What would you do with £10k, £20k, £50k, £100k, £500k

Ray_Singh-Blue

Interesting question & I initially posted "invest it".

To flesh that out a bit, I'm a simple guy, have all the modest material things I want, so would not need to spend any. It would all be about meeting future aspirations: paying off the mortgage, seeing the kids through university, and ensuring a future income stream once no longer working for money.

An extra £10K, £20K or £50K would not make much difference, but an extra £100k or especially £500K would make me look again at the numbers and probably look to start working less if I could wang it.

gingercordial

£10k, £20k, £50k - add to house deposit savings

£100k, £500k - proceed to buying a house (I'm in London so would still need a mortgage with the £500k deposit, just much lower!)

As for pension contributions - I take (and have always taken) full advantage of matched contributions at work and have made some additional contributions this tax year, but the house deposit is the main focus for the next couple of years.

movilogo

Not surprised, most people don't get the concept of investing. This is why most lottery winners buy liabilities and become penniless after few years.

People either earn compound interest or pay it

Ray_Singh-Blue

justme111 wrote: »

5O k - one third spend (beauty, new shed etc)

Assuming you are female... are you available to give my wife lessons?:money::heart2::D

Morphoton

10k, 20k, 50k, 100k - Invest.
500k - invest and retire !
But then I am in my early 50's and working towards early retirement anyway.

Teacher2

Give the first three amounts of money to my kids for house deposits and school fees. With half a million I'd do the same and keep some to invest for my older age.

JustAnotherSaver

economic wrote: »

This is true. The wealthier you are, the smaller the % of your wealth you will spend.

Snakey

Up to £50k - bring forward the flat refurbishment plans, although that requires effort and I'm lazy so I might just throw it at the mortgage when the fixed rate runs out next year.
£100k - as above plus look in to extending the lease on my flat so that it's done.
£500k - bring forward the retirement plans by 2-3 years, which I suppose is another way of saying "invest it".

In theory listening to somebody talk about what they'd do with certain sums of money tells you a lot about them. In practice, people tend to be consistent and the ones who'd blow it all on something they could show off in the pub or on Facebook are the ones you'd expect would do just that. (And good for them - I sometimes wish I found it easier to spend money instead of having such terrible trust issues re: the willingness of "society" to support me should I ever fall on hard times.) That said, I suppose if what somebody would really do is e.g. leave their husband, they wouldn't tell you.

SamSam17

From the £10k I would probably spend 5k for holiday/buy few luxury items and save the other half (ISA)

20,50,100, and 500 I would spend around 10% on myself and invest the rest.

pennystretcher

£10k & £50k - additional pension contributions (APCs) - I'm on LGPS.
£100k - £50k APCs, £50k tuck away somewhere hopefully making a bit more over time and stop working couple of years earlier than planned.
£500k - £50k APCs, £450k invest/save and stop working.