what can i do with £400,000. PLEASE HELP

ashsin

Hi, im in a wheelchair and im going to receive £500,000 pay out, im 26 years old, dont work and getting higher rate DLA, income support,council tax and housing benefits. i dont have a clue how to make the money generate more money so it will hopefully last me the rest of my life or make me as rich as possible. please can some one help, what should i do for the best ?

Thanks.

Timmne

Is this a wind up?

ashsin

Timmne wrote: »

Is this a wind up?

lol no its true.

Lokolo

Is it £400k or £500k? Make up your mind.

I would stick it all on Premium Bonds, best return ever.

dunstonh

What you ask is far too specific to give you any guidence. You will probably be looking at investments as well as savings and that effectively means you have tens of thousands of options available.

Any responses (including the tongue-in-cheek ones ) will not really be of any use because your circumstances and an amount that size will impact on what is considered best.

ashsin

Lokolo wrote: »

Is it £400k or £500k? Make up your mind.

I would stick it all on Premium Bonds, best return ever.

its £400k but im going to but im going to buy what i need with the other £100k

ashsin

dunstonh wrote: »

What you ask is far too specific to give you any guidence. You will probably be looking at investments as well as savings and that effectively means you have tens of thousands of options available.

Any responses (including the tongue-in-cheek ones ) will not really be of any use because your circumstances and an amount that size will impact on what is considered best.

so would it be better for me to get a financial adviser ?

Jogster

Is the payout as a result of a personal injury claim? If so then consider setting up a personal injury trust and paying the money into it. It will safeguard your benefits as the money in the trust will be disregarded when assessing means tested benefits. Obviously you will need to take legal advice to make sure you fit all the criteria

jem16

ashsin wrote: »

so would it be better for me to get a financial adviser ?

Yes and make sure it's an Independent Financial Adviser specialising in investments and not an "adviser" from a bank.

ashsin

Jogster wrote: »

Is the payout as a result of a personal injury claim? If so then consider setting up a personal injury trust and paying the money into it. It will safeguard your benefits as the money in the trust will be disregarded when assessing means tested benefits. Obviously you will need to take legal advice to make sure you fit all the criteria

yes, the money is from a injurys claim. please can you give me more advise, how can i get more info, do you have any sites or contact numbers for me to find out ?

Thanks.

robnoblewarren

Work through these:-
1. What lifestyle do I want? (house / country / career / family / fun ), because this will determine what you mean by 'best'.
2. From the list of certified financial planners in the UK, select three and choose one. These people are trained to help you achieve a lifestyle, co-ordinating everything you need. If you prefer planners that never take commission, there's a list at fee-only.net
3. Choose a lawyer or have the planner choose a lawyer. I agree that a personal injury trust is a good step, if only to preserve your benefits (not for ever).
4. Have the trust open an account with a private bank or stockbroker - remarkably simple and cheap, and makes dealing with your money easy.
5. Decide your strategies for investing, by understanding how it all works and what risk you can take. Take your time, you can invest in Gilts in the meantime. There are ways to make your money last, but it doesn't help to discuss them until you've done Step 1.
6. Take your cash flow dead seriously. £500K is not a lot: you will need to track what you are spending and evaluate whether what you have spent the money was the best way to use your limited resource.

Well done on getting the money, sorry you were unlucky to start with.

More details on a trust:
http://www.spinal.co.uk/pdf/factsheets/Introduction%20to%20Personal%20Injury%20Trusts.pdf