What shall I do with 20K?

If you came by 20K all in one go what is the wisest thing to do with it?

I don't want to fritter it away by buying a car, going on holiday and buying a bunch of clothes. People say 20K is a life changing amount of money - so how can it change your life?

Can I start my dream business with it or simply use it as a windfall to upgrade the usual mundane existence for the next 12 months?

It could fund me to go back to uni for 2 full years (tuition fees only, not including all living expenses to pay for while I am there) - so it's not even like you can change your life by re-educating yourself is it?

Answers on a postcard?

20K isn't a life changing amount these days, it would be nice to have but wouldn't change my life.

I'm old and boring now and have kids so it would just go in the bank to be used when needed. If i was younger it would have been wasted on women, beer and recreationals (not sure thats a waste now reading it back   )

Give it away to a deserving individual it will make you feel good .

Buy a classic car or two will be a good investment, I can advise you what is the best one to go for.

How about simply keeping the money in a high interest account for a rainy day?

Give it to me.

Or...

If you don't need to spend it and want it to grow tax free, the ISA limit this year just happens to be £20k.
If you've already got an ISA this year, stick it in a Unit Trust with a global medium risk profile and an ISA feeder, then just draw down from the ISA interest when required.

Just depends of what stage you are in life.

IF you could take a year off from your commitments, then go travelling and see a bit of the world.

You might not have much left from the £20,000 when you get back but you will have memories that last a lifetime.

Or do some good with it - especially if you hadn't expected to have been given it.

You like dogs I think you said once, so how about getting involved with a local rescue dogs home near you - or if there isn't think about starting one up!

Again you won't have the money at the end but you'll feel a lot better in yourself for helping save animals that might otherwise may have to be put to sleep.

Or if your parents aren't that well off, send them on a cruise or something.

What can be better than spending it on someone you love.

Otherwise stick it in the bank and forget all about it.

Lusty gives sound financial advice but Sluffy's suggestion of 'starting your own local rescue dogs home' sure comes a close second.

Or, if you're up for giving something back, make a donation to a good cause. 13 million Syrians are still in need of assistance. 400,000 of their family members murdered. Boko Haram are still holding over 100 Chibok schoolgirls that they kidnapped. Parasitic worms are a massive problem to the children of sub-Saharan Africa.

Invest your 20k wisely but donate a tenner to a good cause and make yourself feel good.

Puppies are much cuter though.

Coke n hookers

Bonce you look worn out with those 3 girls.

karlypants wrote:Bonce you look worn out with those 3 girls.

What 3 girls!?

Take up a new sport, or just improve your golf strokes.

karlypants wrote:How about simply keeping the money in a high interest account for a rainy day?

They don't exist theses days on savings, unless you lock it away for a decent time. or prepare to invest with some amount of risk. Your lucky to get 0.25 of one percent in a normal savings account.

wessy wrote:

karlypants wrote:How about simply keeping the money in a high interest account for a rainy day?

They don't exist theses days on savings, unless you lock it away for a decent time. or prepare to invest with some amount of risk. Your lucky to get 0.25 of one percent in a normal savings account.

1.5 % on £20k in Santander 123 account is still just about the best around, but obviously an ISA is better.

If you genuinely don't know, or need it, give it to your kids. That's what I did, and it helped one with her mortgage, and the other with her buying a BMW, (she needed it for her travelling with work)

I'd pay off most of my mortgage. Only owe 28k so it would shave a big chunk off of it.

Leeds_Trotter wrote:I'd pay off most of my mortgage. Only owe 28k so it would shave a big chunk off of it.

If I'd known earlier, I'd have adopted you, and given you the money. Alas !!!  

Thanks for all the ideas people.
I am in the position where I do need to make money work for me some how. I will consider your thoughts.

However I do often give to charity, needy persons and the homeless generously (I think), even when I can't afford it.

Is 20K enough to start a new business? That would be my hope.