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Original poster

Oh Christ I'm unexpectedly wealthy

211 replies

awesomekillick · 22/05/2021 20:59

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.

OP posts:
Starface · 22/05/2021 21:54

So your FA is saying pension because it's a good, tax and inheritance tax efficient way of getting money out of your business. For yourself and your children, yes do that. You then invest within the pension wrapper. And then your portfolio of assets is diversified as mentioned above. If he is suggesting this, then you haven't hit lifetime allowance. You deserve this security, definitely do it.

Then figure out what you want to do with the rest. It is fun to be a force for good in the world. And you can have some fun too, although I find I don't actually want much, like you. Enjoy it!

Original poster
awesomekillick · 22/05/2021 21:54

@FurrySlipperBoots

I really can't get my head around someone not knowing what to do with all their excess money. Surely before you were rich you played the 'If I won the lottery I would...' game, so just do with it what you always would have liked to.
No. In my MC childhood and at my age, lottery wins were simply not a subject. Sorry I know this sounds twattish. I've never bought a lottery ticket
OP posts:
PurpleRainDancer · 22/05/2021 21:54

Buy property for children and any grandchildren, set funds aside for them.
Sponsor a kid through Uni.
Look after yourself financially.
Donate locally to animal rescue.
But the house of your dreams.
Ensure your employees earn good wages.
See the world.
Enjoy your life.

Doubletrouble99 · 22/05/2021 21:55

if it were me and I had excess money as you suggest I'd maybe look into what is missing in my local community or are certain sectors of the community struggling for want of a specific facility? In our local village for instance we have just converted a derelict building into a community centre with loads of different facilities like a men's shed, a bike recycling workshop and a community pub, the last one in the village closed 10 years ago. This is going to make such a difference to the quality of life of us all and we hope will revitalise the whole area. There will be cycle routes and marked walks and lots for visitors to do as well as locals bringing much needed business into the area and keeping the community sustainable. So many things can be done for the long term for others, do think about how you can help.

RaiseTheBeastie · 22/05/2021 21:56

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Marshy86 · 22/05/2021 21:56

Do what your financial advisor has said and invest in your pension, as good as business is you don't know what's round the corner so invest in your future, get private medical care and maybe look at investing money further into something like rental properties or holiday let's. create a bucket list and enjoy

Penny31 · 22/05/2021 21:56

Wow op. Well done you. My dream would be to have a successful business but I wouldn’t know where to start so I totally admire you.

To have that financial security would improve my health and well bring no end. My Dh has been made redundant 3 times in as many years and this time it looks like we will have to sell our cars and house and it’s heartbreaking.

To not have to answer to anyone or rely on someone else for a livelihood must be freeing.

Seek financial advice, think long and hard what makes you happy and do it. Invest in art, travel, animals, property? You don’t have to do anything of course. As long as the money is safe and excite just enjoy a financially stress free life!

Diwoo · 22/05/2021 21:59

I've always envisioned opening a mini-market, building up to a chain, with the aim of having great value for the customers and great contracts and conditions for the staff and very little profit, which would just be for a rainy day, not for any income for me. I'd also like to buy/build homes for the staff so they didn't have to save for a deposit, only pay cost price, and no interest mortgage on it, (for as long as they still worked for me).

HelenHywater · 22/05/2021 22:00

Congratulations OP! If it was me, I'd buy a lovely house and make sure my retirement was luxurious and comfortable first and foremost. Maybe preparing for a long decline with alzheimers or something.

I'd then make sure my children were well set up for their futures.

Then I'd donate to charities. Maybe set up a Foundation (I don't know how many millions you have!). I probably wouldn't set up my own charity but I'd donate to causes close to my heart. I think your money would help more far people if you did this than tried to do any of the other stuff suggested on this thread. I work for a medium sized charity and this is what I'd do if I came into millions.

And I'd go on fantastic holidays. Buy ridiculous clothes and have a fab time.

Iggly · 22/05/2021 22:02

I’m intrigued to know what you do OP!

can you use the chance to travel, see the world if you haven’t already? Invest some money for your family even if they don’t need it now.

You could donate to local charities or set up a grant giving sideline but that would need the admin etc.

Serenschintte · 22/05/2021 22:03

Take your time. There is no rush. For sure your financial advisor is right. If it were me I would: take my family on a beautiful and amazing holiday. Set up some kind of charity/foundation/make regular donations. Congratulations!!

Original poster
awesomekillick · 22/05/2021 22:04

@RaiseTheBeastie

Message deleted by MNHQ. Here's a link to our Talk Guidelines.
That's about it, yes. My company is about 30 years old. Used to pootle along nicely, that sense of "nice money but within the realms of normality". Then I retired, brought in a hugely experienced MD, and he has elevated or to the next level. So yes I do find myself what in my world is obscenely wealthy and the have no fucking idea how to use my good fortune well.
OP posts:
bluebell34567 · 22/05/2021 22:04

congratulations op. can i ask what job do you do?

TheABC · 22/05/2021 22:04

Congratulations, OP!

As others have said on here; secure your future, help out (or plan to help out through a trust fund or similar) your grandchildren/other relatives. Money towards educational goals or a house deposit will really make a difference to them, at the time they need it.

Then...be the change in the world you want to see. Cheesy, I know, but there's no better pleasure hit to see a positive difference and think "I did that". Could be growing a new forest, building a refuge or sponsoring a thousand micro loans on Kiva.

What do you want to see happen?

littlepattilou · 22/05/2021 22:05

This reply has been deleted

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littlepattilou · 22/05/2021 22:07

Damn, bet my post at 22.05 is deleted now, as I quoted a deleted post! ^ Confused

clopper · 22/05/2021 22:09

Well done OP. Do you have any grandchildren you could sponsor through university? There are some really great ideas on here about how to spend your excess money. I think I would set up some sort of bursary through a local university to encourage and sponsor pupils less advantaged to enter higher education, maybe through nursing or becoming a paramedic or something like that if you are drawn to that type of area. What a fortunate place to be in to be able to think of ways to help others. Also what lovely children you have that don’t ask or expect to share that money. You must have done a great job raising them.

Original poster
awesomekillick · 22/05/2021 22:10

I'm so sad that I can't even plan travel ideas cos I couldn't leave my cats :( how pitiful. Id love an around the world cruise but my poor cats can't be left for more than a few hours a day.

I like the idea of a charitable fund and I'll talk to my FA about that.

I also like the idea of supporting students. But my passion is young women who find themselves making bad, life changing decisions. I'd like to set up a refuge for young women fleeing home-based violence

OP posts:
Chimchar · 22/05/2021 22:12

Congratulations to you @awesomekillick .

If I had loads of money I would like to help out smaller local charities or individuals who might not ordinarily be able to access financial support.

I'd stick with something close to my heart, but I'm a softie.

I wish you the best of continued luck with your business.Smile

itsgettingwierd · 22/05/2021 22:13

Refuge sounds amazing.

Perhaps you could have somewhere they can live and employ tutors as often lack of education can be a factor.

Also councillors etc who can support them and maybe a nurse on site?

Or perhaps as you live cats you could start a charity related to cats rescue?

I think a foundation that gives it hers a chance in life is rewarding.

IntoAir · 22/05/2021 22:14

Is there an organisation - a school, a club, a university- which helped you on your way in life?

What about talking to them about a regular giving programme to sponsor something you value?

I intend to talk to my university about a modest scholarship for young women (natal) to do postgrad study, because my alma mater was able to be generous to me. Im hoping to organise it while I still live, rather than as a bequest when I die.

In the USA this sort of private philanthropy is much more usual, and it’s one of the few things I admire about their otherwise rugged individualism.

ssd · 22/05/2021 22:14

God this must be nice. Financial security for my kids is all i want.

IntoAir · 22/05/2021 22:15

Oops didn’t see your latest post. Brava @awesomekillick Truly awesome. Flowers

Legoninjago1 · 22/05/2021 22:16

@toiletbrushholder

What a wonderful problem to have! Buy some land and rewild it 😊
Oh yes I love this. Please do this.
DavidTheDog · 22/05/2021 22:17

But my passion is young women who find themselves making bad, life changing decisions. I'd like to set up a refuge for young women fleeing home-based violence

If it's a big remit such as this, what about donating to a charity already involved in this line of work?

From what I've read, the best ways for money to buy happiness are to buy experiences rather than stuff and to spend money that makes things better for others.