Recieving a large sum of money soon - What to do with it?

bargainbonkers

NJW69 wrote: »

I would put some into an ISA and then look around for the highest interest rate account that doesn't tie your money up too much for some of the rest. It's upto you if you want to pay your B/F loan off but you are quite young at 18 and you never know what may happen and it is a lot of money to loose if things don't go according to plan.

What are the benefits of an ISA? Do you gain interest on the money in it?

Stavros_3

bargainbonkers wrote: »

What are the benefits of an ISA? Do you gain interest on the money in it?

Yes you gain the interest, and its all tax free, that boogey-man at Her Majesty's Customs and Revenue can't get his mits on it

cogito

bargainbonkers wrote: »

I'm 18, don't have a credit card (Don't really want one) unemployed, no kids, my boyfriend has a 4k loan I'm willing to pay off for him, and I am about to apply for benefits around now to help us live as it's very tight.

Thanks for your help

Thanks Stavros too, that was very informative. My step-dad has been an investor for most of his life, gained a lot and lost a lot too

Would you get them with £30k in the bank?

buglawton

True, no benefits whatsoever if you own that much capital. But still worth paying NI contributions maybe.

30k is enough to sponsor oneself through uni or some other training/certification that would result in lifelong employment. I am really surprised that OP is not exploring using half the money for this purpose.

I have read of many tycoon parents refusing to give easy handouts to their adult sons/daughters for exactly the reason that they do not become self-reliant enough - but they ARE willing to invest in their kids' education. These are the lines along which I would think.

Etccarmageddon

bargainbonkers wrote: »

I don't think so, we're getting married next year, and I'd never be able to live in the city Even if I got more money from it, I'd have to decline!

far too young to settle down and get married! ditch him and his debt! how the hell did he get into debt and expect you to pay it off!

Lokolo

Don't marry him, have me. *sings*

boomish

Etccarmageddon wrote: »

far too young to settle down and get married! ditch him and his debt! how the hell did he get into debt and expect you to pay it off!

my niece was in a similar position but a few years on , she has had to pay off her boyfriends debt 3 times!! he rules her!! Whatever you do if you want to keep your relationship healthy either don't pay it off or pay it off under the understanding he pays you back every week.

opinions4u

Lokolo wrote: »

Don't marry him, have me. *sings*

If you get your way matey, girlies and weddings are nothing but trouble! Before, during and after the big day!

bargainbonkers

Uh oh, this thread is getting a little off topic. Just to clarify, my relationship poses no threat to my inheritance. Quoting this though:

30k is enough to sponsor oneself through uni or some other training/certification that would result in lifelong employment. I am really surprised that OP is not exploring using half the money for this purpose.

I never thought about this. How much does Uni cost? I never finished school so no GCSEs... Would I start with them or an entry level course for Uni that requires no prior qualifications?
Would you say Uni is a good enough investment for this money? I know people who have been to Uni and still struggled a lot to get a job.
I don't want to feel like I've "wasted" any of it.
Also, I don't like the idea of being 24 with hardly any work experience.

Lokolo

I am in year 3 of 4 and currently have a debt of £14k. This is both maintence and tuition. It will be around £20k by the time I finish.

However you wouldn't be able to go onto a uni course without GCSE/A Levels. You can do Access Courses. However, I am not totally aware of how these work. However there are some members on this forum who do. If you are thinking of doing something like that then post here: http://forums.moneysavingexpert.com/forumdisplay.html?f=25