what to do with inheritance

Tren124

Hi

I have recently been left an inheritance of around £350,000 by my dad

I'm 27 and have spent the last couple of years living and working in Australia / New Zealand which is something i always wanted to do and it's my intention to continue to do this once things have settled down here. I have a permanent job based in Melbourne but in the short term i'm not looking to purchase a property over there because i don't want to be tied down.

My salary is approx £45k and i have no debt (or any real savings other than this money). I will need to pay for rent and food etc when i go back to oz but other than that i have no other outgoings. I have never been very good with money but am determined to make the most of the opportunity dad has given me to put that right and start to save etc..

I am looking at options for this money. I have considered purchasing a flat and renting it out which appeals but i guess it would be hard work from the other side of the world. I think i'd rather not leave it in a bank earning % interest so i guess that leaves investing in shares etc? I really have no idea about any of these options but dad's financial advisor has offered to talk through some options which i will take him up on.

Oh, i also dont have a pension at the moment so should probably do something about that although i often hear people say that they are a waste of time and you're better off buying property?

I'd be particuarly interested to know if i will have to pay tax on any interest etc if im not living in the country?

Any advice would be great

Thanks

juicyjude

Hi tren124, first sorry to hear about your loss. I was in a similar position as you a few years ago, my mum left my sister and I an inheritance and I put it into cash savings initially until I got my head a bit sorted. I then thought it would be best if I got some sort of financial advice so we now use my mums IFA so I now have a mix of cash/savings and investments. I am a lot older than you and have retired now so my need is income and at first I was very unsure about investing because of the risk but I now see that my investments are rising and I am also taking a bit of income from them as well. I have been told I have to look at the long term and I feel a little happier now I see how it works. My advice is not to rush at things, take your time as it is a big decision, and you will eventually come to a decision which is best for you. Sorry I cant help with any other questions but I am sure others on here more knowledgeable than me will be able to help you. Good luck in whatever you decide to do.