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.

Nice problem to have OP! I would be stumped with what to do too and would definitely want some professional advice!

Off the top of my head though, I'd ensure the kids had enough for uni and getting started in life, I'd look after my mum, and I'd buy/pay off a house, whilst ensuring I had enough for retirement. Also, if I had staff, they'd have really good wages, mat pay and perks!

Then if I had money left over, I would see about investing as a charitable trust kinda thing, so I could generate more money for charities who work with children in the community - youth clubs, trauma counselling, support, educational opportunities, etc. Oh, and I'd donate a massive wedge to the hospital ward I spent a year in while I was getting cancer treatment.

Sorry I realise I'm no help! This is just one of my fave fantasies I think about when walking the dog 😂

@Ostara212

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! 💫

Hmm. You sound strangely ... could it be... desirable?

Nah.

I mean if you're looking to share wouldn't mind a new secondhand car

But in all honesty, just enjoy it. You've clearly worked hard and put alot into your business otherwise it wouldn't be making millions.

If I was in your position and its something I said I would always do is, make sure my dc are financially stable and that I was mortgage free.
Then buy up a run down block off flats and rent them out at a low rate to struggling parents. I'd let them decorate and have a home they can be proud of.
I'd also set up a charity making donations to people who needed help at their lowest, for things such as car/home repairs, clothes for their dc.

There is so much you could do now or you could leave it all to a cat sanctuary it's up to you.

Honestly we alway said our dream if we won the lottery or had money like that would be to help charities and such.

Right now we are fundraising for our son an autism assistance dog and we have seen the other side and the struggle of raising many especially on the back of covid with some many events closed and we have seen so many children who are fundraising for assistance aids, treatments, therapy and such

There are some wonderful charities out there like The Bradley Lowery Foundation and The Family Fund, and I would trawl just giving or go fund me and change peoples lives as it can all be done anonymously

Invest some and change some lives! That would be amazing!

Good for you, that’s wonderful. I was going to say financial advisor but see you already have one, do they not have any other suggestions?

I would put some money in trust for my children whether they wanted it or not, or start a private pension for them to ease their financial burden in the future. Do you have grandchildren? I would set up something for them such as a pot for university fees, a pot for a house/house deposit.

As for a charity is there a particular interest or passion you have? If not I would probably stick to supporting a charity close to my heart rather than set up a new one. I overheard an advisor in a cafe talking to a couple once who were looking to set up a charity and that’s what she said .

Where I live there have been some wonderful local community groups doing wonderful work for people in need during the pandemic, I would support them alongside larger charities.

Can't you just enjoy it? Travel? Buy art? be a patron for young artists?
Create a beautiful garden? Restore a house? Donate to a museum? Ring-fence some for grand-children and descendants who might not have your business acumen?
Are you sure your children really don't want it? I bet you could twist their arms! There's a difference between saying, 'No, Mum, we're fine, it's yours,' and turning it down if it's going begging!

Op make sure you are financially secure, pension etc. Including potential nursing fees should you require care in later life.
If your kids are fine. What about Grandkids?

It's all well and good saying give to charity, but your own need to come first.

But if you really feel the need to put back into society, you could give something you have, which is more valuable than money.

Your time, ADHD of a generation who wouldn't really have been diagnosed with it. You must have skills in how to manage, and how to make your brain work for you. Find a way to get your knowledge and experience to young people just starting out who've been diagnosed in school, college or uni.

Dragons den?

I sold my business for a huge amount of money 3 years ago

I took advice on investments, planning etc

It's not rocket science - just take advice

Rescue some horses.

Are you sure your children really don't want it? I bet you could twist their arms! There's a difference between saying, 'No, Mum, we're fine, it's yours,' and turning it down if it's going begging!

There's that too, I know someone who was paid handsomely by their parents for every lb they lost. Nothing like encouraging your 30 something kids to become healthier

Get another financial advisor - one that you click with and importantly - one you LISTEN TO! Put at least some money in your pension if they advise it.

congrats

Do something kind with it op. You can't take it with you. If I was in that position I'd just want to feel peaceful and content knowing my kids and grandkids wouldn't need to worry so maybe plan for them. I couldn't even imagine that relief. Then think about what you could change for the better for employees, your community or even abroad

1. Look after yourself
2. Look after your family. They might not want it now but you could ring fence some for gc uni or house deposits.
3. Look after your business. Offer good t&c to employees. Training and development. Good maternity/paternity package.
4. Pick a cause or a small number of causes to support. I heard on the guilty feminist that organisations headed by women get less funding than those headed by men and those headed by black women get even less.

@Fishandhips

A cry for help LOL

If this is true, I'm sure if you are smart enough to set up a successful business you can figure out how to spend millions.

No no I'm not claiming to b clever or hardworking ffs. Im just lucky. It's a nightmare when you have no context or experience or blue print for wealth. I'm not showing off. It's a real problem. I don't know what is the best thing to do with my good fortune. The moral thing to do. Employees are paid well. Treated well. They work hard stay forever and I bloody love them.

I wish this was me 😩
I'd be happy with anything what a lovely problem to have

Can't believe people are buying this to be honest. It's making me cringe.

This is what you pay an accountant and financial advisor for

@awesomekillick

What industry is your business in?

@madroid

Buy a house or two (good investment) and rent it to a family with disabilities (adapt it) or a single parent. Set the rent low. Accept that you may not get the full rent every month.

Yes I have thought of BTL for NHS workers - charging nominal rent - but I'm still benefitting from the "btl" income and increase in this property value. So just give a couple of people free accommodation? Is that fair and reasonable ?

Lovely to hear, congrats 👏