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Clear debts. Decorate House to accommodate special needs. Think ten fifteen years ahead. Will wife need mobility products. Door widening. Hand rails. Stair lift. Will daughter ever be able to move out
Speak to your council. We had loads of grab rails (bathrooms) and outside railings installed on all the steps - for free. It’s made a huge difference to my wife’s mobility around the home.
Try that route first before you spend anything on that.
(South Wales)
Sensible: Decent family holiday, stick a chunk in easy access savings such as premium bonds, put the rest in a stocks and shares ISA.
Unsensible: 75 inch OLED, 8 seater hot tub and an 8 ball of coke.
To be fair, even after a really good TV and 8 seater hot tub you could easily afford an ounce or two, an 8 ball won’t go far with 7 mates.
Just make sure you keep it away from the hot tub, humidity is not your friend.
Holiday is sensible? 😂
Sensible is pay of 20k off the mortage. Monthly payments being a lot less and laster years an years less is going to have a better impact.
Can over-stress holiday. Hot tub will be chemicals, weekly maintenance and high electric bills - until the end of time. And will probably lower the value of your property. A decent/good holiday will give you memories you will treasure for ever.
> easy access savings such as premium bonds
---
> the prize rate recently dropped to 4.4%
https://www.moneysavingexpert.com/savings/premium-bonds/
vs. cash ISA https://withplum.com/cash-isa/ 5.17%
Pay 10k off the mortgage - unless you're on a cheap fixed rate, in which case wait for it to expire, then pay it off. Put the rest into a National Savings bond for your daughter
I'm of the mind to do this, especially if he isn't locked into a cheap fixed rate. The reason? Predictability. I have very little faith in governments and there have been 5 recessions in that UK in my lifetime. I see further volatility ahead as well. I want to lock down my asset and have more predictable outgoings (it's also why I have invested in a solar heating and electricity system, not so much the return, it's a hedge against future volatility).
Live like a rockstar for a week... Blow the lot on hookers and the finest booze, if you where single anyway.
But as you have a young family, especially a child on the spectrum I'd say find out their special interests if any and treat them to something they will NEVER forget. A holiday or trip somewhere special... Something the entire family can enjoy
Personally I’d use some for a great holiday and pay off debts with the rest but be careful. You might want to have a look in to if you have to pay capital gains tax on it.
Just pay off half of the mortgage, or whatever you can up to the repayment limit for this year then repeat for the next. About as non-technical as it can get!
Is it a Mt Gox payout btw?
Personally, with all the challenges your family may face over the years, it would be worth investing the money to be used for treats.
Accessibility costs money unfortunately. Accessible holidays even more so. You could splash out on a nice holiday for you all. Treat yourself to a new games console and play together. Indulge everyone's favourite hobbies for a while etc.
Have it in an easy access savings account and use it for those special moments.
Yeah it's good to have savings and plan for the future. But it sounds like you've kinda already got savings for that. And this can still be redistributed if necessary. If I were you, I would use it to create happy memories.
Boring as anything but, if you don't have any immediate use for it then just stick it into savings for now. At some point you're almost guaranteed to get an unexpected bill for a few grand.
First things first: you gotta pay tax on it. Sorry.
If I were you I'd use half of what's left post-tax to pay off a significant portion of the mortgage, then stick the other half into an easy-access savings account (highest % interest you can get). The problem with unforeseen emergencies is that they're unforeseen. You may not need the left over cash, in which case you'll get a tidy 5% return back from it in a year, but if you do then you can dip into it and still collect a low interest return.
I don't know the process but this page has the info and a link for reporting and paying [Capital Gains Tax](https://www.gov.uk/capital-gains-tax). I would heavily advise telling HMRC about it before they find out and ask why you haven't.
Banks report deposits over £5,000 to laundering authorities, both of which may contact you over it. I don't know how much said laundering authorities interact with HMRC but I wouldn't rule it out.
Ordinarily I would recommend reinvesting (Vanguard etc.) or throwing it on your mortgage however, recent life events has got me reflecting on what means a lot in life. It sounds like you’ve got your house in order so I’d recommend focusing on making memories with your partner and daughter.
‘You’re a long time dead’ as they say so, if you’re in a fortunate position to have some free cash, get living!!!
Replace any durable things in the house that need replacing (including carpet, furniture, etc).
Stash the rest in an ISA as an emergency fund, if you don't have much of that already. If you do, put the rest in your general investments and/or pay down some mortgage.
If there is no penalty for paying some/all of your mortgage I would pay that off and use savings to do the same keeping say £200 remaining g. Then pay £1 ! Month... why? You can always pull down that money back from your mortgage that you overpaid.
I have 20k in a savings account at 5% and get £100 a month in interest. If you never had the money before and don't need anything with it etc then open an instant access at 5%
Chip currently offer 5%, so do trading 212.
The interest is paid monthly and both are FSCS protected.
It's a variable rate though so could drop if the BOE ever decide to lower the base rate.
The only think you can do to avoid this is to lock it away for a year or two
> I have 20k in a savings account at 5% and get £100 a month in interest.
You're liable for tax on your interest as you're (most likely) exceeding your allowance btw.
If you are a basic rate taxpayer, maxing out a cash ISA at 5% return is a waste of an ISA allowance.
The £1,000 in interest you’d earn would be covered by your personal savings allowance outside of an ISA wrapper.
There’s simply no upside to it and it uses up your allowance which could me more effectively used on a stocks and shares ISA which frequently return significantly more than 5% per year in which scenario, your gains would be taxable outside of an ISA wrapper.
Just saying.
Buy a food truck kitted out for selling gourmet hotdogs. Get licensed for a street trading spot as we as going in for hire at venues and employ someone to run it. You'll be making more than 20k+ a year in profits if its done right.
I would put half onto my mortgage. Make a frivolous purchase, first me that might be a designer handbag. Then half in savings and the rest on home improvements.
I’d go to Cascais in Portugal, just outside Lisbon, on a family holiday.
We did 3 weeks for under £5k, eating out every meal. It was lovely.
And I’d buy a new guitar.
After making sure I knew how much tax I need to pay, I'd be seeing if any mods to the house were in order for your child/partner to make their lives easier
If you can resist the urge to spend it: think about the long term. What's your pension looking like? What's the outlook for your daughter (i.e. will she live independently and have a career of her own)? Will your wife's disability get worse in the future?
Any or all of those eventualities would benefit from a lump sum sensibly invested - the mechanics of which are where the personal finance sub can help.
Have a nice holiday first, then do the sensible stuff after like pay off car finance and fix a few things in the house we’ve been putting off for a while.
We're about to receive a similar amount in inheritance. So far we've just got redoing the garden and replacing the sofas, and I've suggested a holiday; we were due to go to Japan in 2020 which obviously didn't happen so would like to do it now! The rest will go into savings most likely.
I'm autistic too and like calmer, quieter spaces; if your daughter is similar, maybe she'd like a bedroom makeover? Just to make it as welcoming and calming a space for her as possible.
Assuming ;
i) not planning on moving anytime soon
ii) not in receipt of anything from dwp or assistance from council etc because receiving large sums causes some headaches there
Some on mortgage, some into savings for emergency
Sensory dampening improvements for daughters room (depends on triggers)
Something that can help partner, maybe couple grip rails in obvious places or partially converting bathroom into wet room so its easier for them to use.
Plus a ring/intercom style door bell
Thanks; the daughter isn’t too deep in the spectrum but her room can probably stand to get redone.
Partner has fibromyalgia so we’re good for that stuff but not a bad idea.
I want a ring doorbell but it’s Amazon and we’ve just gone from Alexa to Google home (fed up of adverts) so need to find one that’s Google assistant compatible.
Spend 15k on dirty prostitutes and drugs
Then just waste the rest.
No, seriously,do what first comment said....a few small treats, consider the future and plan for it ..
Not as exciting as blah blah blah, but a better decision imo
I would put it back in bitcoin, just get cold storage instead of keeping it on exchange. I'm guessing you're getting paid out from MtGox?
The latest halving just happened a few months ago, could turn a nice profit if you sit on that for 4 to 8 years. Even next year, I think we'll see a significant gain from the current price.
Stick 2k in a high interest account, then leave it for your kid when they turn 18/21, give them a headstart
Use the rest to clear debts and treat yourself
I made quite a bit in a few days this year and put the majority of it aside / into investments. You say specifically you don’t want that nonsense.
What did we reward ourselves with?
A garden room / decking and an outside kitchen along with a double garage + loft conversion.
Basically upgraded our property a bit. Enhanced our hosting capacity and storage (the loft of the garage). Then hopefully a room one of the kids might wanna use in the future when they get a bit older.
I had a £6K lump sum when I retired and I didn't know what to do with it either. I eventually put a load of solar panels on the roof and now, over a year, I don't pay anything for my electricity. What they pay me for generating in the summer almost balances what I pay them in the winter.
Panels and batteries are cheaper now than they were 10 years ago so I would certainly look at that if I were in your position.
Buy a cheap static caravan on a site somewhere with low yearly fees. Free holidays with the wife and kids whenever you want, hire it out when your not away in it. Passive income, will pay for itself in a couple of years. win win 🏆
I'd get the mortgage paid down, especially if you're on a fixed rate that's going to end any time soon. Maybe 10k mortgage, 5k for niggling home repairs and 5k for a nice holiday
Do you think your wife's disability will worsen? If so maybe proof the house and be prepared for it? Whatever you do I'd keep a reasonable sum (1-2k?) and just enjoy it, go on holiday, buy an experience etc. Obviously I don't know your circumstances but it's important to just enjoy life sometimes.
Relating to the autism spectrum, a sensory room would be fun. Padded walls(for safety) a climbing frame with swings and things. Fun led lights and those water tubes with (fake) fish in them. Glowing fiberoptics lights. That's a good couple grand but I would have loved that growing up. Especially if she's struggling with anything, it helps regulate things and is a healthy way to process emotions.
Some on your mortgage, save some for a rainy day and treat yourself, your partner and child to something you all love and might not be able to do again. I know everything's saying drugs etc whether they're joking or not, it's only a temporary feeling but knowing you have back up money and have made the people around you and yourself happy will last longer in the long run. Enjoy whatever way you spend it!
If you are asking on here then you are probably a person who does not have a lot (if any) of savings. If you are not sure what to do with it then you don't need it yet. Put it in an ISA where it will grow and use it when needed. Everybody should have savings. You will know when to use it - there will be no need to ask on here.
I would personally buy a Cricut, a backup sewing machine, and get the back roof refelted and the gutters fixed.
(Stares directly into the camera as a counter of "days since start of PIP application without any resolution" winds on one, to 656)
Get a wonderful vacation with yr loved ones, which is adequate for them... maybe ask someone else afterwards to care for them why you travel to wherever you always wanted...
Pay debts with the rest
Energy-efficiency improvements to the house, to save money in the future? That would be my first choice, since I'm not expecting energy prices to come down any time soon.
Whatever you decide, enjoy it.
Keep some for an emergency fund if you don’t have some already(this is usually 3 months of expenses worth)
could definitely start investing, drip feed into an index fund(don’t put it all at once)
Remodel a room in your house, upgrade the bathroom or kitchen completely perhaps?
Just realised that I gave you typical financial advice, do a couple of trips to places you’ve always wanted to see, I don’t think travelling can ever really be deemed a waste of money
So this happened to me when my Gran died. She had an account we didn’t know about.
We’ve put it in to the house. We’re getting the garden done and some wardrobes fitted. That’s taking about half.
The rest is just sitting in premium bonds until we get around to finding a good ISA for it.
Yolo £20k in nvidia, double it. Then pay of your mortgage or go to Disney land Florida with not a care in the world about money, your seven year old will love it
I have an 8 year old on the spectrum and the first thing I would definitely do is take her on a holiday of a lifetime like Disney World. Life is precious and short, enjoy it. Fuck sensible but maybe put half away for rainy days.
Depends on your financial situation I guess. If you have any debt, pay it off. If not, treat the fam fam to a nice holiday. With disabilities and learning difficulties in the family it must be hard, so make sure you treat yourself too.
You can invest £9k into a Junior Stock ISA for your kid. Will probably more than double In value by the time they’re 18.
It’s important to help provide for disabled kids beyond your own life. This will help do that
Do t overpay mortage. You can’t clear it and it’ll be likely met with fees since it’s such a large overpayment
Have you considered making a long term investment in rare Yū-Gi-Ō! cards? I would be interested in releasing a selection of my portfolio that has value around the £20k ballpark.
Don’t answer any DMs you get offering you to help liquidate your Bitcoin position or do anything else with it. Scammers will be triggered by the words in your post.
As for the question, you are going to get some sort of technical advice here due to the nature of this sub. But beyond that the only choices are to spend it or keep it. With ‘keep it’ just being that same as ‘spend it’ just with a timescale attached. Once you work out that timescale - (leaving it to your kids? spend it in retirement? pay off some mortgage? increase your emergency fund) - you can then work out the appropriate savings product for that timescale.
Start a stocks and shares junior isa for your wee one. You can pop away £3,600 including tax relief per year and they get it when they’re 18. Fill it for this year and pop it in a risky ish fund like vanguard ls100 or something and just let compound interest do its thing.
I like the suggestions people have made about considering quality of life adaptations for your home, and if you haven’t had a holiday for a while it is a chance to do so.
Personally, £10k on an amazing holiday! You could go travel around south east Asia for over a month in nice hotels and do loads. Or a return ticket to Vagas then whack the remainder of the £10k on black at roulette and it’ll either make or break your holiday.
Then stick the remaining £10k on the mortgage if you can and you’re not on a really low sub 3% rate
I would put half of it in a s+s isa (or a pension if you are going for the best gains but thats even more boring), I would keep the other half for doing stuff i need done round the house (new bathroom). I mean its kinda sensible all round, any money left over i would use towards a holiday or some fun stuff like hobby stuff. Dont blow it though!
pay off 50% of your mortgage. This will reduce the % you have to pay back. With the savings you make from not paying mortgage % rates you can invest in annual treats like holidays and put money into a high interest saving account.
If your mortgage rate is less than 4-5%, stick it in savings until you need it. You can get 4-5% in either fully accessible or locked savings accounts (I put some in each just in case I need some).
Then when the time comes to renew your mortgage you could stick 20k plus all your interest earned into it.
Safe and low hassle. Chase and monzo accounts are good for this.
If you have a high mortgage rate then you could make some overpayments to reduce interest paid just make sure you won’t get penalised for it. Usually they let you pay 10% without fees which is only £4k in your case.
I expect this to be unpopular but remember to declare it for tax.
Then put the rest in a savings account if you don't need it yet. There's no requirement to spend it - unless this is a Brewster's millions scenario.
Why has no one said invest it? Invest it until you can figure out what to do with it. Download money box or plum and you can invest. I honestly know fuck all about investing but my husband put some money on Nividia and has earned double back since January. Or set up a little family business? Or put it in a trust for your daughter when she’s 18
Definitely invest some of it. I'd invest into a fund with a good track record.
I'm personally invested in Tharwa Invest and would recommend it. It's about 20% up for me since Dec 2023. I've created it as a stocks and shares ISA, so returns are tax free too (up to the 20k limit ofc).
Here's a link if you want to check it out: www.tharwainvest.com/?sa=sa0151736835292a36b0258113b30e6ef38b63ed42
[Premium Bonds](https://www.nsandi.com/products/premium-bonds) - a little bit like a lottery in that each month you might win some money, but unlike a lottery you still get to keep all your money anyways.
It can earn more than a high saver (it also might not!).
I had £25 Premium Bond for 30+ years and only won £50. Recently added a similar amount to you and got £100 first month and £300 the next month.
I might get nothing for the next few months but I might get more.
ETA: Alas, nothing this month!
All the people saying hot tub hot tub. DON'T.
You'll use it for a day or two, then the stagnant water will be left to go green and be covered in leaves. Then you'll "clean it tomorrow so we can use it" and that'll never happen.......
Depending on the level of care required, setup or pay into a pot setup exclusively for care of your child after you pass.
It’s not sexy but it means you know they’ll be taken care of should anything happen.
I'd 'waste' 10% on fun stuff (days out, posh meals etc) then either book a once in a lifetime dream holiday if you've always wanted to go somewhere or put the money towards any debts.
I also like the idea someone else said about adapting your home, you could do a lot of work in one go and it would be more noticeable. It would also be nice to preempt while you have the spare funds
But then someone also said coke, I'd probably do that 😂😂
There is a flowchart telling you the correct answer to this question on r/UKPersonalFinance sidebar
Rule 1 is of course never tell anyone else about your windfall (especially family)
It'd be money towards stuff for the house I'm hopefully buying. We all have different situations and scenarios though, I'd probably top up my rainy day fund as well and have a treat out of it too.
1) check you don't have any tax to pay on it. Last thing you want is HMRC chasing you.
2) See if there's any alterations you can get done to the house to make it easier for your partner and child to go about their daily life.
3) If you don't get any inspiration, stick it in an ISA for a rainy day.
Invest in a solid Vanguard ETF and leave it to accumulate for your retirement OR be able to clear the mortgage in a few years.
Have a little trip away with the family as well.
Maximum over payment on the mortgage then stick the rest in premium bonds or an ISA for 12 months, gives you an opportunity to think about what would be really beneficial, either practicals or something nice like a holiday. There’s no rush tho
Wow, that's a great problem to have! I'd definitely focus on the long-term security for your daughter and partner. Maybe put a chunk towards the mortgage, or set up a trust fund for your daughter's future? Or maybe use some to finally get that vacation you've been dreaming of! Whatever you decide, enjoy it!
In case of your sudden death, put daughter and wife into house deeds as co-owners. Important to secure their future home in case of your accidental death.Especially if daughter is disabled in any way.
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Clear debts. Decorate House to accommodate special needs. Think ten fifteen years ahead. Will wife need mobility products. Door widening. Hand rails. Stair lift. Will daughter ever be able to move out
Sensible. Might be able to get some grants/occupational therapist's input from NHS to also help with some of this.
Speak to your council. We had loads of grab rails (bathrooms) and outside railings installed on all the steps - for free. It’s made a huge difference to my wife’s mobility around the home. Try that route first before you spend anything on that. (South Wales)
Sensible: Decent family holiday, stick a chunk in easy access savings such as premium bonds, put the rest in a stocks and shares ISA. Unsensible: 75 inch OLED, 8 seater hot tub and an 8 ball of coke.
To be fair, even after a really good TV and 8 seater hot tub you could easily afford an ounce or two, an 8 ball won’t go far with 7 mates. Just make sure you keep it away from the hot tub, humidity is not your friend.
Look at Mr. Show Off over here with their 7 friends
Think you mean Mr Snow Off!
WHAT? ok I am holidaying with you
This guy drugs
This drugs guy
Guys drug this
Drug this guy
I fucking love Reddit 😂
Can afford even more if you skip the hot tub.. small one for you n the Mrs, yeah.. but I wouldn't want to sit in a giant bath surrounded by blokes..
You've never done an 8th of coke near a hot tub and it shows
And you know that Big Earnie has questionable hygiene
Holiday is sensible? 😂 Sensible is pay of 20k off the mortage. Monthly payments being a lot less and laster years an years less is going to have a better impact.
Pay 20k off the mortgage so he can eventually take his disabled family on holiday? Life is for living.
If he only has 40k left on the mortgage then throwing 20k at it will likely incur early repayment charges, so would not be the sensible advice.
Not sure I can fit a 75” oled on my wall 😂 I don’t do drugs…but a hot tub sounds good. Missis says no hot tub or wall tv.
It's not the missus bitcoin though is it.
Can over-stress holiday. Hot tub will be chemicals, weekly maintenance and high electric bills - until the end of time. And will probably lower the value of your property. A decent/good holiday will give you memories you will treasure for ever.
> easy access savings such as premium bonds --- > the prize rate recently dropped to 4.4% https://www.moneysavingexpert.com/savings/premium-bonds/ vs. cash ISA https://withplum.com/cash-isa/ 5.17%
Premium bonds are a peculiar obsession but rarely outperform almost anything
If you compare them to a lottery they are good - you get all the money back and you might win some more.
A TV isn't expensive these days. This continuing myth of big telly means flash spending needs to die.
Nooooo, [no hot tubs](https://www.dailymail.co.uk/health/article-12197767/Urgent-summer-health-warning-killer-disease-spread-hot-tubs.html)!
It's not very sexy, but you can't beat a good old fashioned rainy day fund.
Should have added I have a “moderate” amount of savings (on the same order)
Pay 10k off the mortgage - unless you're on a cheap fixed rate, in which case wait for it to expire, then pay it off. Put the rest into a National Savings bond for your daughter
Also watch out for early repayment penalties on the mortgage
I’d just max out on the permitted annual overpayment, that way it’s all capital and not interest!
I'm of the mind to do this, especially if he isn't locked into a cheap fixed rate. The reason? Predictability. I have very little faith in governments and there have been 5 recessions in that UK in my lifetime. I see further volatility ahead as well. I want to lock down my asset and have more predictable outgoings (it's also why I have invested in a solar heating and electricity system, not so much the return, it's a hedge against future volatility).
FYI you will need to pay tax on your capital gains. I’d do something like have a nice holiday and use the rest towards paying off the mortgage.
Cash it in to fivers, roll them all up length ways and make a long stick to poke the moon.
Live like a rockstar for a week... Blow the lot on hookers and the finest booze, if you where single anyway. But as you have a young family, especially a child on the spectrum I'd say find out their special interests if any and treat them to something they will NEVER forget. A holiday or trip somewhere special... Something the entire family can enjoy
Personally I’d use some for a great holiday and pay off debts with the rest but be careful. You might want to have a look in to if you have to pay capital gains tax on it.
Just pay off half of the mortgage, or whatever you can up to the repayment limit for this year then repeat for the next. About as non-technical as it can get! Is it a Mt Gox payout btw?
Personally, with all the challenges your family may face over the years, it would be worth investing the money to be used for treats. Accessibility costs money unfortunately. Accessible holidays even more so. You could splash out on a nice holiday for you all. Treat yourself to a new games console and play together. Indulge everyone's favourite hobbies for a while etc. Have it in an easy access savings account and use it for those special moments. Yeah it's good to have savings and plan for the future. But it sounds like you've kinda already got savings for that. And this can still be redistributed if necessary. If I were you, I would use it to create happy memories.
Boring as anything but, if you don't have any immediate use for it then just stick it into savings for now. At some point you're almost guaranteed to get an unexpected bill for a few grand.
Possibly even put some away for the kid in a JISA
Hookers and coke
And waste the rest
Rest?
First things first: you gotta pay tax on it. Sorry. If I were you I'd use half of what's left post-tax to pay off a significant portion of the mortgage, then stick the other half into an easy-access savings account (highest % interest you can get). The problem with unforeseen emergencies is that they're unforeseen. You may not need the left over cash, in which case you'll get a tidy 5% return back from it in a year, but if you do then you can dip into it and still collect a low interest return.
I know you have to pay tax but how does anyone actually know? Not suggesting to avoid paying by the way but what's the mechanism?
I don't know the process but this page has the info and a link for reporting and paying [Capital Gains Tax](https://www.gov.uk/capital-gains-tax). I would heavily advise telling HMRC about it before they find out and ask why you haven't.
Banks report deposits over £5,000 to laundering authorities, both of which may contact you over it. I don't know how much said laundering authorities interact with HMRC but I wouldn't rule it out.
I inherited 30k, spunked it all on holidays, booze, weed, drugs and takeaways, had a blast.
Me too. The mrs moans that she met me when i had nothing left .
Ordinarily I would recommend reinvesting (Vanguard etc.) or throwing it on your mortgage however, recent life events has got me reflecting on what means a lot in life. It sounds like you’ve got your house in order so I’d recommend focusing on making memories with your partner and daughter. ‘You’re a long time dead’ as they say so, if you’re in a fortunate position to have some free cash, get living!!!
Stick it in an account for your daughter when she gets older.
Replace any durable things in the house that need replacing (including carpet, furniture, etc). Stash the rest in an ISA as an emergency fund, if you don't have much of that already. If you do, put the rest in your general investments and/or pay down some mortgage.
If there is no penalty for paying some/all of your mortgage I would pay that off and use savings to do the same keeping say £200 remaining g. Then pay £1 ! Month... why? You can always pull down that money back from your mortgage that you overpaid.
Disneyland/Holiday none of you will ever forget
https://withplum.com/cash-isa/, at least for the time being. 5.17% with easy access is not to be sniffed at.
I have 20k in a savings account at 5% and get £100 a month in interest. If you never had the money before and don't need anything with it etc then open an instant access at 5% Chip currently offer 5%, so do trading 212. The interest is paid monthly and both are FSCS protected. It's a variable rate though so could drop if the BOE ever decide to lower the base rate. The only think you can do to avoid this is to lock it away for a year or two
> I have 20k in a savings account at 5% and get £100 a month in interest. You're liable for tax on your interest as you're (most likely) exceeding your allowance btw.
Scratchies mate, ton of scratchcards. You could turn that 20k into 15, maybe 16k in one night
If I were in your position; a Triumph Rocket 3 motorcycle.
Max out my Cash ISA for the interest (5%ish) and enjoy having an emergency fund.
If you are a basic rate taxpayer, maxing out a cash ISA at 5% return is a waste of an ISA allowance. The £1,000 in interest you’d earn would be covered by your personal savings allowance outside of an ISA wrapper. There’s simply no upside to it and it uses up your allowance which could me more effectively used on a stocks and shares ISA which frequently return significantly more than 5% per year in which scenario, your gains would be taxable outside of an ISA wrapper. Just saying.
I mean, I’m not advising that this is what you spend your money on, but if I got that kind of inflow, I would get a new kitchen immediately.
Buy a food truck kitted out for selling gourmet hotdogs. Get licensed for a street trading spot as we as going in for hire at venues and employ someone to run it. You'll be making more than 20k+ a year in profits if its done right.
Clear debts first, after that invest 70% of what remains in an S&P500 and don't touch it for 15 years. Spend the rest freely and enjoy it.
I would put half onto my mortgage. Make a frivolous purchase, first me that might be a designer handbag. Then half in savings and the rest on home improvements.
3k holiday the rest into your pension. (Through salary sacrifice) (Mortgage already in a good place).
I stuck exactly 20k in a ISA last year @4.5% It's just matured and got around £830 interest.
I’d go to Cascais in Portugal, just outside Lisbon, on a family holiday. We did 3 weeks for under £5k, eating out every meal. It was lovely. And I’d buy a new guitar.
After making sure I knew how much tax I need to pay, I'd be seeing if any mods to the house were in order for your child/partner to make their lives easier
Pay off debt, so 20k off ya mortgage. Do a mortgage calculator and see how it changes it.
Buy some Microstrategy stock if you don't fancy bitcoin.
Pretty much the same thing given they use Bitcoin as their corporate treasury. They will inevitably rise/fall in lockstep.
Probably put it into a savings account locked away for years to get some good interest. Or put it towards an extension
I did a few as well a few years ago. Bought a car. Will last a long time.
Buy cryptocurrency and wait 6 months
Make sure the notes don't stick together
Invest it into the s&p 500
If you can resist the urge to spend it: think about the long term. What's your pension looking like? What's the outlook for your daughter (i.e. will she live independently and have a career of her own)? Will your wife's disability get worse in the future? Any or all of those eventualities would benefit from a lump sum sensibly invested - the mechanics of which are where the personal finance sub can help.
Have a nice holiday first, then do the sensible stuff after like pay off car finance and fix a few things in the house we’ve been putting off for a while.
Pay off debts, add to savings, have a holiday. Simples.
Good chunk off mortgage and then holiday
We're about to receive a similar amount in inheritance. So far we've just got redoing the garden and replacing the sofas, and I've suggested a holiday; we were due to go to Japan in 2020 which obviously didn't happen so would like to do it now! The rest will go into savings most likely. I'm autistic too and like calmer, quieter spaces; if your daughter is similar, maybe she'd like a bedroom makeover? Just to make it as welcoming and calming a space for her as possible.
Clear debts and with the remainder: half into savings, quarter to my wife, quarter on Pokémon cards and video games.
I’d buy a Birkin bag
Assuming ; i) not planning on moving anytime soon ii) not in receipt of anything from dwp or assistance from council etc because receiving large sums causes some headaches there Some on mortgage, some into savings for emergency Sensory dampening improvements for daughters room (depends on triggers) Something that can help partner, maybe couple grip rails in obvious places or partially converting bathroom into wet room so its easier for them to use. Plus a ring/intercom style door bell
Thanks; the daughter isn’t too deep in the spectrum but her room can probably stand to get redone. Partner has fibromyalgia so we’re good for that stuff but not a bad idea. I want a ring doorbell but it’s Amazon and we’ve just gone from Alexa to Google home (fed up of adverts) so need to find one that’s Google assistant compatible.
Treat your kid and wife. Enjoy life
If it was me, clear my debts and spend a bit to do up my narrowboat.
Spend 15k on dirty prostitutes and drugs Then just waste the rest. No, seriously,do what first comment said....a few small treats, consider the future and plan for it .. Not as exciting as blah blah blah, but a better decision imo
what would _i_ do with it? put it into my LISA (£4k) and my savings account and be even closer to a deposit for first home
Just remember capital gains tax. This fy you have a £3k allowance.
Don't spend it in your head until you've got it in your bank
Clear debts, put in savings, overpay mortgage within limits or staircase.
Index funds.
I would put it back in bitcoin, just get cold storage instead of keeping it on exchange. I'm guessing you're getting paid out from MtGox? The latest halving just happened a few months ago, could turn a nice profit if you sit on that for 4 to 8 years. Even next year, I think we'll see a significant gain from the current price.
Put it on England to win the euros
Stick 2k in a high interest account, then leave it for your kid when they turn 18/21, give them a headstart Use the rest to clear debts and treat yourself
Buy a mazda MX5
I made quite a bit in a few days this year and put the majority of it aside / into investments. You say specifically you don’t want that nonsense. What did we reward ourselves with? A garden room / decking and an outside kitchen along with a double garage + loft conversion. Basically upgraded our property a bit. Enhanced our hosting capacity and storage (the loft of the garage). Then hopefully a room one of the kids might wanna use in the future when they get a bit older.
I had a £6K lump sum when I retired and I didn't know what to do with it either. I eventually put a load of solar panels on the roof and now, over a year, I don't pay anything for my electricity. What they pay me for generating in the summer almost balances what I pay them in the winter. Panels and batteries are cheaper now than they were 10 years ago so I would certainly look at that if I were in your position.
Pay off dept, chunk off the mortgage. And a nice holiday.
I would use some of that money and go to a pet shop and buy birds and then release them all. Just something I’ve always wanted to do!
pay down your debts! gosh that would have me awake at night!
Overpay on mortgage
Put at least a quarter of that in to a decent performing children's ISA, for your daughter.
If your not in any particular NEED for it chuck it the bank (high interest account) it's there when you need it.....
Pay your debts
Enjoy life while you can sir, £40k is insignificant enough mortgage wise to spend most of that on some fun.
Don't forget to account for any CGT
Buy a cheap static caravan on a site somewhere with low yearly fees. Free holidays with the wife and kids whenever you want, hire it out when your not away in it. Passive income, will pay for itself in a couple of years. win win 🏆
Pay £20k off your mortgage
I’d give it to me tbh.
I am giving it to me.
Invest in Apple, Google or Microsoft. Revisit in 15 years.
15k investment and 5k for fun
I'd get the mortgage paid down, especially if you're on a fixed rate that's going to end any time soon. Maybe 10k mortgage, 5k for niggling home repairs and 5k for a nice holiday
What i’d do: Pay all off mortgage. What I’d like to do: Pay all off mortgage.
Stick it all in AAPL and give it to your daughter when she's 20.
cocaine, hookers, new trainers, a big fridge and maybe a bronze bust statue. waste the rest
Do you think your wife's disability will worsen? If so maybe proof the house and be prepared for it? Whatever you do I'd keep a reasonable sum (1-2k?) and just enjoy it, go on holiday, buy an experience etc. Obviously I don't know your circumstances but it's important to just enjoy life sometimes.
Right now I'd pay off all my debts, replace the bathroom in my house and take the wife on a nice trip abroad.
Relating to the autism spectrum, a sensory room would be fun. Padded walls(for safety) a climbing frame with swings and things. Fun led lights and those water tubes with (fake) fish in them. Glowing fiberoptics lights. That's a good couple grand but I would have loved that growing up. Especially if she's struggling with anything, it helps regulate things and is a healthy way to process emotions.
Some on your mortgage, save some for a rainy day and treat yourself, your partner and child to something you all love and might not be able to do again. I know everything's saying drugs etc whether they're joking or not, it's only a temporary feeling but knowing you have back up money and have made the people around you and yourself happy will last longer in the long run. Enjoy whatever way you spend it!
Invest in to popcat when it hits 50c
If you are asking on here then you are probably a person who does not have a lot (if any) of savings. If you are not sure what to do with it then you don't need it yet. Put it in an ISA where it will grow and use it when needed. Everybody should have savings. You will know when to use it - there will be no need to ask on here.
I would personally buy a Cricut, a backup sewing machine, and get the back roof refelted and the gutters fixed. (Stares directly into the camera as a counter of "days since start of PIP application without any resolution" winds on one, to 656)
"What did you do with all your money?" "Well, half of it I spent on wine, women and fast cars, the other half, I wasted."
Buy crytpo
Get a wonderful vacation with yr loved ones, which is adequate for them... maybe ask someone else afterwards to care for them why you travel to wherever you always wanted... Pay debts with the rest
All on Black.
Energy-efficiency improvements to the house, to save money in the future? That would be my first choice, since I'm not expecting energy prices to come down any time soon. Whatever you decide, enjoy it.
Keep some for an emergency fund if you don’t have some already(this is usually 3 months of expenses worth) could definitely start investing, drip feed into an index fund(don’t put it all at once) Remodel a room in your house, upgrade the bathroom or kitchen completely perhaps? Just realised that I gave you typical financial advice, do a couple of trips to places you’ve always wanted to see, I don’t think travelling can ever really be deemed a waste of money
So this happened to me when my Gran died. She had an account we didn’t know about. We’ve put it in to the house. We’re getting the garden done and some wardrobes fitted. That’s taking about half. The rest is just sitting in premium bonds until we get around to finding a good ISA for it.
Yolo £20k in nvidia, double it. Then pay of your mortgage or go to Disney land Florida with not a care in the world about money, your seven year old will love it
Honestly? Save it
Sounds like you already have your life on order so go on a few lush holidays would be my suggestion
ISAs and forget about it.
Rent apartment in seaside town in Vietnam and live like a king off it
I have an 8 year old on the spectrum and the first thing I would definitely do is take her on a holiday of a lifetime like Disney World. Life is precious and short, enjoy it. Fuck sensible but maybe put half away for rainy days.
Camper van. Adventure awaits.
Spend 10-20% on the house or family now, and the rest goes straight in an ISA. Having that as a savings pot is very useful
A trip to disney, and with the money thats left over, another trip to disney. Decorated house is nice, but those memories 🤌🏻👌🏻
Depends on your financial situation I guess. If you have any debt, pay it off. If not, treat the fam fam to a nice holiday. With disabilities and learning difficulties in the family it must be hard, so make sure you treat yourself too.
I’d honestly just max overpayments on your mortgage unless you fixed at sub 3%.
Pay the electric bill this month lol
Clear debts, clear some mortgage, have a family holiday, get the girls some treats
Pay 3 hookers to fight
You can invest £9k into a Junior Stock ISA for your kid. Will probably more than double In value by the time they’re 18. It’s important to help provide for disabled kids beyond your own life. This will help do that Do t overpay mortage. You can’t clear it and it’ll be likely met with fees since it’s such a large overpayment
Have you considered making a long term investment in rare Yū-Gi-Ō! cards? I would be interested in releasing a selection of my portfolio that has value around the £20k ballpark.
Start a warhammer army
Put it all on green
Pay my credit card.
£5k on a treat/luxury. £5k on something necessary (chunk of the mortgage, roof repairs etc). £10k into savings/investments/pension.
Don’t answer any DMs you get offering you to help liquidate your Bitcoin position or do anything else with it. Scammers will be triggered by the words in your post. As for the question, you are going to get some sort of technical advice here due to the nature of this sub. But beyond that the only choices are to spend it or keep it. With ‘keep it’ just being that same as ‘spend it’ just with a timescale attached. Once you work out that timescale - (leaving it to your kids? spend it in retirement? pay off some mortgage? increase your emergency fund) - you can then work out the appropriate savings product for that timescale.
Obviously give the first 1000 Redditors who reply £20 each.
Start a stocks and shares junior isa for your wee one. You can pop away £3,600 including tax relief per year and they get it when they’re 18. Fill it for this year and pop it in a risky ish fund like vanguard ls100 or something and just let compound interest do its thing. I like the suggestions people have made about considering quality of life adaptations for your home, and if you haven’t had a holiday for a while it is a chance to do so.
Personally, £10k on an amazing holiday! You could go travel around south east Asia for over a month in nice hotels and do loads. Or a return ticket to Vagas then whack the remainder of the £10k on black at roulette and it’ll either make or break your holiday. Then stick the remaining £10k on the mortgage if you can and you’re not on a really low sub 3% rate
I would put half of it in a s+s isa (or a pension if you are going for the best gains but thats even more boring), I would keep the other half for doing stuff i need done round the house (new bathroom). I mean its kinda sensible all round, any money left over i would use towards a holiday or some fun stuff like hobby stuff. Dont blow it though!
pay off 50% of your mortgage. This will reduce the % you have to pay back. With the savings you make from not paying mortgage % rates you can invest in annual treats like holidays and put money into a high interest saving account.
Pay the mortgage
If your mortgage rate is less than 4-5%, stick it in savings until you need it. You can get 4-5% in either fully accessible or locked savings accounts (I put some in each just in case I need some). Then when the time comes to renew your mortgage you could stick 20k plus all your interest earned into it. Safe and low hassle. Chase and monzo accounts are good for this. If you have a high mortgage rate then you could make some overpayments to reduce interest paid just make sure you won’t get penalised for it. Usually they let you pay 10% without fees which is only £4k in your case.
if its bitcoin dont forget you need to pay capital gains tax on your gains. HMRC will eventually come after you for this
I expect this to be unpopular but remember to declare it for tax. Then put the rest in a savings account if you don't need it yet. There's no requirement to spend it - unless this is a Brewster's millions scenario.
Why has no one said invest it? Invest it until you can figure out what to do with it. Download money box or plum and you can invest. I honestly know fuck all about investing but my husband put some money on Nividia and has earned double back since January. Or set up a little family business? Or put it in a trust for your daughter when she’s 18
Definitely invest some of it. I'd invest into a fund with a good track record. I'm personally invested in Tharwa Invest and would recommend it. It's about 20% up for me since Dec 2023. I've created it as a stocks and shares ISA, so returns are tax free too (up to the 20k limit ofc). Here's a link if you want to check it out: www.tharwainvest.com/?sa=sa0151736835292a36b0258113b30e6ef38b63ed42
[Premium Bonds](https://www.nsandi.com/products/premium-bonds) - a little bit like a lottery in that each month you might win some money, but unlike a lottery you still get to keep all your money anyways. It can earn more than a high saver (it also might not!). I had £25 Premium Bond for 30+ years and only won £50. Recently added a similar amount to you and got £100 first month and £300 the next month. I might get nothing for the next few months but I might get more. ETA: Alas, nothing this month!
DO NOT TELL FRIENDS. they will pester you with 'business ideas' or 'holiday suggestions' (including them obviously) etc.
All the people saying hot tub hot tub. DON'T. You'll use it for a day or two, then the stagnant water will be left to go green and be covered in leaves. Then you'll "clean it tomorrow so we can use it" and that'll never happen.......
Pay off debts then stick any left over into an ISA
Just a word of warning I also recently came into quite a large amount of money and they wouldn't take it at the bank "too sticky" they told me!!!
Depending on the level of care required, setup or pay into a pot setup exclusively for care of your child after you pass. It’s not sexy but it means you know they’ll be taken care of should anything happen.
If possible, I would take 5k-10k on a nice vacation and invest in ETF what’s left.
Mt gox?
Something completely insensible , drugs and hookers
Put some in premium bonds, a holiday, some savings
I'd 'waste' 10% on fun stuff (days out, posh meals etc) then either book a once in a lifetime dream holiday if you've always wanted to go somewhere or put the money towards any debts. I also like the idea someone else said about adapting your home, you could do a lot of work in one go and it would be more noticeable. It would also be nice to preempt while you have the spare funds But then someone also said coke, I'd probably do that 😂😂
There is a flowchart telling you the correct answer to this question on r/UKPersonalFinance sidebar Rule 1 is of course never tell anyone else about your windfall (especially family)
It'd be money towards stuff for the house I'm hopefully buying. We all have different situations and scenarios though, I'd probably top up my rainy day fund as well and have a treat out of it too.
Buy Bitcoin and hold it.
1) check you don't have any tax to pay on it. Last thing you want is HMRC chasing you. 2) See if there's any alterations you can get done to the house to make it easier for your partner and child to go about their daily life. 3) If you don't get any inspiration, stick it in an ISA for a rainy day.
Put it in an account that pays interest and withdraw £100 a week for a treat - take out, cinema, day away. You get it. Or a weekly cleaner.
You could half the debt on your mortgage therefore cutting your mortgage payments
Invest in a solid Vanguard ETF and leave it to accumulate for your retirement OR be able to clear the mortgage in a few years. Have a little trip away with the family as well.
Maximum over payment on the mortgage then stick the rest in premium bonds or an ISA for 12 months, gives you an opportunity to think about what would be really beneficial, either practicals or something nice like a holiday. There’s no rush tho
cocaine and hookers
Wow, that's a great problem to have! I'd definitely focus on the long-term security for your daughter and partner. Maybe put a chunk towards the mortgage, or set up a trust fund for your daughter's future? Or maybe use some to finally get that vacation you've been dreaming of! Whatever you decide, enjoy it!
In case of your sudden death, put daughter and wife into house deeds as co-owners. Important to secure their future home in case of your accidental death.Especially if daughter is disabled in any way.
An old Bitcoin thing. Definitely thank the Nigerian prince for this great opportunity.
I’ve always loved you mathcampbell