What should / could I do with £75,000?

[Illputtheminapie]

I'm very lucky to have come into this money, and I just cannot think what to do with it for the best.
I'd be glad of any perspectives please.

I guess we could pay it off our mortgage, very sensible.

We could stash it for a rainy day (although our income is good so we don't feel particularly exposed) or I guess save it for our kids to be deposits on their first homes or something like that

We could save it for a deposit for a holiday cottage somewhere one day

We could try to have a go at flipping a property (I realise it's not enough on its own to do that)

We could start up a business of some sort, but frankly I don't have any burning ideas that I think I could make a success of!

We could have a go at investing it somehow to make more, but we have zero experience in this.

What do you all think? And are there any options have I not considered in your opinion?

When we (sadly) inherited enough money to pay off our mortgage just after we'd bought our house, we were advised that, although (when you have no money) you think this is what you'd do, when you actually do have money, it isn't always the best option, in terms of "what you want out of life".
We were advised that if you pay off your mortgage, you will soon adjust your monthly / annual spending to the new amount you have available to you and that you will be quite unusual if you ever save up that amount again. Which sort of makes sense - when you have a pay rise, you soon adjust to having the extra money each month and spend a bit more freely.

All this depends on lots of things, but I think it is easy to rule out a couple of things - like starting up your own business if it has never been your dream. Why would you ? It is hard work.

'Flipping a house' again - hard going if you don't have the skills , experience and drive to make it your business.

Holiday cottage : Lot of expense - you'd be adding to your bills each month and creating a lot of work, when this could make your life easier.

We're all different in what we like.
Depends on things like your ages, your dcs ages, your job security, how much you enjoy your jobs.

I'd invest it for a while whilst you think about

I would pay off the mortgage, its very liberating and nice to know you own outright.

Only other option I can think of is put more in pensions as you get tax back if you don't need money until then though depends on circumstances.

Can you keep it in savings and move to an offset mortgage? Means your reduce/stop paying interest on the mortgage and still have the funds available for anything that comes along - new car, boiler etc.

It may not be the best return, but we decided we wanted to keep that flexibility so that if we ever need the savings, we wouldn't need to go through the hassle of remortgaging.

Otherwise, I'd say top up your pension and forget about the money for now and then enjoy all the compound interest in retirement. But that assumes you won't ever need the cash...

You're better off using the money to make more money than paying off debt that is on a historically low interest rate.

Maybe split it down, £10k each in account for kids (they get better interest rates) £20k off mortgage, £10k in holiday fund , maybe £5k fun money and £20k into investment or pension.

We inherited a lesser but similar amount IYSWIM and DH researched good investment funds with our bank and we've put it across 10 different funds that are all very different. In less than a year it made enough for a fancy new patio and it's now delivering a great return each month. We don't plan on using it but it's lovely to know it's just sitting there and growing significantly quicker than our mortgage.

Will use a chunk to secure best deal when we remortgage and then keep the rest for DC.

We're also overpaying on the mortgage knowing we've got the cushion if we need it ie if we lose an income.

Thank you for all these ideas, I'm going to sit and go through them properly with DH later. Really helpful thanks!