To ask what you would do...

[Lilylauren98]

...with 20k?

My Grandfather has left me this in his will. I am so grateful - this was never something I thought would happen.

Everything we have we have worked for.

I am 21. Here is what I have done:
Left school at 17 & started working.
18 - bought my first car.
19 - offered on our first house.
20 - moved into first house.
21 - had to sell first car as spares (I commute via bike anyway.)

• renovating current house with a new bathroom & flooring throughout. Our plan was & still is, to make some money on it.

So... looking to sell our house at the end of summer/asap.

Hoping to make between 10-20k as got it ridiculously cheap & it will have had new fences, new boiler, new carpets, new bathroom, new tiling. So would have easily spent 10k on it.

So... we are hoping to move to a different area. Currently living in a small 2 bed terrace, which is fine as our first home.

So my thoughts were... providing we make enough money on our current house. To spend half or a quarter on a nice car for myself & the other half or 3 quarters going towards a new house, in a nicer location.

Thoughts? Cannot help but feel guilty to spend it on a car, but I would need one if we moved out of town.

Spend what you must on the car and invest the rest in stocks, preferably a low cost index fund that gives you broadly diversified holdings. This assumes you have an adequate emergency fund.

Don't hold most of your assets in once asset class like real estate. Diversify to reduce risk.

If you invest it in the new house, please make sure that you buy as 'tenants in common' not 'joint tenants'. This would reflect and protect your share.

I put in to long term investments, such as a World index fund within a ISA wrapper.

Have a read of the ebook about Millennial Finance available for free from here: meaningfulmoney.tv/season-13-millennial-finance/
Also listen to the podcast episodes.

If you buy another property I believe you may need to pay stamp duty.
You will also need to pay solicitors fees, survey, moving costs, emergency costs
Do you pay into an employer pension, where your employer adds free money ?

Pay off your mortgage