What would you do with 30-40k?

[ChiChaNaYubi]

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.

If you're financially secure and have a spare £30k+, then don't forget the purpose of life is to live it!

Go on an amazing holiday and see some of the world.
Put it towards helping someone less fortunate.
Donate some to charity.
Spend it on learning a new skill or a new hobby.
Donate some to your local primary school to buy some sports equipment or pay for someone to come in and do a workshop of some sort with the kids.

Travel!

Do you have a mortgage on the rental properties? If you do then pay the money off those.
Don’t donate to charity , it’s 40k . You’re not Rockefeller!

Please stop buying properties / Airbnbs to rent out.

Pension

I'd invest it, tbh. I wouldn't buy another property.

Pensions.

I love spending imaginary money.
I would pay off both our car loans, get new tiled floor in my kitchen, and I'd go on holiday and buy some new clothes

I'd stick 30k in premium bonds and then go on holiday with the rest.

It really comes down to what you value. If having the money invested to pass on to kids or do future house maintenance or buy your next car outright is important to you then see what the best returns for a short-mid term investment are and do that. If you feel prepared to take a gamble with it choose a higher risk stock investment of some kind. If you feel you are already comfortable with existing savings then splurge and buy something ridiculous that you couldn’t normally justify and really enjoy it. If we had it genuinely spare and were happy with savings then I’d use it to fund a 2 month sabbatical, take the kids somewhere for an amazing holiday for 4 weeks at end of the summer and have September with my husband doing some of the stuff we keep not getting round to as life is busy

Some great suggestions Thankyou. I will have w chat with husband later when he gets home.

Why?

We'd donate 10%
Have a great holiday
Save the rest

If you have property I would put it onto the stock market, mixed risk.

with £40k in your place I would-

• Use £20k to make extra contributions into pensions for a 20% uplift
• Give £5k to my local autism charity to benefit people with ASD
• £5k on a holiday
• £5k on a fabulous necklace
• £5k on kids savings

@ChiChaNaYubi I don't know ( obviously ) your financial situation , but if you already have one house & two BTL I would look carefully at buying another property just in case ( & I do not know ) whether you are over invested in property. I would check out other savings more readily accessible . I suppose it depends on where you live whether 30 - 40 k will generate an income in property.

People are absolutely desperate for rentals here atm. We’ve been very lucky to be able to house 2 families who were going to have to move hundreds of miles away and disrupt their lives. It’s quite a dire situation. We also want our kids to have a property each for when they are older. We live very close to a university so hoping that if they attend they can live rent free and focus on their studies.

Because you’re exacerbating the housing crisis. If you want to be a more ethical landlord, why not use some of the money upgrade the properties you already own. They will ultimately be more valuable with a higher EPC rating, you’re doing something for the climate crisis and your tenants will have cheaper bills.

£20K each into a stocks and shares ISA.

Happy to help you spend jt 😉😁

I would see what improvements could be made to existing properties (asking tenants what they like) [keeping the rent the same.

given you'd like your children to each have a property, buy another IF you're not covered there already.

so hard to say, not knowing anything about your life, your home, your income etc.

ME: I'd put it towards moving to a bigger house.

How many kids have you got? As you're already financially secure, I would make them my focus. I'm absolutely not financially secure and I worry so much about how they'll every afford their own homes. If you can get them sorted, I'd have an amazing holiday

Put it into a trust for your children. Sounds like you will be in the inheritance tax bracket - worth planning for that now!

Spend half on an amazing holiday and some lovely clothes. Put the rest into a pension.

Is there enough money to pay for a term at boarding school for the kids whilst you go on the holiday? 😂😂😂