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

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Comments

  • TBC15
    TBC15 Posts: 1,452 Forumite
    First Post First Anniversary Name Dropper
    economic wrote: »
    What do you mean?

    It’s unusual to come across anyone who understands the value of money on here.
  • TheLastMongoose
    TheLastMongoose Posts: 96 Forumite
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    10, 20, 50 - I would invest some and overpay mortgage with some.

    For 100k I would settle my mortgage and invest the small remainder.

    500k...hmmm...settle mortgage and start my own business.
  • Filo25
    Filo25 Posts: 2,131 Forumite
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    Interesting question!

    10k max out my pension annual allowance and use some of the carryforward

    20k as above plus money into my wife's pension

    50k As above plus maximise ISA for the year for me and wife

    100k as above plus the same for next tax year and some mortgage overpayment.

    500k as above and clear the mortgage, plus continue to invest in a tax efficient way going forwards.

    The last 2 would have some impact on expected retirement date, but would keep on working for now as we earn good money and don't dislike our jobs.

    I've had a lot of lovely holidays over the last 5 years don't need to throw additional cash at another one!
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    I'm already retired.
    Only the half million would make a significant difference.
    That should be enough to get buses running round the North Yorks Moors every day over summer, instead of the current Sunday only service.
    Eco Miser
    Saving money for well over half a century
  • Zoea
    Zoea Posts: 38 Forumite
    I would invest any of those amounts. The higher two I would consider a buy to let or a buy of a property as the returns are generally pretty good and there's some security there.
  • jimjames
    jimjames Posts: 17,596 Forumite
    Photogenic Name Dropper First Anniversary First Post
    TheShape wrote: »
    I wonder whether the people who (pre-windfall) had the least, would spend the most and those that were wealthier would be more inclined to invest?

    I think you're right. If you could go out and buy a new car now because you have the money I'm not sure a windfall would entice you to do it either
    Remember the saying: if it looks too good to be true it almost certainly is.
  • justme111
    justme111 Posts: 3,508 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
    1O or 2O k - invest
    5O k - one third invest , one third spend ( private health , travel , car, beauty, shoes, new shed etc, one third work less.
    1OO - invest 2/3ds , work less and buy the same stuff, would pay for my partner to not work and spend time teaching my child
    5OO - I would have worked far less(2 days, oaid my partner not to work( ,invested , lived on dividends and explored what else would I rather do.
    Thank you for the question, it was interesting to analyse what I think I would have done and discuss it with my partner in detail. It was enlightening in a few aspects . Re relationship between what people have and how they spend the imaginary windfall is that whatever amounts people are operating at present does not change much in their plans - they spend as before and just add it to investments( but when the amount goes beyond habitual that's when spending and lifestyle changes happen. That is why gor people who have less money it takes less to vhange spending-because the windfal represents higher percentage change for them.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • No_6
    No_6 Posts: 835 Forumite
    First Anniversary Combo Breaker
    any amount, I would give to my kids,
    don't do lotto's, etc , just PB's now.

    retired on a good one
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    The suggestion I saw on the internet was (i) buy an island, (ii) buy a midget submarine so that you can get on and off the island whatever the weather. Would half a mill do?
    Free the dunston one next time too.
  • justme111
    justme111 Posts: 3,508 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
    not good - relying on advoanced technology too much
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
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