What do I do with £20k?

[anonymous-user]

The initial message was deleted from this topic on 14 November 2022 at 09:30

[vulture1]

What cars do you have?

[Wololo]

The boring and risk averse answer is keep as much of it to one side as you need for an emergency fund and use the rest to pay down some of the mortgage.

Especially good if your mortgage permits a payment holiday to the extent that you've overpaid.

I'm sure the armchair Jordan Belforts and bitcoin bros will be along to tell you all about their market beating strategy and how you should invest because your rate of return will be higher than the interest saved on your mortgage etc etc.

The question is, how much risk do you like?

[limpsfield]

I think you need to give some thought into when you would need the money - if ever, in the short term.

If you could forget about if for E.g. five years, then doing an isa or putting it int the pension and then drip feeding it over the next year into some simple funds that track the broader stock market would be my choice. But you have to accept the risk of losing some of it.

Otherwise …older Boxster!

[PH User]

vulture1 said:

What cars do you have?

That was going to be my 1st question.

[BlackG7R]

In my position I'd be paying down the mortgage / putting it in the SIPP.

If I had an income of £110k per year, I'd be spending it on holidays / cars.

[Welshbeef]

BlackG7R said:

In my position I'd be paying down the mortgage / putting it in the SIPP.

If I had an income of £110k per year, I'd be spending it on holidays / cars.

Wedding fund?

[Kickstart]

Whilst you decide, what about a mortgage offset savings account, if you provider offers one - if they do, it will mean you are getting the same rate of interest on your savings as your mortgage and it has the advantage that if an ill wind blows at some point you will have ready access to some cash
Good luck

[GregK2]

Porsche. Then sell when kids arrive.
(I did this in reverse, but the above is probably preferable)

[Phooey]

£20k of Amazon shares. Hold for long term.

[Mankers]

This is Pistonheads! Upgrade existing car or buy another one FFS!

[Welshbeef]

Long weekend in Vegas - coke/heroin and hookers

[Abdul Abulbul Amir]

Hide it so you dont lose it during the divorce.

[Welshbeef]

Abdul Abulbul Amir said:

Hide it so you dont lose it during the divorce.

Buy automatic watches and store them in a safety deposit box.
Repeat each year with spare cash.

Result when you retire loads of watches and either a nice surprise or it will cover paying for two houses when divorced and child maintenance

[LunarOne]

Buy automatic weapons and store them in an underground bunker for when Skynet becomes self-aware. Just hope that the tremors creatures don't get to them first!

[Welshbeef]

Try to sneak into parliament and watch porn whilst throwing the cash onto the MPs.

A la wolf of wall street

[gotoPzero]

I would put it in an ISA. Prob Vanguard.
VUSA high risk or VWRL / VLS80 for medium risk.
Fire and forget for a few years.

Even with the very choppy markets my ISA has made 3.6% so far this year so better than the 1.7% you would have saved on the mortgage. YMMV.

[boombang]

Caterham R300 (may need couple of k topup). Shouldn't lose much if anything and fun on the road.

[Fonzey]

Caterham/Elise/Similar until you decide. Have some fun while it sits there doing nothing.

[Gerradi]

GregK2 said:

Porsche. Then sell when kids arrive.
(I did this in reverse, but the above is probably preferable)

When you sold the kids do you keep in touch with them & take them for rides in the Porker ...;)