Windfall... what to do with it?

simonineaston · 11 March 2017 at 10:12AM

Last year, I received the capital from a trust fund my grandpa set up for me, back in the '70s, bless 'im. It's 5 figures, so my question to you guys is, "What would you do with it?"
Feel free to be as exact or as fanciful as you want! :eek:

worried_jim · 11 March 2017 at 10:15AM

Porsche 911 convertible. Enjoy the summer! - buy the right one and you may sell it for a higher price next year. Grandpa would have been proud.

Katiehound · 11 March 2017 at 1:17PM

A world cruise taking all the excursions to amazing places!
(These bump up the cost a lot!)

Revamp your home, garden

Donate some to your very favourite charity

Take your best friends out for meals / weekend away / on holiday

Go to all your favourite sports fixtures with the expensive seats

Have a great deal of fun planning how to spend it, and then even more fun enjoying the spend!!

Sea_Shell · 11 March 2017 at 2:24PM

That depends on whether you're talking £10,000 or £99,999! ?

if the first....not much, just save/invest, if the second, give up work tomorrow!!

Ilona · 11 March 2017 at 7:58PM

Buy a motorhome and travel around.
Ilona

tealady · 11 March 2017 at 8:48PM

To me a windfall would definately be "treats money" so do with it what YOU want to do. Whether you buy yourself a home, have the holiday of a lifetime or just do a Viv Nicholson, its up to you. Enjoy!

Newly_retired · 12 March 2017 at 10:03AM

Depends on what stage in life you are at, your income etc.
I am guessing your grandpa wanted you to be mature enough to use it wisely., eg towards a house deposit, or other major life expense, but if that is already sorted and it is a bonus, then just enjoy it.

simonineaston · 12 March 2017 at 10:41AM

Am liking the 'give up work tomorrow' idea, but alas not 99,999! Several ideas mentioned I hadn't considered... and thought provoking for me. For example, am now thinking about getting a will written (as am wrong side of 60) - something I'd never thought about before.
Going back to the first notion, how much capital do folk think could realisticly allow freedom from work, given the record low interest rates available these days? Am starting to think seriously now about reducing my working hours, if not giving up completely...

GDB2222 · 12 March 2017 at 10:43AM

Sea_Shell wrote: »

That depends on whether you're talking £10,000 or £99,999! ?

if the first....not much, just save/invest, if the second, give up work tomorrow!!

If the Op has a life expectancy of say 30 years, how far is £100k going to stretch?

moneyistooshorttomention · 12 March 2017 at 10:45AM

Depends on exactly how much it is and what your personal circumstances are.

We can all really only say what we personally would do with it.

Me personally - well I'm in my 60s/retired anyway and own a mortgage-free house.

Any smaller amount (ie less than £100,000) would go straight towards The List that I have of what I need to be financially straight (yeh...I know....still got a list despite being in my 60s:(:mad::(). So it would be things like pay off debts (I've recently had to take out a loan for my new kitchen the house needed)/get my savings back up again/finish the house off (still needs a 5 figure amount of money - despite the fact I've spent so much on it).

£100,000 to £300,000 - same as above and be wondering a bit what to do with the leftover money. Might buy a cheap holiday home flat back in my home area.

£300,000 plus - would buy a house back in my home area and then decide which of the two houses to use as a holiday home and which as my main home (think I'd probably spend autumn/winter back in home area and spring/summer in this area).

Loadsa money - start investigating which "good causes" to give the surplus away to.

moneyistooshorttomention · 12 March 2017 at 10:50AM

simonineaston wrote: »

Am liking the 'give up work tomorrow' idea, but alas not 99,999! Several ideas mentioned I hadn't considered... and thought provoking for me. For example, am now thinking about getting a will written (as am wrong side of 60) - something I'd never thought about before.
Going back to the first notion, how much capital do folk think could realisticly allow freedom from work, given the record low interest rates available these days? Am starting to think seriously now about reducing my working hours, if not giving up completely...

Cross-posted.

I certainly wouldnt retire early in your position. Less than £100k is simply not enough for that - even if you're financially straight. I'd think twice about reducing my workhours too. Unless, of course, you're having to spend more than 35 hours working/5 hours commuting a week - in which case then maybe I'd have a bit of a think about hours reduction (as I personally don't regard it as reasonable to spend more than 40 hours per week on work-related things).

Windfall... what to do with it?

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