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A nice Audi, Blur TRC, V10 and sell up and move to southern spain
I'd do pretty much exactly what the OP is doing, new kitchen and bathroom, pay off the 10k of debt we have, rest on the mortgage.
I'f you'd asked me the same question when i wsa 21 (16 years ago), I'd reply like this (because I did it, but with 75k) buy a flat, 50k. blow the rest over the period of a year on drugs, booze and women. I had a great, great time, but god I wish I hadn't done it now 🙂
It depends on your circumstances -
I'd spend 60k turning our 2 bed bungalow into a 4 bed house, which would add 120k to its value...
I'd pay a bit off our other debts, and treat the family to a couple of decent holidays...
Oh, and buy a nice 140mm full susser.
i would lend ton 3k to buy a new leccy mtb so that i can take him riding around the square corner....... 8)
buy a house/flat to rent. I'm sure you can then get a bit of an income from your inheritance?
Give the money to a halfway house for newly released prisoners.
You could help them find their way back to the Big Society.
That ,or go and visit Don Simon for a relaxing holiday 😆
Well, the above are all good suggestions but I would suggest you think carefully about giving most, if not all of it to a good cause. I can suggest a very good charity, of which I am the founder and chairman of, that works tirelessly to support the almost forgotten cause of white, middle-class men in their early 40's, living in nice parts of the Southern England who are struggling with the results of a happy home life, a fulfilling marriage, a string of pretty good career choices but still do not own a Whyte 146, a Willier road bike, an Audi or a Rolex.
Please, please give what to you can to this excellent cause, make all cheques payable to the Charitable Access Support Helpline, or CASH.... 🙂
Or alternatively just get the mortgage paid off (or a chunk of it to keep the bank onside) and have a nice holiday and sort the house out. Oh and get a nice bike too 8)
I would say the 10% idea is a good one - spend the rest of it on being sensible but at least use 10%of it to have a good time now
Good rule that... In which case I'd buy...
Cotic Rocket with BOS Devilles, full XT, DT/Stans wheels, a Reverb post etc.
A couple of weeks somewhere to ride it.
Few hundred quid on new clothes. So skint it's been ages since I bought any!
Take a few closest mates out for a good meal and night out. Nothing too serious but drop a couple of hundred on it.
New 27" iMac...
Would then spend the rest on a decent sized 3/4 bed house, with as low a mortgage I could get and rent 2 of the rooms out to cover paying for the mortgage.
Would maybe then in 6-12 months time when that was all paying for itself spend a few grand on a newer car, but even though the current car is 12 years old it's so low milage and cheap to run, I couldn't really justify getting rid! And I used to consider myself a petrol head... My how times have changed!
put it towards buying a house. maybe treat mrsconsequence to a fullsuss. sorted.
£40k 'deposit' on a house
a couple of nice bikes
a cheapish car
and invest the rest in my business.
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Doesn't everybody have this sort of money lying around anyway? 😉
(Being middle class IT types)
All down to individual circumstances. Mortgage can wait for me - I'm 35 (so plenty of time working ahead of me) and £85k would only pay off around half of it.
So, I'd do some debt-free house improvements and, if there was any left over, I'd buy a couples of acres of land nearby and rent them out.
[i]Being middle class IT types[/i]
well £80k woudl pay off a third of my mortgage so I guess I fit the mould...
I'd hunt down secondhand Bontrager tat the world over.
i would have a lot of money left off after having paid mine
All down to individual circumstances. Mortgage can wait for me - I'm 35 (so plenty of time working ahead of me) and £85k would only pay off around half of it.
but save loads of interest.
buy 1423 front mud guards
but save loads of interest.
Over the remaining 19 years, I agree. But, on the basis I don't intend to move, I could achieve more with the house now, knowing that inflation will diminish the value of the debt over time.
Of course, this assumes I can and will continue to earn at at least the (relative) level I do now. That's the gamble.
^ good point.
i'm 36 and 84k would clear my mortgage - then i would not feel so bad about handing my notice in a dossing for a bit 😉
id panic buy stamps and sell em this christmas to the old dears....
Spend it bringing happiness to the other people who were associated with the deceased as well?
Don't ****ing sit on the rest of it. My Father brought me up in poverty whilst he sat on a huge inheritance. Idiot.
Before you spend a load of cash on the house you could consider moving. It might be cheaper. Oh, and depending on your circumstances, I'd put all but a very small amount straight into the mortgage.
"I spent a lot of money on booze, birds and fast cars. The rest I just squandered." George Best
life supply of goose eggs, parma ham & wine.
life supply of goose eggs, parma ham & wine.
I like your thinking.
Buy an investment property while the market is on its arse, rent out and use the money to pay off current mortgage. Plus some blow n hookers, maybe treat the mrs to some new norks.
Don't **** sit on the rest of it. My Father brought me up in poverty whilst he sat on a huge inheritance. Idiot.
Not that your bitter or anything 😉
He made alot of strangers happy (I'd cut him out of my life 30yrs ago).
He made alot of strangers happy (I'd cut him out of my life 30yrs ago).
good plan! sure we don't share a father?
In this order:
Disney Land
several bottles of Cristal '04
do up house
new bike with all the trimmings
top up ISA's to the max
top up current accounts
dent the mortgage with the remaining
Invest it in lottery tickets...........
Pay off one mortgage and get a newer car.
Two weeks tour of Canada in a hired camper van. Your bikes on.
mortgage.. as soon as that is finished your whole life changes for the better..
I have no mortgage, was ace when i paid it off, but life still goes on...
I think it depends how old the OP is as to what to do with it, mortgage is priority sure, but if you're getting on a bit just enjoy it.
You can't take it with you.
Go for a drink with Alex Hope ,when the bill comes give him the 84k and tell him you will have to owe him the other 41k for your bottle!!!!
Pay off mortgage,
buy an acre or 2 of land,
ski season in Whistler,
new wardrobe,
give a grand each to my nephews and niece.
Put any left over for the downsize in 10 years time.
Esselgruntfuttock - have you recieved my begging letter yet?
Personally I'd buy myself a nice yacht and **** off round the world..
My advice to you however given your comment about retiring, I'd sell your current gaff as it is, since everyone wants to knock you down and or they're looking for property they can do up and get the perceived benefits, you'd just lose what you invested in this current market.
So having sold it, take the money from the sale and your windfall and buy a decent new build which will be very heating efficient, then fill the roof with solar and chuck on a wind machine, or fit heat pumps and water collecting stuff or whatever other green stuff you can lay your hands on to get 'off the grid' thereby saving thousands paying to the power & utility companies.
Oh and hookers, though personally my plan is to fill the yacht with hookers that can cook = cookers one for each day of the week 'cept sunday.
buy some shares in apple, sell them this time next year
Put it on red (IANAFA).
That or 90% on the mortgage and 10% for holiday/bike/treats.
#I am not a financial advisor 😉
[i]Give the money to a halfway house for newly released prisoners.
You could help them find their way back to the Big Society.
That ,or go and visit Don Simon for a relaxing holiday[/i]
Ha! I'd rather do the 1st one & that aint gonna happen either.
Ton, I will get you a drink or two but don't push your luck right. 😉
[i]ski season in Whistler,
new wardrobe,[/i]
I'm 55 FFS, are you Harpic or what?
[i]buy a house/flat to rent. I'm sure you can then get a bit of an income from your inheritance?[/i]
Err, already got two of those.
[i]Pay off the mortgage, sell the house and buy a cottage in the country. Leave my job and get a job doing something I love working less hours and not noticing the drop in pay.[/i]
This suggestion is winning up to now.
Surely you'd buy a zoo
Just inherited slightly more than that myself.
Taking kids to Florida next year.
Bought the wife a new car.
Cleared some credit card debt
Having a three storey extension with integral triple garage built on house. We have a small mortgage anyway so as we plan on staying here until we are carried out in a bag it makes sense to spend on the house and get all the space we'll ever need.
Amazingly (for me) I havn't gone mad on bike stuff. Spent a few £100 on shiny trinkets for my motorbike, but that's it.
I'd buy a carbon Nomad, a VW Transporter, and then tell the wife I'd inherited 50K.
I'd blow a chunk of it on bikes, cars and travel. The rest I'd waste.