Oh Christ I'm unexpectedly wealthy

[awesomekillick]

Not a stealth boast but a cry for help.

I'm a normal middle class person. I'm approaching 60, been retired 5 years.

Fuck knows how but my business has grown beyond what I ever anticipated. Like into what to me is stupid money. I'm talking millions.

What the fuck do I do?

I'm no wheeler-dealer. Never bought a stock or a share in my life. I buy clothes off eBay and material things don't make me happy but dopamine does ! (ADHD) so maybe stock market might be exciting for a while.

Do i set up a charity? Buy shit I dont want or need? My lovely adult kids don't want money. My financial advisor keeps telling me "pension", but honestly my business is my pension and it keeps growing.

Do I go round handing out cash?

I'm a normal m/c intellectual who never ever set out or expected to be, wealthy.

Please seek financial advice for income and inheritance tax planning it will help give you focus

Goodness me what a problem to have sorry OP cant help but i would give anything to be in your position!

Donate some, leave rest to children and grandchild. They may not want it now, but anything can happen to change people's circumstances and they may need it in the future.
It would help any grandkids with uni fees, deposits on their first properties etc

Surely your accountant has made some suggestions and recommended a financial advisor?

Sort out security in terms of house, pension, healthcare - try and get sustainable energy if possible ( solar/ wind if you have land).
Next sort out kids/Family/ close friends with something they need- thinking more renovation/ debt paid/ study etc
Then look to see if there's anything you are interested in doing/ charity you can get involved in. Don't rush to spend it all at once but enjoy the security it brings. Good luck op.

I've often wondered what I would do in that position and would love to anonymously help out local charities. I also would browse go fund me etc and just donate to people randomly!

Do what Mary Beard did and sponsor some students from disadvantaged backgrounds through university?

Love the idea of sponsoring education.

Also look into sponsoring grass root sports and individuals getting the chance to attend extra curricula activities their families can't afford.

I'm thinking about Marcus Rashford and how he laid forward the opportunities he was afforded from football and this could be the gist that keeps giving.

Always thought in that situation I would support community, grass roots football
Anyway, for those of us who would like to work at developing alight earning business, please tell us what your business does. Thanks

Nice amount for your (future) grandchildren. It's not going to be easy for the next generations. Amazing to think that you'd be able to ensure they'll be able to have a home of their own one day thanks to you. Also their education? (Not saying private school, but maybe Uni / college)

Congratulations OP. You must have worked really hard.

I'd come up with some % splits between;
-retirement planning (pensions)
-other investments (not in individual stocks though, but risky)
-giving
-fun money

Something like 20%, 20%, 30%, 30%...

And research charities and causes carefully and be generous where possible - large tips at restaurants etc.

A fool and his money ...etc.

I would get involved in a charity that does things you are interested in?

Are you a normal middle class person who went to University for free? If so, sponsor some students through Uni.
Are you a normal middle class person who learned a musical instrument for free at school? If so, donate some money to local primaries or music groups.
Are you a normal middle class person who enjoyed weekly trips to the local library? If so, donate some money to your local one.
Are you a normal middle class person who never had a mental health problem? If so, donate some money to MIND or similar.
Are you a normal middle class person who married a nice man who was supportive and/or didn't die whilst you/your children were young? If so, donate some money to Women's Refuge, WAY or similar charities.
There are so many ways and times that I bet your normal middle class life could have veered off course through no fault of your own and a huge number of people who have suffered from one of those events and could really benefit from your generosity.

I was in this situation 5 years ago - sold a company and received about £4m.
It took me a while to get my head round it, but I had some excellent advice from others in the situation.
Very few people know about my financial situation - a friend and a relative, basically, plus my financial advisor.
I bought a house mortgage-free and the majority of my money is invested. I take up to a 4% return each year.
I now work for a charity part time in a senior role. It’s not well paid, and I use my income to ‘pay’ myself enough to top it up to a monthly income similar to my social circle. (I top myself up to the equivalent to a £45,000 salary.) This means that I’m having the same lifestyle as my friends and family, which is more important to me than spending a lot of money but being alone.
I aim to donate £50,000 per year, across 7 charities. I selected 7 themes that matter to me (eg mental health, early years education, dementia etc) and selected a charity in each theme to support with monthly donations. I check in on each charity annually and see whether I am happy to continue to support them.
Giving money to individuals, including friends, is problematic, I’ve found. You have to give with them full understanding that they may not use the money in the way you think is sensible, or may use it in ways you think are actively harmful. You can find yourself tapped for money on a recurring basis, and people can phrase it in terms of asking for loans when realistically it needs to be a gift. I would be very cautious about giving money direct to individuals.
I’ve had a couple of recent successes with Kickstarter, funding people I know of (but don’t have close relationships with) to do specific projects that I know they have the skills to achieve. Again, though, that’s money where I accept that it may go tits up and the money wasted.
But most crucial of all is having a good financial advisor and a good relationship with them. Best of luck!

I agree with future proofing and setting up grandchildren. The future is uncertain. But also I agree having great terms and conditions for employees would make a real difference.

Invest some money for future/current grandkids

Help some local charities who due to Covid I'm sure would appreciate some regular donations

So much good you could do. I'm envious not of your money per se but the joy you can bring others. I'd love to be able to spread some joy to others.

Congratulations op.
If I was in your position:
I’d secure enough for a comfortable retirement;
Do any home improvements that needed doing;
Make sure my children had enough to give them a good start in life;

Then I would use the rest to do some good, like I’d donate cold cots to hospitals so that bereaved parents can spend precious time with their deceased babies.

Although I have never met you, I can feel through the Internet that our spirits are interconnected.

Marry me. I will keep house and run whatever investments you choose with skill and efficiency. I'm told I have a nice smile, glossy hair and quite toned thighs from dance class.

Also, my youth will keep you young, till you cark it and leave much of it to me. It's a win win! 💫

I say this as a mum of a dc adhd.. Do nothing you haven't had time to think through.

Covid had taught us businesses can fail through no control of our own so do ensure you have a quality of life for as long as you are around. Money to be able to pay for care if needed

Also bucket list what woukd you like to do.

Oh Christ. How dreadful for you. We're fucking struggling, but poor you with your millions that neither you nor your kids want.

Same. It's a bit insensitive when so many have lost jobs recently and struggle every day.

Unbelievably selfish attitude. A woman who created and worked on a business that became unexpectedly very successful should not ask for help with what to do because you didn't create and build a successful company?
Misery does love company.

.

@ArosGartref

Do you employ people? You could improve their terms and conditions.

Absolutely this. Great idea. Give them shares? Or pay rises.