100k what would you do?

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Afternoon,

I have learnt that I am due to inherit in the region of above figure (after tax,IFA fee's etc) and was wondering what you think a 21 y/o male, living in rented housing with friends, should do with it?

Yes there is a million things, I am not planning on being stupid with it, as its a substantial amount.

But views about how to make it grow, or what is a clever thing to do with it at my age would be useful.

Cheers

p.s this isn't a thread about what I should definitely do with it, just to get some ideas from folks that have been in the situation, or have got large suns of cash sitting around

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Badgerboy said:

Cash talks at the moment. If you are looking at getting your own place, consider buying one outright. You'll be getting sod all keeping it in the bank, and a mortgage will probably be the most expensive thing you ever borrow.

I think for 100k cash, you could pickup quite a nice place in this climate. Plus being 21, mortgage free, and having your own place would be rather nice. (Hey, why not let out some of the rooms to your current flatmates and make some more £££?)

Edited by Badgerboy on Sunday 22 March 15:31

100k may buy a studio where I am at the minute

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Where I live now house prices are quite high, but I don't have to live here..

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V8mate said:

Gives you an opportunity to earn nothing/very little for a few years and undertake some higher education/training.

(You might not need this - I don't know you, you may love your job and have a wall full of certificates - just feel it might be good generic advice/opportunity for someone of your age)

The career question is a whole other can of worms, in short I don't know what I want. But I know its not what I do now (even though I like the job).

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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

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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.

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Snake the Sniper said:

How's about an off the wall idea? Might not be your idea of fun, but hey. Go and buy a narrowboat for about £40-45K. That way you have a home, can move (within reason) to a lot of places in the country, and spend a lot of time chilling and enjoying the countryside AND still have £50K in the bank. It's what I'm thinking of doing and I'm only just 25, so it's not all just old grey heads.

Girl at work is doing this. But having a depreciating asset like that doesn't interest me so much. At least with a house, you know at some point its value should increase. And you can rent it at the drop of a hat. And it won't sink

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TIS said:

oi Rob!

There are loads of good houses/flats round Aldershot/Fleet area! So it's quite close to surrey, maybe 15mins from the Surrey boarder.

I'd rather be skint and drive a Maserati than live in Aldershot

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deevlash said:

buying a house now has got to be the best time in the last 15 years if you dont need a mortgage! Are you a student? You could get a student mortgage (possibly) or buy a place and rent out part of it to pay off the other £50k

Not a student, no, employed full time at the minute.

TIS, yes I know you have to start somewhere, I just don't think I could stomach Aldershot these days..

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deevlash said:

If youre working Id imagine getting a mortgage with a £100k deposit wouldnt actually be that difficult

I should bloody hope not!

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Thanks though guys.

I mean the exact figure is not actually 100k obviously, its nearer 120, but I don't need material goods, I have amassed TV's, got a decent watch, clothes all that stuff. So really the only purchase I make will be a car initially. I'm thinking bargain huge engined 5'er. But this thread has a lot of interesting ideas.

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Colonial said:

I think a slum lord would be a very rewarding career move.

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thegavster said:

I had a similar thing a few years ago.

Did £10k on car/big TVs/clearing all debt (owed parents about £3k after uni).

Then bought a two bed flat down the road from you, something I wouldn't have been able to have purchased without such a sizeable deposit.

I'd love to buy where I am now (moved to St Andrews Sq) but the cost is too much.