Inheriting £50k... WWYD?

[MamaFrey29]

Inheriting £50k. What would you do with the money?

Guiltypleasure001

Do you mind me asking how much you have invested in premium bonds? I'm looking to invest about 45,000 for retirement, would you recommend them?

Clickncollect.. do you win that amount every month?

@Cahu58 yes, every month I get at least £50 - £100 on the premium bonds. And of course there is always the chance of larger amounts and the big million!

I'm surprised at that... I didn't realise, thank you for replying.

I’m single, decent income and a (smallish) 5 figure sum in savings. Reasonable sized detached house with a

@Cahu58 you aren't guaranteed the win on premium bonds! I have 150k invested - my name, husbands and son's, the max of 50k in each. And yep, sometimes we win £100 a month. Sometimes £25. And sometimes ... absolutely nowt! However in these times, I think cash is king so they're a safe bet

@BooFuckingHoo2 interesting. Thank you!

Why wouldn't you go near an investment property?

How would I invest in bonds?

CAHU58

Hi have about 50k

It seems that if you invest 10k at a time you are almost guaranteed to win monthly, we a average about 250 every 3 months, only not won 2 months in the last 12

They recommend if you stop winning to cash them in and buy another lot for the new numbers

How do premium bonds work?

How do premium bonds work? - never mind. I've read up!

It says inflation grows quicker?

I had this and took a 2 year career break and payed myself a £2grand a month wage

I would put 20k in my Stocks and shares isa, 20k in my DH S&S ISA (Vanguard Life Strategy funds) and pay off debts with the rest.

If it were us, I would be torn between putting the majority towards the mortgage or getting our extension done. If I had debt etc, though, I’d pay that off first and save the remainder to build a cushion.

I would ask for a Deed of Variation of the WIll and ask for 25k to go to each of the kids towards a house deposit.

Yes to be clear, a return on the premium bonds is it guaranteed at all. I’ve just been lucky and pleasantly surprised.

I'm surprised no one has mentioned property?

I'm surprised no one has mentioned property?

where in the UK are you going to buy a property for £50k?

I’ve had investment property before and frankly it was a nightmare! Awful tenants which ruined a property I had lightly refurbished. Being a higher rate tax payer it also was not tax efficient for me and owning through a limited company comes with much higher mortgage rates/stamp duty and just as many tenant problems!

Well I'm not going to buy it for £50k!

I would buy one for around £200k! £50k deposit.

Thank you everyone who has mentioned premium bonds, thinking seriously about it, rather than locking it away for 5 years.

Myself and two close family members are due to inherit about 60k each soon. We toyed with ideas, but now we are putting it all together and buying a huge house in Lincolnshire to live in. 7 of us in total. Ten mins from sea, gorgeous house (we live in a nice council house now) life changing, no rent or mortgage for life. Can't wait

10k on loan repayment
40k save

@Squidwitch £180k house?! For 7 people?

I'd put it all in a high interest savings account, until I had definitely decided.

I think we've been beamed back to the 1980s!

Um what high interest savings account would that be, then?

I'd definitely put most of it into UK NS& I premium bonds, until you've been able to do some research on investment options.

Pay off my credit cards, have a lovely holiday and put the rest in our mortgage offset account.