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    • simonineaston
    • By simonineaston 11th Mar 17, 9:12 AM
    • 73Posts
    • 25Thanks
    simonineaston
    Windfall... what to do with it?
    • #1
    • 11th Mar 17, 9:12 AM
    Windfall... what to do with it? 11th Mar 17 at 9:12 AM
    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!
Page 1
    • worried jim
    • By worried jim 11th Mar 17, 9:15 AM
    • 8,295 Posts
    • 12,573 Thanks
    worried jim
    • #2
    • 11th Mar 17, 9:15 AM
    • #2
    • 11th Mar 17, 9:15 AM
    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.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Katiehound
    • By Katiehound 11th Mar 17, 12:17 PM
    • 3,580 Posts
    • 36,169 Thanks
    Katiehound
    • #3
    • 11th Mar 17, 12:17 PM
    • #3
    • 11th Mar 17, 12:17 PM
    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!!
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • Sea Shell
    • By Sea Shell 11th Mar 17, 1:24 PM
    • 354 Posts
    • 287 Thanks
    Sea Shell
    • #4
    • 11th Mar 17, 1:24 PM
    • #4
    • 11th Mar 17, 1:24 PM
    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
    • By Ilona 11th Mar 17, 6:58 PM
    • 1,832 Posts
    • 6,373 Thanks
    Ilona
    • #5
    • 11th Mar 17, 6:58 PM
    • #5
    • 11th Mar 17, 6:58 PM
    Buy a motorhome and travel around.
    Ilona
    I love skip diving
    • tealady
    • By tealady 11th Mar 17, 7:48 PM
    • 2,689 Posts
    • 3,167 Thanks
    tealady
    • #6
    • 11th Mar 17, 7:48 PM
    • #6
    • 11th Mar 17, 7:48 PM
    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!
    Proud to be an MSE nerd
    Judge people by their achievements, not by their mistakes
    • Newly retired
    • By Newly retired 12th Mar 17, 9:03 AM
    • 2,301 Posts
    • 2,675 Thanks
    Newly retired
    • #7
    • 12th Mar 17, 9:03 AM
    • #7
    • 12th Mar 17, 9:03 AM
    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
    • By simonineaston 12th Mar 17, 9:41 AM
    • 73 Posts
    • 25 Thanks
    simonineaston
    • #8
    • 12th Mar 17, 9:41 AM
    • #8
    • 12th Mar 17, 9:41 AM
    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
    • By GDB2222 12th Mar 17, 9:43 AM
    • 13,851 Posts
    • 74,141 Thanks
    GDB2222
    • #9
    • 12th Mar 17, 9:43 AM
    • #9
    • 12th Mar 17, 9:43 AM
    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!!
    Originally posted by Sea Shell
    If the Op has a life expectancy of say 30 years, how far is £100k going to stretch?
    No reliance should be placed on the above! Absolutely none, do you hear?
    • moneyistooshorttomention
    • By moneyistooshorttomention 12th Mar 17, 9:45 AM
    • 12,880 Posts
    • 35,375 Thanks
    moneyistooshorttomention
    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). 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.
    Last edited by moneyistooshorttomention; 12-03-2017 at 9:48 AM.
    ploughing my own furrow...the rain begins with a single drop...

    #I'mWithNoel
    • moneyistooshorttomention
    • By moneyistooshorttomention 12th Mar 17, 9:50 AM
    • 12,880 Posts
    • 35,375 Thanks
    moneyistooshorttomention
    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...
    Originally posted by simonineaston
    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).
    ploughing my own furrow...the rain begins with a single drop...

    #I'mWithNoel
    • GDB2222
    • By GDB2222 12th Mar 17, 10:04 AM
    • 13,851 Posts
    • 74,141 Thanks
    GDB2222
    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...
    Originally posted by simonineaston
    It depends entirely on what you need to spend in retirement. Some people get by on quite little and prefer to do that rather than work.

    If you own a house and want to run a car, that might be £10k a year of expenditure, before allowing for food and all the other costs. To produce £10k of net income from U.K. Shares you need around £400k in capital.
    No reliance should be placed on the above! Absolutely none, do you hear?
    • Katiehound
    • By Katiehound 12th Mar 17, 11:11 AM
    • 3,580 Posts
    • 36,169 Thanks
    Katiehound
    Giving up work?
    Well, another consideration is how much you will get as a pension? Would you be able to live on that alone?
    Would working less hours affect that pension?

    If the pension is good and you are financially stable then maybe, just maybe you could afford to give up work completely. Or maybe you could find a part time job that was more like a hobby- love it so much you couldn't give up!!

    In the meantime start opening all those current accounts so that at least some of you money can be earning 3% at least (and yes, there are a few paying 5%) rather than the miserly savings rates whilst you consider what to do.

    Seriously, I would write the 'bucket list' of what you really really want to do. Some of those things might not need a huge amount of dosh.....
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • lessonlearned
    • By lessonlearned 12th Mar 17, 11:12 AM
    • 9,719 Posts
    • 54,618 Thanks
    lessonlearned
    Asking how much capital you need to retire on is a bit like asking "how long is a piece of string"

    Ok so you've said you in your early sixties, so I presume you reach state retirement age at 67...

    So what assets do you have, do you have a mortgage, a private pension etc....do you have debts, are you helping support children, grandchildren......so many variables.

    If you can manage it then reducing your working hours sounds like a great idea. Quite often by going down to 4 days instead of 5 because your costs are less (i.e. Income tax, commuting etc) then the loss of one day's pay isnt very noticeable.

    My 61 year old SIL has just done this .......(after much dithering) and has been pleasantly surprised that she isn't really that much out of pocket and that the trade off for more time and less tiredness is well worth it.

    Re your windfalll......depends how much it is. Whilst it is "extra" I would be disinclined to blow the lot. I would spend some and save some.

    I would treat myself to something I've aLways wanted and then invest the rest.

    Re the low interest rates - they are abysmal aren't they. So I decided to have a little flutter, using only money that I am prepared to lose.

    I bought some shares in a mutual fund......a mix of relatively safe ones and some higher risk ones to try and go for growth.

    THey are doing well at the moment. If they nose dive I won't be too concerned because I only "risked" a smallish amount, roughly equivalent to a fancy cruise if they do well I will have enough for two holidays.

    Re the Porsche.....you don't need to buy brand new. You can pick up some great pre loved premium cars for less than £10k, Sometimes a lot less.

    Just depends on how much mileage you will be doing. I currently have to park in the street so am sticking with my little Fiesta but once I move to somewhere with secure parking or a garage then I will be upgrading.

    I have always wanted a convertible, it's on my bucket list.
    Last edited by lessonlearned; 12-03-2017 at 11:52 AM.
    • simonineaston
    • By simonineaston 12th Mar 17, 12:01 PM
    • 73 Posts
    • 25 Thanks
    simonineaston
    Re the Porsche...
    Must confess to having owned a Porsche back in early '80s. Not my thing anymore! However, scimming though the posts upthread, and combining some of the ideas, have suddenly realised that I have enough to buy a VW Caddy (a van-that-thinks-its-a-car) and have it converted to a mini-camper van. Am genuinely excited by this prospect & am jolly glad I asked the original Q!! Thanks, everyone - I'll send you all postcards when I get to where-ever it is I'll be going!
    • cbrown372
    • By cbrown372 12th Mar 17, 12:02 PM
    • 1,169 Posts
    • 3,643 Thanks
    cbrown372
    I'd do an Artic cruise or at the very least a trip to see the Northern Lights for a couple of days and take an 89 year old client with me as its on her bucket list
    Its not that we have more patience as we grow older, its just that we're too tired to care about all the pointless drama
    • moneyistooshorttomention
    • By moneyistooshorttomention 12th Mar 17, 3:01 PM
    • 12,880 Posts
    • 35,375 Thanks
    moneyistooshorttomention
    Must confess to having owned a Porsche back in early '80s. Not my thing anymore! However, scimming though the posts upthread, and combining some of the ideas, have suddenly realised that I have enough to buy a VW Caddy (a van-that-thinks-its-a-car) and have it converted to a mini-camper van. Am genuinely excited by this prospect & am jolly glad I asked the original Q!! Thanks, everyone - I'll send you all postcards when I get to where-ever it is I'll be going!
    Originally posted by simonineaston
    Now - provided the "basics" are covered (as it sounds like they are) sounds like a good idea to me.

    I often read the blogs of people that have done that sort of thing. It always sounds quite exciting if one has a house and sufficient income safely there as a back-up.
    ploughing my own furrow...the rain begins with a single drop...

    #I'mWithNoel
    • missile
    • By missile 12th Mar 17, 3:12 PM
    • 8,736 Posts
    • 4,204 Thanks
    missile
    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.
    Originally posted by worried jim
    I was at the dealer on Thursday and unfortunately a new Porsche 911 convertible costs considerably more than 5 figures.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • Savvy_Sue
    • By Savvy_Sue 13th Mar 17, 2:54 AM
    • 37,500 Posts
    • 33,805 Thanks
    Savvy_Sue
    Just on the subject of cars, the following experience has affected my car buying decisions for the last 30 years ...

    A friend of ours bought their dream car, a bright red Lotus IIRC, many years ago.

    The theory was that they would keep it off road, in the garage, for use in the summer only - a 'car for best', as it were.

    What they forgot to factor in was the fact that the 'car for best' was wider than the garage door (new house = small garage), so it had to live on the drive in front of the garage, and there was a bit of to-ing and fro-ing needed to get the 'everyday car' out of the garage, and the 'everyday car' couldn't be left on the drive in front of the garage because the 'car for best' now lived there.

    And also the car alarm on the 'car for best' went off at regular intervals, especially if the wind blew from the wrong direction and the 'car for best' wasn't parked in just the right spot on the drive.

    Then our friend went away for a long weekend, using the 'everyday car', and asked us to keep the house and car keys in case anything went wrong or the alarm went off, which of course it did.

    So there's me, absolutely TERRIFIED I am going to drive this monster into the garage door while I try to move it slightly up the drive. And to make it worse, I found I had to pretty much fall into the driving seat, which was far too low for me, even at THAT age, and I'm then pretty much leaning back looking at the sky rather than able to see the garage door I'm trying to avoid ...

    I'm pleased to report that I managed to move The Beast a foot up the drive WITHOUT hitting the garage door, but I then had to haul myself OUT of this ridiculous driving position, and attempt to lock the car and reset the alarm, which of course I had to test a few times to be sure I'd done it right. The neighbours were well pleased ... although I think by the time I'd finished it did then stay silent until our friend got back.

    Anyway, just saying that even if you've had a dream car since before the days of Top Gear, do make sure it's going to work for you NOW!

    Me, I'd buy a pink car. Although I've told DH I won't inflict that on him, I'll wait until he's gone ...
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
    • BBH123
    • By BBH123 15th Mar 17, 10:29 AM
    • 345 Posts
    • 448 Thanks
    BBH123
    After 9/11 I bought my dream car as no-one knows what the future holds , so the Porche Boxster was on order.

    Beautiful car , but sadly blew up 9mths after delivery, the engine needed replacing . they had to fly someone in from Germany to do it and cost £14k. Luckily under warrenty.

    Now I am older and less frivoulous my wheels of choice would be a vintage VW Camper van.

    So thats my suggestion OP, a campervan, painted a bright colour and must have daisys on the side.

    Life on the open road is something of a right of passage I think, even for a short time.
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