Win £100,000 - How would you spend it?

If you won £100,000 how would you spend it?

£100,000 is by no means a lifechanging amount of money but it should certainly help!

Spending £100,000 seems to me to be totally determined by your circumstances.

What I would do with £100,000

For instance, in my personal circumstances, I am a renter and do not yet have the funds I need to put a sizeable deposit on a flat. £100,000 would probably be a 30% down payment on a £250,000 allowing for all related fees and furnishing costs. The sizeable downpayment will significantly improve my cash flow as I will be borrowing £150,000 at a very competitive rate, given that I own a decent percentage of the property. In theory I could get a 3% mortgage (assuming interest rates remain as low as they are currently). This would mean that I would pay about £375 per month in interest plus the repayment of the principle.

Alternative uses for £100,000

However, you may be in a different position to me. You may already own a house. In which case you may want to invest the money to generate an income, buy an investment property, top up your pension, help your children onto the property ladder, and so on and so forth.

So, what would you do if you won £100,000?

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Wealth Tortoise said...

I would definitely spend 100k on assets. On things, as Robert Kiyosaki likes to say, that 'puts money in my pocket.' A portion of that towards a down payment for a property would be a sensible idea too I reckon. £100,000 would certainly give you a head start and a lot more options for gaining wealth in the future.

Mr. Moneybanks said...

Hey Wealth Tortoise. Thanks for the comment. What assets would you focus on?

Wealth Tortoise said...

If I didn't need any of it for a good few years, I'd put it into the lowest cost index funds I could find and keep on fertilising it with regular extra payments to help it grow to an even larger sum in the future.