250k inheritance to spend but on what??

[TheMuminator2]

Came out of the blue from a relative we hadn't seen since we were young. Am tempted not to spend a penny and just invest

I agree with the posters saying to put money aside for your children's education. This will enable them to start off adult life without loans and therefore the inheritance provides a better quality of life for them as well.

Buy a house (the best you can buy for £250k) and rent it out. Extra income every month and you'll still have all that investment in the house which will go up in value.

Diamonds, pearls and gold

Or premium bonds

Or a holiday home, somewhere you love

Our spare ,oney has gone on private school fees from age 4 and ensuring they graduated without student lans and then help with housing but pay off part or all of your own mortgage in full first.

Pay off all debts.
Speak to a independent financial adviser about investing for future income.
Hold something back and buy at least one frivolous thing each.

Buy flat - rent out - have income Incase of illness

i'd pay off the mortgage, buy a tasteful GIANT FUCKOFF diamond ring, get dh a fancypants watch and a lovely camper van/dayvan

and a whole puddle of puppies.

Pay your mortgage.

If your relative wanted it to go to charity they would have gifted it to charity.

Pay the mortgage, and if there is some left aside for a treat or holiday go for it.

There is nothing wrong with using this windfall to ensure the security of your family in the longer term- none of us knows what will happen.

Now if I had inherited 250k I would pay off our mortgage (about half) then I'd save half the remainder and then travel with the rest.

... happy dreams.....

I paid off the small amount remaining on the mortgage, invested the rest and will (hopefully) now be retiring comfortably at 55 in 8 years. So more long term gain. First thing I did though- get a financial advisor.

I have a financial advisor, pretty much just for pension (£100k), we had a meeting, nothing has changed, just a change of address: £800 for the meeting :(

Go easy on charity, it' very sweet of you, but once the money has gone, you may regret giving £20K to sad cats

Pay off your mortgage and any other debts. Buy a property that you can let out but keep enough money aside for paying costs to maintain it. Rental income will be more than any interest you’d get from savings or investments and if you buy in a good location (near a station and a decent town centre) the property will go up in value over the long term.

I wouldn’t donate anything substantial to charity because that money is intended for your future. Don’t bother with a financial advisor because they will charge you and are more likely to suggest risky products. Buy yourself and your children something frivolous to enjoy that you would never have been able to afford. (Mine would be a fancy musical instrument which would also keep its value if I wanted to sell it)

@nick I am giving you 800 for a start shocking will tell kids to become financial advisors

I would use the full amount and buy an investment flat for my DC. Once they are old enough & sensible enough I would transfer the deeds to them. It's so hard for young people to get on the housing ladder and you may not want them bunking up with you forever! And it's a good time to buy.

Invest...maybe max out your ISA’s...some now before 5 April, and more after 5 April into next financila year. (ISA’s being tax free, pensions you still have to pay tax when you withdraw)

Have a designated Holiday Fund as well, so that you can take numerous holidays every year (if invested the amount will grow to fund some holidays too)

Invest for your future, but also become the Managing Director of your own life - do things to make it even better now 😊

Put some aside or in a trust for the kids to as a mortgage deposit.
Pay your mortgage off.
Buy a flat and rent out.
And don't forget a lovely family holiday.

Pay of your Morgage depending on the age of your kids awesome amazing Disneyland trip?
I would put an outdoor room/ caravan in the garden for dd so she could have her own "house". And the lego Disneyland castle. Pay of debt and relax knowing I have a bit of a nest egg.
Make sure you do at least on ridiculously frivolous thing (see above, Lego)

I'd buy a donkey sanctuary and a cat rescue place. I'd rescue all the unwanted donkeys and cats.

People also need to think carefully when they say “DH/I can give up work” or “we can go part time”.

There are implications in doing this, £250k when a bulk of that has already gone on a big mortgage pay off doesn’t leave a huge amount left to live off for the rest of your life.

I am in a similar position to you, OP. Have paid mortgage off. That is fantastic and we are very lucky but god, life is expensive these days and while it’s great knowing we Have a roof over our heads (and savings in case that roof needs replacing), DH and I are both still working full time, in our mid 40s. I would never give up work at this stage, it’s far too early, you don’t know what could happen. I DO want the option to retire at 55 though, and this is quite likely if I keep working now.

Also the urge to switch to part time working - it’s something I would have considered when my kids were younger and more dependent, but you have to remember that pension contributions will also go down if you only work part time.

If I were you I would pay off your mortgage, replace any knackered out cars, use up your ISA allowance then put some aside in various savings accounts (research this) and WAIT. See how your outgoings change after you have paid your mortgage off. Unless your mortgage was a massive each month you may find that you don’t feel hugely better off at the end of the month, just more “comfortable” and less stressed, with more available to put towards weekends away or whatever, or more meals out a month than you had before. Kids seem to cost much more as they get older, school trips and uni costs loom.

Wait, watch, research and then make your decisions about work or frivolous spending

God, you could go absolutely nuts in Tiger with that.

I would buy a tiny, dreamy Paris studio flat (nb. please don't spoil my dream by telling me I need to inherit twice as much) & fuck off to eat pain au chocolat every weekend while staring at my beautiful antique parquet flooring.

In reality: make myself mortgage-free or buy biggest house I could afford to run & zhoozh up the bathroom & kitchen. Keep the rest in savings for a rainy day in Paris.

Education, horses.and holidays.

The most beneficial spending you ever make is on education followed by healthcare and then investments to see you through old age.

In your position I’d do mortgage and putting some money into junior ISAs for your children. I’d also be looking to invest in your future.

As a few other posters have said, if the deceased had wanted the money to go to charity, they’d have put that in the will. Don’t feel like you have to give anything away. If it would make you happy then do it but this might be the best opportunity you get to put you and your children on a a path to financial security.

where is tiger?

For goodness sake,get a financial advisor,might be a better idea than asking random strangers on the internet.

Showing off at its worst,not a nice character trait to have.