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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

What would you do with 30-40k?

99 replies

ChiChaNaYubi · 13/05/2023 10:10

We have this spare atm. No mortgage to pay.
We have a couple properties that we rent out so that provides a steady income plus we both work.
We were thinking of using it to buy a flat to rent out but having been thinking about if there are better opportunities.

Airbnb is one possibility but we know that is quite unstable.
A holiday let is something we don’t know much about, does anyone have any experience in this?

Just looking for some ideas to consider as we would like to do something with it to generate more income.

OP posts:
Butchyrestingface · 13/05/2023 10:14

Go on a ⭐⭐⭐⭐⭐ holiday?

rainraingoawaay · 13/05/2023 10:15

Is it totally totally spare? No chance you'd need it in the future? I'd whack it into a portfolio, high risk. If it's genuinely spare I'd take the high risk option, as the returns are often better and you're not relying on the money to fund anything. Possibly speak to your FA if you have one?

Luckynumbereight · 13/05/2023 10:18

I’d put it in a SIPS. The government will automatically add 20%, which is not a bad return on your investment.

Ponoka7 · 13/05/2023 10:18

A holiday let can be anywhere between a good income generator and a nightmare that you lose out on. I've had family rent out caravans and holiday flats.

Toomanylatenightprogs · 13/05/2023 10:22

Right now I’d buy the best motorhome I could find and drive off in that and not tell anyone where I’m going. Totally unreasonable as I’m old and they depreciate rapidly ☹️ so I’d have a holiday, pay for holiday for dc and family and put the rest into dgc Uni fund.

Butchyrestingface · 13/05/2023 10:38

Right now I’d buy the best motorhome I could find and drive off in that and not tell anyone where I’m going

I hear there's a motorhome looking for a new home in Central Scotland right now. It's (allegedly) only lightly used but has a bit of history to it so you may be able to get a cracking deal once it gets out of the pound. Grin

Original poster
ChiChaNaYubi · 13/05/2023 10:43

I think my husband would drop dead if I suggested a 30k holiday 🤣 I’d be totes up for it though!

OP posts:
Daffodil63 · 13/05/2023 10:46

Travel travel travel -see the wonders if the world

CheeseTouch · 13/05/2023 10:49

What do you need? Is it security? Experiences before you die? Could you invest in something in line with your values? Or split the money and do different things with it?

Original poster
ChiChaNaYubi · 13/05/2023 10:49

Daffodil63 · 13/05/2023 10:46

Travel travel travel -see the wonders if the world

I would! But we have young kids, 1 in school…

OP posts:
kingtamponthefurred · 13/05/2023 11:03

Save half and spend the rest on travel.

Garethkeenansstapler · 13/05/2023 11:04

Charity - 40k lying about that you don’t need, I mean when else would you be able to do something for a good cause?
Then I would go on a couple of really great holidays and do things I had been putting off like dental work, boring stuff around the house, new car.

CheeseTouch · 13/05/2023 11:05

How about more rooftop solar, heat pumps or other energy saving measures on your properties? Boring but the payback times are plummeting, it makes you and your tenants more energy secure.

iamtheblcksheep · 13/05/2023 11:06

Off plan brown field land and sit on it while the uplift runs out.

if no uplift start the process of getting planning and sell on once achieved.

adviceneeded1990 · 13/05/2023 11:07

Wait for summer hols and book a round world cruise! You get decent ones for £15k!

alphabetti · 13/05/2023 11:08

I would build a kitchen extension, take us on a nice holiday and prob put the rest into savings for the children’s future. Would prob donate even £1k to a local charity as would make a big difference to them too. If I wasn’t poor I’d prob donate a larger % tho if was totally spare.

Rainbowqueeen · 13/05/2023 11:14

Do you have a high interest savings account with 6 months expenses in it?

If yes then top up your pension to max allowed this year

If already done then invest in shares (managed fund - vanguard or similar) or solar.

AllIwantforChristmas22 · 13/05/2023 11:14

Some fabulous suggestions here. You want an investment but you are already financially very secure. Why don’t you do a mix between fun, frivolous and then investments.

i would split between a holiday, local charity (decide as a family), some self care (therapist, dental work, PT, beauty treatments etc) and home improvement.

AllIwantforChristmas22 · 13/05/2023 11:15

Oh and one amazing high end handbag of course (which is also an investment!)

BrimFullOfAsher · 13/05/2023 11:18

Maybe speak to your tenants?

See if there is anything that they need or would like doing to their homes?

Kkkk2223334 · 13/05/2023 11:58

Buy a new car and get plastic surgery.

honeybeetheoneandonly · 13/05/2023 12:11

It depends what other provisions you've already made of course, but I would probably earmark it for the kids.

ConsuelaHammock · 13/05/2023 12:25

Don’t buy a second property atm unless you can do it without a mortgage. Open an ISA each and put the money away and forget about it . £20k will make you £800 in a year atm. That’s £1600 profit ina year if you open one each. I’d wait to see what’s happening with interest rates before getting another mortgage . If you do decide to buy another property in the future you’ll have a huge deposit waiting .

ConsuelaHammock · 13/05/2023 12:27

Luckynumbereight · 13/05/2023 10:18

I’d put it in a SIPS. The government will automatically add 20%, which is not a bad return on your investment.

Or this . For goodness sake do not spend it on a car or holiday as some posters have suggested . You are financially secure . Time to work on making sure your children will be financially secure too.

ConsuelaHammock · 13/05/2023 12:29

Remember’ you can only spend it once ‘

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