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Original poster

What would you do if you were left a considerable amount of money?

40 replies

oneofsuesylvesterscheerios · 09/09/2011 17:30

As in not completely life-changing, never have to worry again type amount, but enough to pay off debts and enhance your life?

How much would you invest for your dcs?
And how much would you invest for your retirement if any?
Would you be sensible with all of it or would you use it in a more frivolous way?

OP posts:
Blueberties · 09/09/2011 17:33

Ski every year and that's about really. Just have the nicest time apart from that.

Wild amounts of money I'd set up a venture capital thing investing in people's ideas, I don't have any of my own but I admire entrepreneurs.

CoffeeIsMyFriend · 09/09/2011 17:37

I suppose it depends on the amount. One persons 'never have to worry' is someone elses 'life changing'.

So for me I would pay off mortgage, put some money away/invest probably off shore and put some into DH doing something different. Would also make sure my sister didnt have to worry about anything.

Travel some more. Not sure what else.

SquishyCinnamonSwirls · 09/09/2011 17:40

Pay off debts, decorate and do things to the house that I would love to.

Depends on how much we're talking though, I'd put some away for dd, put a lump into my pension, upgrade our cars from the 10 and 13yr old ones we currently drive and then have a seriously good holiday.

I've not been on a proper holiday for 3 years, and not ski'd for 4 so both of those would be good.

Original poster
oneofsuesylvesterscheerios · 09/09/2011 17:44

Do you think we're a generation that don't put our kids first so much, as far as financial things go? Our parents' generation seemed to be much more concerned with constantly saving for daughters' weddings, rainy days, college funds, etc. rather than spending on themselves.

Do we worry about how our own dcs will afford college / first mortgage, etc. or do we value our own enjoyment (and thus I guess our family's) more?

Or do we just have more disposable income than they did?

OP posts:
TrillianAstra · 09/09/2011 17:49

Your second post sounds like:
1 - you haven't read what anyone has posted
2 - you are a journalist.

SummerRain · 09/09/2011 17:51

Pay off credit card and loan, buy cars that are less than 10 years old and aren't about to die, buy a house and put the remainder in the kids accounts towards college (if they want to go, towards travelling or first cars if not)

Not that it'll ever happen... I've just spent the last thousand of the only inheritance I'll ever get, my grandfather had several accounts for me and over the years I've spent it on: insurance on our first car, a bed, a couch and towards my OU fees. Not exciting but all very necessary at the times (and my kids benefit either directly or indirectly from all of them)

My parents are flat broke and selling off their possessions to make ends meet and dp's parents have been on benefits his whole life so there are no more inheritances coming our way.

Original poster
oneofsuesylvesterscheerios · 09/09/2011 22:04

No TrillianAstra actually I'm a daughter who has lost her dad in June after a very hard 18 months and feels guilty for the money he worked all his life to provide for me & my sibling and I'm wondering do I act as he did and put it away for my kids or do I enhance our lives while we can all appreciate it. And I did read the other posts; they've been helpful.

OP posts:
wannaBe · 09/09/2011 22:10

I don't think the previous generation provided more for their kids actually.

And I don't think people necessarily have more disposable income, but that we now live in a state of entitlement where we feel that whatever we want, we want it now, and as consequence people are now in far more debt than they ever were.

I think that as parents we have some responsibility to help our children through university but in no way do I think we have a duty to help them with their first mortgage.

I think it's hard to get on the property ladder, but equally there's no rule that says people have to buy - renting is still a viable option and if you can't afford to buy now I don't see why that is your parents' responsibility - you just have to budget until you can afford it, and if you can't, then you rent

LunarRose · 09/09/2011 22:14

hmmm, if it was me pay off the mortgage then spend 5k on a lifetime trip to (in may case) Disneyworld florida for me, DP and the kids.

In you case secure your and your siblings home (thereby enabling you not to feel guilty about not honouring you father's values). Incidentally I would look at it that by securing my home I am also securing my children's future as well. Don't forget previous generations were rewarded for saving, ours much less so (tax on savings)

Advice from my own bitter experience as a woman with a little bit of inheritance given to me to provide me with a good start in life, don't get married or if you must, wait until prenups become legal.

LunarRose · 09/09/2011 22:15

sorry that should read you and your

LikeACandleButNotQuite · 09/09/2011 22:20

Pay as much as possible off my mortgage. If I had any left over, it'd go in the bank for a Disney Florida once-in-a-lifetime holiday for the DC/DCs once they were old enough.

The money i'd save on mortgage repayments every month would enhance our day to day life

LikeACandleButNotQuite · 09/09/2011 22:20

Haha, lunarrose just saw your post. Great minds Grin

Portofino · 09/09/2011 22:26

Um, if it was Dad's hard earned cash, I think I would do something concrete with it rather than spend it on holidays. Pay off mortgage, invest, maybe keep a little back to treat dd. It would depend on amount I guess,

AnnieLobeseder · 09/09/2011 22:29

I'd put it into a house. More money for us now in terms of mortgage payments, more space for the DDs (they currently share a single room), and then they can inherit the house long term.

Original poster
oneofsuesylvesterscheerios · 09/09/2011 22:31

Agree about the sense of entitlement. and very true about the mortgage. Life would be very different if we didn't have to pay that. I spose it depends how much of a dent it would make in the monthly payments. I've seen how tight things are for my younger friends who have massive mortgages. My dads house cost him £1,500 when he bought it at the end of the 50s!

OP posts:
BecauseImWorthIt · 09/09/2011 22:34

I would help my boys with their university fees, and ensure that they had enouugh to get them on to the property ladder.

Then I'd spend the rest on me.

LunarRose · 09/09/2011 22:56

Grin a likeacandlebutnotquite

Stand by my holiday for this reason:

You can lose your savings (banks goes bust, stock markets go down), you can lose your home (debt, negative equity, shitty exs) but and this is a big but no-one can take away glorious memories.

If the worst does happen the one thing I can guarantee that you won't regret having spent your money on will be the holiday.

LunarRose · 09/09/2011 23:42

(oh dear I think I killed the thread Blush )

cat64 · 09/09/2011 23:54

This reply has been deleted

Message withdrawn

Original poster
oneofsuesylvesterscheerios · 10/09/2011 00:55

No, I totally understand cat64. I think that's maybe what we'll end up doing. My mum died when we were much younger but I know that if she'd lived, she'd have been much more cavalier with money and maybe we'd have done more things (holidays etc). My dad was very careful with money - maybe too careful really and didn't have much of a social life and we didn't have a huge amount of material things (not that they really matter anyway but I'm comparing us as kids to my own dcs). He was happy enough and didn't need much to get by, but I dont really want to do the same - or at least to that extent.

OP posts:
UterusUterusGhali · 10/09/2011 00:59

Deposit.

My family are poor & healthy though, so it won't happen.

Tortington · 10/09/2011 01:34

my mum was one of those people who saved money, never bought herself anything new, everythhing ws cheap, food, clothes etc.

she was mortgage free however and had some quite large investments. after she died it became very apparent that this woman was like some kind of fucking stockbroker with financial fingers in many pies.

anyway

she didn't give dh and i anything when we started a family - she'd lend us the odd tenner etc

i am an only child. our first house was reposessed when the big interest hikes happened in the 90's

i asked her to lend me 4k to help us keep the house.

she refused.

so we were housed in council housing and thats where my kids grew up

then she died. i had moved hundereds of miles away and i went to see her and found her dead.

shed been dead 2-3 weeks - can you even imagine seeing that shit?

so im bitter, very bitter - i dont understand why you would save it all up keep it in a bank i dont know why she didn't blow it all on holidays and why she didn't turn her miserable existance into a life of sun, fellas and experiences.

as a mother of grown ass kids - i get the fact that they should support themselves - sure , we were working in factories and going to uni - we were really trying - i'd buy my kids a car,i'd do anything to help them - i wuldn't keep the money in the bank.

there is a lot of guilt associated with inheritance.

i used mine to buy a house, still have a mortgage but i haven't got any in the bank.

this is becuase the house is the investment for the kids the security for dh if i die or visa versa.

dont be too sensible, dont go crazy either - but for gods sake make some memories with your family - memories are priceless

jasper · 10/09/2011 01:36

completely disagree our parents ' generation were more concerned about saving for their kids' futures.

In my experience they were not

jasper · 10/09/2011 01:42

I am not a great believer in supporting your kids beyond their school years

jasper · 10/09/2011 01:44

My reasons for that are simply that is what my parents did ( they had hee haw money to give to me and my siblings. ) We never expected any and all worked as soon as we were able and are all solvent and working now.

I have always told mum and dad NOT to leave us any money - spend it while still alive !

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