What would you do with a million pounds??

atush

innovate wrote: »

You probably wouldn't be sitting much with 3 young kids and a disabled husband

Indeed, I thought that. I am assuming MSL is a man type person?

MoneySaverLog

Ah I see did not read the entire thread and just answered what I would do. Did not realise at the time there was additional information and just answered it as "what I would do".

Peoples circumstances are going to change what they do with a million quid obviously.

And yes I am a man type person lol :-)

DreamerV

I'd be boring and put it all in the bank, hoping for at least £35k interest per year which I could more than happily live off. As this figure begins to have significantly less buying power, I'd start spending the shortfall from the capital. I'm in my late 20s, however I would think this could provide for me the rest of my life. I would still work but perhaps part time, and spent more time doing charity work.

In your position, I'd be seeing a couple of different IFAs to find out what's best for your situation, and hoping that they agree

Beckyy

Apart from stare at it for a while. I wouldn't tell many people. I think money changes them.

Although it's a lot of money I think it would be incredibly easy to spend, so assuming no debts to pay off I think personally I would buy property for rental purposes and make sure I had a good cash flow coming in.

Open up ISAs and max them out. Open up a trust fund for children (if applicable).

Although an IFA is probably the sensible way I would be very very cautious and read absolutely everything with a very find toothcomb. I'm not very trusting with money though.

Best of luck and congratulations

Owain_Moneysaver

PasturesNew wrote: »

and 6 pints of Stella down the pub doesn't get you much.

But makes you indiscriminately happy with what you do get :mad:

ToNik

Thanks again everybody, I really do apprecate the time taken to answer.
It has definatly given me alot of food for thought and a lot of research to do.
Its a bit mind boggling all the different types of accounts/ ISA's etc.. but I will get there. And thanks for pointing out the 85K limit, I woud of stuck with our own Bank before knowing this!

Im not sure we would buy property to invest as I understand it can be difficult to get tenants out if you need/want too. And my husband couldn't handle anything too stressful like that.

Have searched unbiased.co.uk and will be getting in touch with a few IFA's.

You all really have helped so much as I honestly didnt have a clue where to turn, our Solicitor's only advise was a trust with them but the fees and % were outrageous in my opinion.

ToNik

joe_purdy

I'd pay off my mums mortgage, buy myself a nice little house, go on a nice shopping spree then but the rest in a savings account. I wouldn't want it to change my life too much just too make me comfortable and know ive financially secure

MarcoM

If I were you I would stay away from the BTL game.
You could end up being sued by the local scrounger or simply by people who are after screwing the system. This is more likely if they know you are rich.

With 1 million quid you can generate a decent income via shares, cash and other investments without the hassle of BTL legalities.

Robisere

IN MY CASE:

First priority would be to get my lovely single-parent daughter out of the horrible dump she lives in, and into a decent house with her 2 children. Then I would buy and knock down her house, mainly to annoy her lousy neighbours who have caused her so much pain, build a better one with a huge wall.

Then I would make my single parent son more comfortable in his place, with some renovations and a better car.

Anything left would go into the Nationwide or Nottingham BS's: maybe not earning much, but safer in Mutuals than the **!!##* banks. Maybe a comfortable bungalow for us, with enough space for the grandchildren to stay.

IN YOUR CASE:
Pay off all debt. Put remainder straight into a suitable Mutual such as the NW, just as an account until you have chosen an IFA. Tell him you want your money SAFE, emphasise it. The Stock market is woeful right now, avoid. If you have safe money available in a few years, when markets MAY have recovered, it might be time to think about investing. Don't go mad with a house purchase; what do you actually need, in terms of space, comfort and location? House prices will rise again at some point, so whatever you buy is an investment, the best you can make.

Whatever you do, remember that this has to last the rest of your life.

Perhaps there is a business that you would like to start? Research it, make certain that you can work it and make money with it, ensure that there will be a market for your goods/services in the future.

Good Luck!

innovate

Robisere wrote: »

Anything left would go into the Nationwide or Nottingham BS's: maybe not earning much, but safer in Mutuals than the **!!##* banks.

I might misunderstand what you are trying to say - - but just to be on the safe side: your savings are only protected up to £85K, per person and per financial institution, regardless of whether it's in a bank you don't like so much, or in a Building Society you like a bit more. Mutuals are not safer than anything else. The only place you can put your cash into with a reasonable certainty of not losing it is NS&I, though their interest rates don't currently cover inflation and therefore they wouldn't be the place I would chose for anything but short term deposits.

It's not good to suggest to anyone they should put more than £85K per person into Nationwide, Nottingham BS etc etc. Much better to refer them to Martin's "Are my savings safe" article.

We might not like it, but in order to grow your money, you have to engage in some risks these days - property, shares, funds etc. The good news is, with some prudent management, you do stand a reasonable chance to preserve the buying power of your money, and with a bit of risk taking, there's a fair chance of making a profit, too. No guarantees, though - - as the old saying says, the only certainty in life are death and taxes.