Inheritance but what to do ?

[moveblues]

I inherited about £80k. I'm not the best when it comes to knowing what to do to be savvy with money! I probably need advice on how to invest it but I haven't a clue where to begin. I wondered where to go for advice as I understand most IFAs would consider this a small amount!
Thank you :)

Not necessarily, as it would depend on what other assets you have. If you decide to see one, then given what it would cost, they may as well do an overall review, and work out a comprehensive plan for you and your family, if applicable.

Firstly do you have debts other than mortgage, Then is there anything you need, car, Pc, etc, do you have adequate pension provision .
How close are you to retirement
Would it be beneficial to pay off a mortgage early? do you have an emergency fund ? is your job secure? all of these make a difference to make is the best thing to do, but probably for now just stick in a savings account while you decide

You could go to a financial planner... expect to pay £2k-£3.5k for fixed fee advice.

You could listen to podcasts (MeaningfulMoney) watch YouTube videos (PensionCraft is great but very detailed), read books, you could even do an online course on investing www.meaningfulacademy.com/buildwealth

Initially, park the money. Use your ISA allowance, use NS&I Premium Bonds or a With Notice savings account (such as 90 day notice).

Look at your overall financial situation... do you have any high interest debt? Do you have an emergency fund? Do you have any upcoming expenses? Do your children have investments towards higher education? Do you have a home mortgage that is coming up to end of a fixed period?

Consider what is important to you, and what the person from whom the inheritance came would have liked you to do with the money, they may have liked you to spend some, give some and save some.

Look at your pension situation... workplace pensions, personal pensions/SIPP.

As PP have said it really depends on your situation - work out what your goals are.

Do you have a house already?
Do you have a decent pension?
Do you have a decent job or could you use this money to retrain?
Do you have any debts?

For example you could:

1. Pay off (non-mortgage) debt
2. Put 6 months’ expenses in premium bonds for an emergency fund
3. Max out your ISA allowance and put it in an index fund via a S&S ISA
4. Place the rest in a GIA to funnel over into your ISA over the next couple of tax years.

But equally this could be your chance of getting on the property ladder; or an opportunity to boost your pension pot; or pay off the last of mortgage to give you an option of going part time.

Don’t write off a financial advisor - find one that will do a fixed fee rather than a %.

Thank you all! Just posted another thread about accessing an IFA.

@moveblues

Do your own research.
This is money podcast, look at vanguard funds, jack bogle.
Read jl Collins simple path to wealth.

Invest, invest and invest. Please don't waste it. Highly recommend buying a house or use part of it for a deposit. Renting is dead money. Put money in fix bonds and don't fritter it on shiny stuff. My parents got an inheritance of over 100k and spent it on rubbish within 5 years had nothing to show for it, didn't buy a house and spent most of it on takeaways everynight and now having to rent for the rest of their lives. Maybe set up a business as well.