I have come into a huge amount of money any ideas on what i can spend it on?

Answer 1

Shauna, you had better keep this quiet and go to the Financial Advisor for help. You will be offered one of two options, either a fee for the service or, if you invest through him/her there is an opportunity to have the investment company pay the Advisor, not you.

Make sure you have some liquidity and provision, in this day and age, for perhaps a Personal Pension and Income Tax on the interest you earn and see if you can afford to arrange a gift to any children and/or a bequest. This could help any tax liability in the second year of investment.

Answer 2

save alot of it, give some to charity (of your choice), pay of any debts you may have.
if it is that huge, buy a home if you don't already have one, buy a car.
depends on what you consider a huge amount of money. this varies from person to person as to what they see as huge!
but paying off any debts should be the first thing you do before you go spending anything.

may be buy tickets for a trip around the world spending at least a day in each town or city of your choice.

if you have the money there are so many possibilities.
good luck and hapy spending!

Answer 3

When someone comes into money, it is surprising how many friends you seem to acquire but remember an old and true saying

"If you want to keep a friend, never borrow, never lend" True in every way. I know from experience, I have done it and in most cases it has proved to be correct.

The best thing in the world is to be free of debt, for all my years in business I was always in debt, I know the feeling of having to sit on the toilet before I opened my daily letters from the bank. Now we own every item in our home, nothing fancy and my car is ten yers old, but all is paid for and the only thing I owe is this months credit card paid up fully each month.

Save your money, you don't have to be stingy you can still have a good time but if you have something behind you, you will always be OK. If you buy a home make sure it is locked up safe and that know body can get their hands on half of it. That is where a solicitor can help you.

Good luck money is hard to get and so easy to go.

Answer 4

Hello,

Not sure exactly what "huge amount of money" you may have acquired; but assuming that you have paid off all your debts, I would do the following:

1) Consult with a financial planner; they can guide your money into various forms of fixed or middle/high-return investments (stocks, bonds, savings, etc.).

2) If you're looking to 'invest' into a business, consider buying property or land. Look for parcels of land with the potential to appreciate (or someone willing to build upon that parcel of land in the next 10-20 years).

Hope this helps

Answer 5

Do not rush into spending anything without thorough investigation and expert advice on your options. It is sensible to discuss possible investments of it with a Bank or Building Society, as their experts can offer you the best advice as to how you can make the money you already have make more money. Also reviewing all such advice may give you adequate time to consider available options before you make an expensive misjudgement.

Answer 6

If you have any debts, pay those off first.

From there you can set aside about 3-6 months worth of expenses for emergencies. Things do happen, and you'll be happy you have it if something does happen.

From there, invest in something like mutual funds, give some of it away to causes and people who you think need it, and then spend it and have some fun.

Answer 7

Mymagic has the best answer, give some to a childens hospice or maybe donate some to breast cancer. If you dont want to donate money to an organisation maybe you could help your own family out, give money to your parents, siblings or your childen (or siblings children), you could always give some money to your grandparents to spend some money on themselves to go on holiday. If non of these are appealing spend some money on yourself, get something you have always wanted or save more money to get that thing you have always wanted.
If you have gained a lot of money maybe you could do each of these.

Answer 8

I have a second home in one of the canary islands that I rent out but I also have another one for my own personal use, I was thinking of selling the one you could always buy this for 150,000 euros and rent it out which brings in a nice little income also giving you money in a spanish bank in euros, never take any spending money with you again to european destinations and draw money from any hole in the wall.

Answer 9

If I were you I would spend a third of it on going out and having fun

another third on a massive shopping expedition buying clothes and gadgets

Then you could just waste the final third

Obviously this is not a serious question

Answer 10

If you are an unseasoned financial person, I suggest contacting and interviewing a fee for service financial advisor. This individual will give you unbiased advice on the best methods for allocating your resources. Once you have a plan in place it is your responsibility to execute on your plan. You are very fortunate to have this windfall and I wish you the best of luck in your future.