Inherited money any advice on how to use it wisely welcome...

gadgetmind

kidmugsy wrote: »

in his pipe dream he'll get planning permission.

I hope he's smoking something strong!

countrygirl27

Mulling it over I think my way forward will go something like this...

I am probably going to move my current account probably to nationwide and get a flex direct account which seems to offer 5%

I thinking that the £5k I've saved for the pony I would like to have in an instant access account and at the moment it doesn't look like I'd get much more than 1.5%.

The money that I will receive from the sale of the property (35k) I think I would put into a stocks and shares isa. However, I think there would be too much for me to do this in one financial year.

Also there is the other money that I have, approx 17k. I don't yet know what to do with this, as there wil be the 17k here and the 20k from the property that I can't put into the stocks and shares isa. Obviously this amounts to approximately 35k and my research suggest an ordinary savings account would pay a pitiful 1%.

So, what to do with this?

kidmugsy

Santander 123?

If you and your chap trust each other enough to open joint accounts then:
Flexdirect £2500x3
Lloyds Club £5000x3
TSB Plus £2000x6

Total £34.5k

P.S. If you need access to money soon, don't go for an S&S ISA - that's for longer term investment.

Archi_Bald

Plus 3 x BoS Vantage @ 3% AER. £15K person

Can also have a joint 123 on top of a sole one.

There is no need for any normal savings account.

Eco_Miser

Look back at posts #11 and #13 for what to do with around £30k on your own or £90k with your OH.
Note that the Nationwide 5% only lasts a year, while the other accounts are for an indefinite period which is expected to be somewhat longer.

kidmugsy

gadgetmind wrote: »

I hope he's smoking something strong!

Why so? Lots of fields around here have had planning permission.

gadgetmind

What percentage of the UK's fields would you say get planning permission for residential building per decade?

DaisyDo

Hi

I too am a horse owner. A few years ago the opportunity came round to puchase a 5 acre field close to home <1mile away. We bought the field with my parents for 55K. Since then we have built stables/barn/storage, got water connected and built a 20x40 school. We have invested money to do this obviously but i would expect the field to worth around 100K now. I use this for my horses and daughters pony. I think land is a good investment for the long term, price per acre seems to keep going up (there is only so much land). Plus you would use it for somthing that you enjoy doing. Our plan is also to possibly rent it out later in life for income.

atush

countrygirl27 wrote: »

The field idea appeals because I will want to (in a perfect world) buy another horse in a few years time. This could potentially double the current cost I have which is £25 pw to use a field. (This may sound a lot but believe me its a bargain in comparison with what you could spend.)
My idea was that if I bought a field I would be in a position to buy one outright and to svae myself £100 pm instantly and potentially £200 pm if I bought another horse. Also I could offer shared rent of the field to someone else and potentially make £100 pm on top of that.

The thing about pensions and tax allowances I don't understand. OH has recently joined a workplace pension (Scottish Widows?) literally a couple of months ago. He decided to do this before it was compulsory. Is my understanding of this correct?

It is good your OH has joined the work pension. How much does his employer put in? How much does he?

If you buy a field, and buy another horse, I can't see you retiring early really. AS you are having too much fun spending really. I know you want these things, but there are differences in wants and needs. How we deal with these things determines how early we retire.

countrygirl27

What you say about wants and needs is very true. I suppose what I mean by retire is to give up a career and perhaps work 3-4 days a week instead, something I'd be happy to do til retirement and perhaps even beyond. I think it's important to keep busy.

But at the same time my outlook on life has changed, I used to be quite (at the risk of offending many on these boards) ...... Miserly, but watching my dad deteriorate and die last year made me think about how fleeting life can be. Ad so I intend to enjoy it! Not that that has to involve spending money, but I've decided to not restrict myself so much.


Someone at work suggested an offset mortgage, putting the money I inherit against the mortgage but being able to access it again if I needed, is this a good route to go down? Visiting the mortgage advisor tomorrow!