vet bills. Stayed in nicer holiday lets for their annual holiday. We suspect she passes money to help DH's brother stay afloat, too (not a problem for us).

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