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Inheritance: What to do wiith it?

Hi folks..

I am about to receive an inheritance of around £70,000 or maybe more..

I do not really have a clue as to the best thing to do with it. I am single and have no kids, I have no mortgage or outstanding bills or debts at all anywhere and owe no one anything.

I have no interest in tying this money up for 10 years either so that some incompetent money manager can lose it all for me.

What does one do in a situation like this?

Cheers..
«1

Comments

  • Post a provocative first ever message on MSE. :T ;) :T ;) :T
    ...............................I have put my clock back....... Kcolc ym
  • Scrap
    Scrap Posts: 5 Forumite
    Post a provocative first ever message on MSE. :T ;) :T ;) :T

    Er.. pardon?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Spend it.

    If you're not willing to ask for advice from a professional why are you here asking a bunch of amatuers? :confused:
  • fullstop
    fullstop Posts: 545 Forumite
    Make an appointment with a Independent Financial Adviser, and don't sign anything you do not understand.
    "When the Government borrows, the citizen has to save".

    Machiavellii
  • Scrap
    Scrap Posts: 5 Forumite
    Lokolo wrote: »
    Spend it.

    If you're not willing to ask for advice from a professional why are you here asking a bunch of amatuers? :confused:

    I didn't say I would not ask for advice. I genuinely have no experience in these matters at all and have no idea where to begin.

    I just don't want to make any mistakes with all the disaster stories one hears on the news every day.

    I also thought that there were professionals in this forum. Am I mistaken?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Scrap wrote: »
    I also thought that there were professionals in this forum. Am I mistaken?

    Of which they are not allowed to give advice.

    As already stated, go and see an IFA.
  • Scrap
    Scrap Posts: 5 Forumite
    If they are not allowed to give advice then what's the point of this forum?
  • http://forums.moneysavingexpert.com/faq.html?faq=new_faq_item#faq_new_rules

    FORUM USERS’ OPINIONS DO NOT CONSTITUTE ADVICE
    Forum users are asked to make it clear if discussing a topic they have professional knowledge of that they work in that field (but do not tout for business). However, please do not give advice. This is particularly (but not only) relevant on the Pure Money, Health, Old Style, In My Home and Is It Fair? Boards.

    Also please remember just because someone says they’re an IFA this doesn’t mean they are. As always, it is essential that you do your own research.
    Martin Lewis Money Saving Expert
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Scrap wrote: »
    If they are not allowed to give advice then what's the point of this forum?

    Hence why its called a discussion forum.

    There is an 'IFA' on this board but I have sources telling me that he is actually a pimp.
  • Scrap seems to have made it clear s/he does not want to tie up the money, so is an investment adviser ( IFA) going to be any use?
    You say you have no mortgage so do you own a house outright, Scrap? If not, would you be interested in using some of your inheritance as a deposit?
    Do you have any savings eg an ISA?
    Or any nephews/nieces/ favourite charities who could benefit?
    Just a few thoughts.
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