What would you do with £50k?

[Rotor]

I`ve been fortunate enough to inherit £50k , I`d like to make it work but are struggling for ideas.

I have three decades of experience running small businesses and currently have a retail business that ticks over but I don't want to put any extra money into this one.

So what would you do with £50k ? I have around 15-20 hours a week I could give to a new venture.

Your thoughts please.

 

[fisicx]

I’d just spend it having fun. Get a classic car and go do fun things.

Or beer. A lot of beer.

 

[campbeji]

Hi Rotor,

It's impossible to say without knowing more of your situation.

You might be best paying down your mortgage, or putting it into a pension or investments etc.

If you are going to go for a business that you can run part time, agin, hard to say what you should do without knowing more info about you. Maybe some sort of 'hobby' type business, like wood working, making clocks, making jewellery, garden statuary (is that a real word?), kinetic garden sculpture etc etc. Maybe you could start an ebay/amazon reseller business. You could approach manufactures and buy from them to resell, so many things you can resell. You could start some sort of manufacturing business like door mats, taxi signs (that might be specific to Northern Ireland), props for parties, organic laundry detergent made out of chestnuts, sandblasting signs and trophies, 3d printing business, etc etc
There are lots or things that would work, but you need to find something that fires you up.

Good Luck
Jim

 

[Lisa Thomas]

Speak to an investing expert, or IFA. I know some good ones if you want a recommendation/s.

 

[WaveJumper]

1, All depends on your current financial position ie do you need to actually earn anymore money
2, What age are you do you really want to be gambling on a new venture at this time of your life or even in this current economic climate
3, Don't put it into a bloody pension ...... and then get it taxed later.
4, If you and your partner have not maxed out on ISA's stick it in a stocks ISA preferable before any rule changes come down the tracks in November.
5, And as already mentioned you could actually "enjoy" the windfall buy a classic car as suggested above (prices are good at the moment some real good bargains around)
6, Of course you could simply put it into some premium bonds you will probably get more back than any current savings account will give you

I don't offer financial advice to anyone so DYOR but all I would say is remember the longer you're leaving it sitting there the less its worth

 

[DontAsk]

If I didn't need the money for while I would put it in my pension. Top up previous years and get the tax relief, another £12,500 on top. Sit back and watch it grow.

If I might need it in the medium term, but could be flexible on when I withdraw, stocks and shares ISAs.

If I might need the money in the shorter term, cash ISAs.

I don't have a mortgage to pay down.

Another possibility is I would give some or all of it to the kids.

These are my personal thoughts. This is not advice

 

[Gecko001]

A couple of people have recommended classic cars. It is a good idea if you want a classic car for enjoyment, but at the minute prices seem to be falling. Have a look at "Bangers and Cash" TV programme and live auctions and previews on Youtube. The guys there are frequently complaining that prices aren't what they used to be.

 

[fisicx]

You buy a classic car to drive it and have fun! You can buy as an investment but you probably get a better deal with precious metals.

I’m in the spend it camp. Life’s too short to worry about things that might or might not happen.

 

[Gecko001]

Buy agricultural land? £50K would buy from 4 to 8 acres depending on where you live.

 

[Rotor]

A couple of people have recommended classic cars. It is a good idea if you want a classic car for enjoyment, but at the minute prices seem to be falling. Have a look at "Bangers and Cash" TV programme and live auctions and previews on Youtube. The guys there are frequently complaining that prices aren't what they used to be.

I`ve been the motor trade and a saying that used to go around was that your dream car usually becomes your nightmare.

 

[Rotor]

One thought I have had is to set up a Gregg's type food outlet in a smaller town that wouldn't have the footfall required by Gregg's, theory being skilled labour would not be required , buy in frozen pies, sausage rolls etc and the staff cook it, offer tea & coffee , set up would probably be under £15k and rental would not be too bad as only a small shop would be required.

If it worked expand it out and make the pies etc in house.

I would be interested to hear about the negatives this industry can have.

 

[Gecko001]

Another sort of "left field" suggestion is to use part of the £50k to learn a foreign language. This would include holidays to the country where that language is the native language and hiring a personal online or face-to-face tutor.

Acquiring a working knowledge of a foreign language will give you the confidence to do business abroad and an edge over your competitors.

 

[Gecko001]

One thought I have had is to set up a Gregg's type food outlet in a smaller town that wouldn't have the footfall required by Gregg's, theory being skilled labour would not be required , buy in frozen pies, sausage rolls etc and the staff cook it, offer tea & coffee , set up would probably be under £15k and rental would not be too bad as only a small shop would be required.

If it worked expand it out and make the pies etc in house.

I would be interested to hear about the negatives this industry can have.

A van would probably be a better option. Either way, I think there is a market for a such an outlet if it is reasonably priced. For it to be viable from a business point of view, you will probably have to make it an one-man outfit. Hiring staff has become very expensive.

 

[DontAsk]

One thought I have had is to set up a Gregg's type food outlet in a smaller town that wouldn't have the footfall required by Gregg's, theory being skilled labour would not be required , buy in frozen pies, sausage rolls etc

Buy in the Greggs from Iceland

 

[Mark T Jones]

'investment ' of any kind is a mugs' game if you dont have good insight, a cool head and/or solid contacts (if they are desperate to sell you a specific investment, they aren't solid)

On the other hand, if you invest in something you love EG classic cars, you can at least enjoy losing your money. And winning will be a bonus.

Otherwise, put your money either in a 18 month fixed account or premium bonds whilst you think things through

 

[WaveJumper]

Another sort of "left field" suggestion is to use part of the £50k to learn a foreign language. This would include holidays to the country where that language is the native language and hiring a personal online or face-to-face tutor.

Acquiring a working knowledge of a foreign language will give you the confidence to do business abroad and an edge over your competitors.

Probably Chinese then

 

[WaveJumper]

I`ve been the motor trade and a saying that used to go around was that your dream car usually becomes your nightmare.

Interesting having just parted with my dream car i found myself constantly questioning why the hell they had not designed this or that part better, what an earth were they thinking. I put this down to the more you got to know your dream (car) the more I found myself becoming increasing annoyed especially when defending the brand to others (and the wife)

However could be worse ....... let's not get into my love of boats.

In all seriousness I do agree with @fisicx life is here to be enjoyed, this life is not a rehearsal. Very sadly I have lost some very dear friends over the years and maybe its been fate but this has happened when I have been procrastinating on the should i shouldn't I it suddenly brings it all into perspective and yep the boats have got bigger and bigger.

I don't know the OP's personal circumstances but wish him all the best and hope he gets to truly enjoy this wonderful gift.