100k what would you do?

Possibilities:

Buy a house with a small mortgage
Invest until you actually want to buy your own place
Allocate 5k for fun every year for the next twenty years (you only live once!)
Buy a very nice car. You could get a lambo Gallardo a few years old and still have a shed load left (you live once!)

For god's sake make sure you waste none of it. At such an age, £100k is substantial if you keep it but I have friends who have blown £40k inheritances inside 5 years and have nothing to show for it other than clothes, watches and memories of Las Vegas.

Tangible things like property that will appreciate in value, and that you will appreciate when you mature into a very lucky 30 year old, will stand you in good stead for the future.

Do this:

Take £5k and tell yourself that is for holidays, clothes, fun money and that after it's gone, you won't be dipping in to the pot for more. Do eactly as you please with it but once it's gone, that's it!

Pay off every ounce of debt you owe and do it as soon as you get it.

With the residual ££,£££ or so, find a low-risk bond and sit pretty for 3 to 6 months. During that time, decide where you want to live and what sort of property you want to own. When you are sure and absolutely certain put the money down on your property and finance the rest with a low interest (and low L.T.V. ratio ideally) product from a reputable lender.

Don't look back on your twenties and wish you'd not spent it on stupid cars, women, daft holidays and a trendy wardrobe.

Inevitably over the coming years you would have had enough fun without being in your enviable position anyway. Keep your financial position private from friends as they will encourage you to splash the cash on silly things and you will feel obliged to buy the drinks as 'you're loaded mate'! Don't become a just because you've got a few quid; keep a level head.

Take my advice on this as its bloody fantastic. And free!

My account details 401931 224356**

Good luck!

Nice position to be in, I'm 22 and I would:

Maybe sell my 99'E39 528i and buy a late fully loaded E39 530 Sport or a E38 750i, so that's about £3k I'd get for the sale of my car and put £5k towards the new one.

Go on a long (more than a couple of weeks) holiday with a couple of mates, do America in a Mustang or something. That's probably £3k.

Buy some nice clothes, new TV, new PC, around £2-£3k

Put the rest, around 90k in the bank in the highest interest account I can (not that anyone is giving that much anyway) I would maybe reduce my working hours and go back to college for a couple of years, work enough to pay the rent and outgoings only, and dip into the £90k as and when I feel like it.

Nah...just waste it.


Seriously 'tho - buy property. Everybody need a roof over their heads and a tiny mortgage - or none at all - will set you up for life and put hundreds of pounds more every month in your pocket.

Buy a flat/house whatever.

My first house was bought with cash, (when house prices weren't ridiculous), and I had money spare every month to piss away on whatever I wanted.

Now I have a mortgage, I am skint every month.

Work out how many days you have to spend at work paying a mortgage. These are now days off if you don't have to pay the bank!

I'm of the opinion that, plenty of cash in the bank or not, there's no point in buying a property unless it's somewhere you're planning to live in for at least 5 years, ideally 10+ years. In your twenties the flexibility to move when you want is worthwhile, without the hassle of buying and selling, or renting out one place and getting another elsewhere. Plus at the moment property prices are only going in one direction so even if you did want to jump in it's worth sitting tight.

Beyond that, the standard financial stuff - pay off any debts, make sure you have enough (3-6 months salary) in an "emergency fund" that's quick and easy access in case you need it and the rest can be put in longer notice or longer-term investments. As said, it's a good idea to put a sensible amount to one side for indulgences. The really important thing is to make sure that your month-to-month outgoings do not exceed your salary (ie. you're not dipping into your savings) - having an inheritance doesn't take away the need to stay within your means, but it gives you a huge amount of financial freedom and makes you very well placed to deal with any financial challenges that come along.

Spend 5 k on whatever you want , then buy a property from auction later in the year . Oh yeah , dont tell anyone you got so much money

Thanks guys, these do sound good. I think putting it away for a period to think is a great idea. The loss was grandparents so not anything quite as bad as my parents (not that close to them), but this was over a year ago, seems the FA (family friend) is dragging his heels somewhat.

Unfortunately I shant be buying supercars, I may buy one car for myself, but that is it

You sound like you have your head screwed on to be honest.

As others have suggested - buy yourself somewhere to live - outright if you can and preferably not a flat (leasehold is often a pain). They you will always have the security of knowing you have somewhere to live and a tangible asset.

I just looked and the cheapest place in my postcode is £150k (studio). As said I am not against relocation, but I fear that the whole country (Surrey) is going to be a bit out of this range.