Money Query So, I been thinking, what’s the best way to store/save money from either a inheritance (large or small) or a lottery/competition win in the UK? This is a general question...

[kev2021]

So, I been thinking, what’s the best way to store/save money from either a inheritance (large or small) or a lottery/competition win in the UK?

This is a general question but I figured I’d ask as most people will get some inheritance I suspect, albeit a small or large inheritance (if property sold or investments)

I’ve not inherited anything or come into any money, just curious what’s the best way?

Just few ideas I thought of but unsure if viable or good options:-

• Place it all in 1 NS&I account as protected by government regardless of amount, unlike a normal bank?
• Open multiple accounts with different banks and keep below bank protection limit?
• Invest some it in a world fund
• Use it for holiday, buying new car or property if don’t have/rent, use it to do up current property or add extension etc?

I personally thought NS&I but given all the scams/hacking, it may not be worth leaving it in one account to try and mitigate any risk/loss?

Kev

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[UK Sentinel]

Big question and one I had to deal with a while ago, I opted to pay off my mortgage and have not regretted the decision ever since.

Since then my strategy shifted from “protection” to “lifestyle and legacy.”

In a completely sane world, madness is the only freedom (J.G.Ballard).

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[kev2021]

Good decision, I think paying off the mortgage is sensible option and I think most people use inheritance for this or at least part of this.  Yes, legacy is a big thing especially with the way things are going here, with AI etc, what jobs will be out there for the younger generation.

Personally I’m not married or have any kids so I don’t have to worry about ensuring family is provided for so to speak, obviously if I won lottery or similar then that would then be either use it to provide a better/more comfortable/work/life balance as potentially could get a lower paid job if required so spend more time with family as wouldn’t need to be chasing the money aspect etc.

Kev

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[UK Sentinel]

Paying off the mortgage just removes that financial burden which is really good if your in a job you no longer enjoy, you can ‘more easily’ switch.

Lottery, Life and stuff

In a completely sane world, madness is the only freedom (J.G.Ballard).

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