Put this on chat but hoping for more traffic here.
Hi everyone,
I have a friend (partner) with a very enviable dilemma…He has worked in various jobs for many years and is now in his mid-fifties. He doesn’t earn a huge amount (approx. £30K) in a full time role. He likes being busy and having a structure to his day but doesn’t love his job if you see what I mean.
Anyway, very sadly both his parents died two years ago unexpectedly. Completely out of the blue he has inherited a huge amount of money (I’m not sure of the exact amount but I think after tax etc. he’ll have inherited around £1m). He wasn’t expecting anywhere near this amount, was expecting around £200K – still a huge amount but nothing like what he has received. Anyway, he already has paid off his mortgage, is married with 3 adult children but not sure what to do with the money.
He could take early retirement but I think he’d be bored, could invest in stock and shares I guess (I don’t know much about that but I presume now with Brexit it might be a risky time) and live off the income then maybe do something he like to do before retirement…other options?? Invest in property (is now a good time with Brexit?) buy a business?
He just doesn’t know what and I said I’d put it to MN. He would like to help others and has a social conscience so his ideal line of work would be helping homeless etc. Could his money be put to good use but also employment for him…any suggestions?