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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to ask what would you do if you were 50 and had £200k?

36 replies

Destinysdaughter · 21/01/2019 18:40

My parents have both died and I have now inherited £200k. I live in the Midlands where property prices aren’t extortionate and I also have the option of living with my partner in his house. I lived in London for over 20 years where I could never afford to buy on my own and of course that option is closed to me now.

I’m torn between buying the best property ican now, moving in with my partner and buying a property to rent out, or buying a cheap place somewhere and travelling the world.

That might seem like a bonkers extravagance but after seeing my mum being lying in a bed, paralysed, unable to speak or swallow food after her stroke, I have such a strong urge to grasp life by the balls and just live it, I’m sorely tempted to just say fuck it, and go explore the world.

I’ve also been caring for my dad with dementia for the last few years and tbh l, after seeing what’s happened to both my parents in their later years ( who saved their money and never did anything great with it and it all went on care home fees) I feel terrified about old age and really want to live my life now while I still can!

OP posts:
Sparklesocks · 21/01/2019 18:41

Oh my god yes - definitely spend at least a portion of it doing an amazing multi trip!

Ribbonsonabox · 21/01/2019 18:46

Buy a decent house with it that is worth just under 200k then rent it out and travel with the rent you recieve.

louella99 · 21/01/2019 18:57

Sorry for your loss. I would invest the majority of it but definitely spend a sizeable chunk on travelling. It depends on so many factors in respect of your work/family situation and future plans but I'd probably try and be sensible with 170 grand, and have fun with 30 grand or so.

PerpendicularVincent · 21/01/2019 18:57

Buy a house so you always have the security of a place to live, put a bit in savings and go on an amazing holiday. Your parents would want the money to go towards making you happy.

Liverbird77 · 21/01/2019 18:59

Shore up your future by buying a house. Then you can always go travelling safe in the knowledge you have that security to come back to.
Condolences for the loss of your parents.

canigetaliein · 21/01/2019 19:00

Agree with Ribbonsonabox

bibbitybobbityyhat · 21/01/2019 19:01

What do you do for a living? £200,000 isn't really enough to throw all that up in the air and go travelling.

Icepinkeskimo · 21/01/2019 19:11

You could buy a property for £150k and rent it out, then you'd have an income and security as a buffer.
Then seize life with both hands and do your travelling, you have been a fantastic daughter and I think it is now your time to fly free and go for it. I am wishing you happiness. Don't you dare beat yourself up about throwing caution to the wind, we can all look back when we are older and say I wish I had done that, but it's better to say I did that and have some great memories.

Good luck Thanks

HollowTalk · 21/01/2019 19:12

Do you rent at the moment? Do you have children? How secure are you in your relationship?

BeanTownNancy · 21/01/2019 19:13

My mum bought a holiday home in a place she loves to visit (in the UK) so she can always go for a short break, and me and my sibling are welcome to take our families there too. She only spent about £100k on it so has a bit left over to play with and went on a couple of long-haul holidays this year (like Disney World - heartbroken I couldn't go too!) Worst case, she can move and live at her holiday place as she owns it outright.

Racecardriver · 21/01/2019 19:14

As someone who has done the whole travel around the world thing it’s massively overrated. I would suggest thinking about what loving rent free would mean for you. Would you be able to retire early? Or move to the country? Or something else liberating? Or would it make little difference to your life? The alternative would be to invest so that you can retire earlier/better.

Original poster
Destinysdaughter · 21/01/2019 19:14

Thanks for all the lovely replies, it makes me realise I do have options. Re my employment, I've been a carer for my dad for the last few years so don't have great employment opportunities right now.

OP posts:
newnameforthis7 · 21/01/2019 19:14

@DestinysDaughter

Sorry for your loss sweetie. Flowers

I would sit tight and do nothing at the mo. Give you time to think things through.

Investing in property is always a good idea (good next egg, could retire a few years earlier!) But travelling the world is a great idea too.

My pal (at 48) inherited £225K two years ago from her aunt, and put £150K towards buying a little cottage outright (in Welshpool,) and kept the rest for travels and goodies like a car, a new wardrobe, a 6 week cruise that went through about 12-13 countries.

Could you do something like that? Put SOME towards a house and some towards fun and travels? Smile

Don't spend it all on travel. That my opinion. Smile

My pal's cottage in Welshpool is lovely and was cheap, and it's only 10 miles from Shrewsbury with really good travel links, and plenty of shops, jobs, and culture, and things to do/things to see.

Bluelady · 21/01/2019 19:15

I'm with @Ribbonsonabox too.

opinionatedfreak · 21/01/2019 19:15

I'm being pedantic -if you have inherited 200k all your parents money didn't go on care home fees!

I'm a "play safe" type. I'd buy a house either to live in or rent out as a in come stream and designate a small amount of cash as fun money.

Do you have an occupational pension? What is your retirement income likely to look like?

I'm sure you won't regret travelling but the outlook for the next generation of pensioners doesn't look nearly as rosy as for the current cohort (looking at you Dad.)

Original poster
Destinysdaughter · 21/01/2019 19:16

Also I don't have children so they are not a factor in my decision making...

OP posts:
PurpleTigerLove · 21/01/2019 19:17

Buy a house , use your wages to travel .

ISdads · 21/01/2019 19:17

Sorry for your loss

I'd recommend waiting a year. Those feelings subside and in a year, you will be clearer about what your priorities are.

Original poster
Destinysdaughter · 21/01/2019 19:20

My dad's work pension, plus his state pension and then my mum's pension basically paid for his care home fees. Also they were of the make do and mend generation and just didn't spend money. So their house needs so much work, the bathroom has an electric fire on the wall, polystyrene ceiling, no shower, house needs retiring etc..

OP posts:
PurpleTigerLove · 21/01/2019 19:21

And sorry for your loss !

Ted27 · 21/01/2019 19:26

I'm 53, in a different position as I have a house and children, but I do hate my job. When I was 40 I took a redundancy, nowhere near as much as you have but I did some home improvements, did a 5 month trip across Africa and used the rest to fund university for a year.

In your position I woud look at buying a small property, think about what you would like to do for work and invest some in training, and keep a chunk for really good holidays.
You don't need to see the world in one chunk, and once its done its done, I'd spread it out over several years.

SerenDippitty · 21/01/2019 19:28

Sorry for your loss. I agree with pps saying do nothing for now. You shouldn’t make any major decisions for six months to a year after a bereavement.

BusySnipingOnCallOfDuty · 21/01/2019 19:36

Id say buy a house. You can buy them in Yorkshire for peanuts.

Id look at where I've always wanted to go, find the cheapest way to do it, and go for it

You live once.

MidLifeCrisis2017 · 21/01/2019 19:41

I took a six month sabbatical from work aged 54, rented my house and travelled round Europe in a van with my dog. I'm the last person on earth anyone would have expected to do this but it was an amazing experience. It also led to a total reassessment of how I live my life.

Good luck, whatever you decide.

MidLifeCrisis2017 · 21/01/2019 19:41

I took a six month sabbatical from work aged 54, rented my house and travelled round Europe in a van with my dog. I'm the last person on earth anyone would have expected to do this but it was an amazing experience. It also led to a total reassessment of how I live my life.

Good luck, whatever you decide.