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AIBU?

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Original poster

250k inheritance to spend but on what??

349 replies

TheMuminator2 · 05/03/2019 16:53

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

OP posts:
Holyshitbags · 06/03/2019 17:30

I’d pay off my mortgage, buy a hybrid or electric car, do some home improvements and then buy a Motorhome.
I’d maybe have £40k left - do scratch that I’d be tempted to pay half my mortgage on that case and then buy a cheap house and rent it - (I live up north)

smilingontheinside · 06/03/2019 17:34

I Struggled to pay school fees then uni so would definitely retire but first would divorcer oh

Nessy1977 · 06/03/2019 17:34

I'd do the work on our house that is desperately needed (goodbye turquoise bathroom suite) and pay off the mortgage. Then I'd spend a week on the Queen Mary from Southampton to New York, thinking about what to do with the rest of it. A few days in New York to finalise my ideas, and a flight home to list it all up. But probably a new car to replace our 12 year old estate, and maybe a second car for dh because he's always wanted to have one of his own rather than sharing the family car with me. And a bit into a pension, the rest invested to help dc with university and house deposits.

Banana2621 · 06/03/2019 17:37

Hi,
Just had to add a message on here as the information you are getting is brilliant. You have had frivolous ideas, slightly grumpy responses (I disagreed with it), but ultimately loads of different ideas.
The one thing I might say is depending how old you are perhaps look at not completely paying the mortgage off and keeping a small manageable one. Purely for the fact that if for any reason you need/want to add to the mortgage it will be easier than trying to get a new one. Just a thought anyway.

Also - I'll probably get bashed for this - but charity starts at home. If you wish to give perhaps find a smaller local charity to donate too rather than the larger ones. But only after you have exhausted all your options to make life easier for you.

TurtleyAwesome · 06/03/2019 17:38

Charity

Alaimo · 06/03/2019 17:43

My DH received a similar inheritance. We were renting, so it was an easy decision. Bought a place outright for 200k. He saved the remaining 50k to put towards a pension. I would have chosen to spend 5k on a holiday, but ultimately it was his inheritance so his choice.

Tiredand · 06/03/2019 17:43

Invest. It's sounds like a lot of money but it's not. Only caveat would be paying off mortgage and debts first. If you need a bigger house then put some towards that but don't be stupid with it, bigger houses and bigger cars mean bigger bills.

I'd talk to a number of financial advisors and for that kind of money I mean good ones. They aren't cheap but St.James Place people are experienced with that level of investment and will explain your options. Talk to the people you think are best with money and ask them for recommendations for financial advisors and talk to at least 3 to get mix of options you can choose from on how to invest it.

PolarBearkshire · 06/03/2019 17:44

Pay all debts if have any including mortgage
Sitting on money is probably the worst “investment”.
Do something decent to remember that person who left you the cash
Alternatively I can give you my bank account number lol 🤣🤣🤣

jwpetal · 06/03/2019 17:44

Definitely go to a financial adviser. But to be frivolous, pull kids out of school and travel the world for a year.

Cersei1 · 06/03/2019 17:44

Invest in property. The rental income will be taxable but you’ll potentially have a nice little monthly income and still have assets that you may be able to sell for a profit.

Lovemusic33 · 06/03/2019 17:46

Why’s it always people that “have nothing to spend money on” that get left money? 🤣

If I was given money it would go on a house, a holiday and a car, all things that I can’t afford to buy at the moment.

If you already have a nice house then I would invest in buying several smaller properties and renting them out rather then just leaving the money in the bank, that way your making money off your money.

Intohellbutstayingstrong · 06/03/2019 17:47

Invest. It's sounds like a lot of money but it's not

Are you fucking kidding me Hmm
I am sure those people who have a tenner to buy a weeks worth of food for their kids will delight at seeing this comment

ILiveInAPineappleCoveredInSnow · 06/03/2019 17:48

Pay your mortgage off. We paid ours off in November 2017 with a cash lump sum we got; it’s made a massive difference!!!

Lexilooo · 06/03/2019 17:49

If it was me, buy a house outright and mortgage free.

I would rent out our current place to improve our income and lifestyle. Might save a bit for renovations and/or holidays. It would depend on the houses available.

I wouldn't want to have much sitting in a savings account in the present climate...

Galena · 06/03/2019 17:49

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Boysey45 · 06/03/2019 17:50

Its not that much really.
I'd give nothing to charity, you don't want to give them money then find yourself skint in a few years time. I would also not mention it to friends or family, its yours to do what you want with.
I'd pay off the mortgage first then have think about what I wanted to do with the rest.

RomanyQueen1 · 06/03/2019 17:52

You'd get 4 houses up her that would give you an income of £1,800 - 2k pm

BlackForestCake · 06/03/2019 17:52

Go to the casino and put the whole of it on red.

Lweji · 06/03/2019 17:53

Apart from mortgage and any other debt, yes, spend it all and then complain that you don't have enough cash in the bank to fix the roof or send the children to university (you're going to say you're in Scotland now), etc

bobstersmum · 06/03/2019 18:01

You have a mortgage and debts but you'd give it to charity? Are you a Saint?

Cinnamonhazelnut · 06/03/2019 18:03

Pay off mortgage.
Just keep the rest as float... maybe a nice holiday etc... but 250K isn't the massive sum of money it once was. It cant set you up for life, it's just a nice little security blanket to fall back on.

tryingtobeamum8 · 06/03/2019 18:06

Pay off any debt, invest in something meaningful (property/school fees) and then definitely treat yourself on something you wouldn't have been able to afford before!

Froglette16 · 06/03/2019 18:10

Have a bit of fun but limit it. Perhaps invest in a rental property? If you decide to invest in stocks and shares never put it all in one basket. And don’t be too frivolous. One day you’ll look back and think oh, the cars have depreciated, the stocks went low over Brexit, I wish I’d invested in something REAL. Good luck. I think we all wish we had your problem right now! 👍👍👍

dorisdog · 06/03/2019 18:20

A cute animal sanctuary? Can't believe you need to ask. And congratulations :-) must be exciting.

Dillydallyalltheway · 06/03/2019 18:25

Dear Themuminator2

Let me introduce myself, I’m Dillydallyaltheway. Today is your lucky day I am raising money for a save the dillydallyalltheway —holiday— help the unicorns fund. Please let me know when you are ready to send £200k and I will let you have my details.

But seriously, I’m really pleased for you and you should definitely treat yourself. Flowers