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What would you do?

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#1 Emma


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Posted 17 September 2004 - 04:16 PM

I have just been advised that I have been left some money from my late grandmother. It was totally unexpected and I'm absolutely gobsmacked but what will I do with it? I won't actually have it until I turn 25 which I'm grateful for because I really don't know what to do with it. My initial thought was to go on a holiday cause I've never gone anywhere for a holiday. I've always wanted to see america and I've done a little research and it seems as though we wouldn't get much change out of 10K which is a little under half of what I'll receive and I'm not so sure that I want to use so much of it (the money) on a holiday. This is turning into a ramble and I'm not sure if I'm making sense, I'd just like some advice as well as what would you do with it. Craige says I should do something that I would normally not have the chance to do with it and treat myself a little. Dad says don't waste it but spend it what ever way I want. huh.gif HUH??? and Mum says don't ask me. So you can see why I need some help. Please any input is greatly appreciated!

#2 allegro



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Posted 17 September 2004 - 04:50 PM

A similar thing happened to me and I spent mine on a trip to the USA and it cost me more than $10K.

Looking back now, I would have kept it to put towards a house, but we do what we feel we need to do. I was living on my own and didn't need ot answer to anyone, so life was very free and easy for me. My H2B tells me not to beat myself around the head about it, as it was a whole new experience and I thoroughly enjoyed my trip away.

Do what seems right for the moment.

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#3 kjpm


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Posted 17 September 2004 - 09:39 PM

I would do 1 of 2 things.

1) Kepp it for a house or something 'tangible' ie don't spend it in such a way that you will have nothing o show for it.

2) Invest it for the medium to long term - maybe an investment towards your childrens education or something.

Think carefully and honestly about what you think your grandmother would have liked you to do with it and go with that.
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#4 Channy


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Posted 17 September 2004 - 10:43 PM

Hi Emma,

We are in a similar situation, as we received an amount of money as a gift. We are going to add to it for six months and then purchase a house.

How I see it is that you should puchase assets that create wealth (ie - Property, shares, etc) and then from the divends then you can pay for special treats (nice cars, big holidays, etc) - this way you still have the asset.

If you spend the money on a holiday, it will be fantastic..but then you may never see that amount of money in one hit again! Best to treat it wisely. It may sound boring, but if you invest it wisley now - you have more than enough money in the future to travel to the US and maybe also to Europe!

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#5 Annabel



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Posted 18 September 2004 - 09:59 AM

I know what I would do, I would put it aside and use it to go towards a house. But I don't know your situation or what you want, so it's hard to give advice!
I'd probably take some of it, say $1000 and go on a spending spree, just for fun (cause when are you ever going to get that chance again?) The majority of it I would save for something important

#6 leesa_mageesa


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Posted 18 September 2004 - 10:03 AM

Wow!! My first reaction is to say SAVE IT! hehe... but that's just me. I try to put all my spare money into my ING direct account because they help me earn the most interest. I sware by them... they're awesome!

My advice would probably be to spend half and save half. That way not all of your money is gone in a month. OMG... I sound like my mother!

I might stop now... but if you're not sure maybe put it somewhere where you're earning interest until you know what to do with it???
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#7 eggydom


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Posted 29 September 2004 - 10:56 AM

Using the money for a holiday is not a waste. You will have your memories of the trip and when will you get the chance to see the world again.

Personally I think saving the money is boring and unadventurous but it really depends on your situation. I can easily say spend the money on a trip as I am sooo not ready to settle into a mortgage. Again it is up to you and what makes you happy.

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#8 stfolk



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Posted 29 September 2004 - 11:31 AM

yes , i prefer traveling all around the world .

#9 Starbuck


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Posted 29 September 2004 - 11:36 AM

It depends on what stage of your life you are at. I could only imagine a windfall like that, and couldn't live with myself if I didn't put it towards our savings (which are going towards buying a house and TTC).

But if you have no definite use for it - by all means go on a trip or something, but I'd be sensible and don't fritter it all away, you may never get that amount of money again. Having said that, if its the trip you've always wanted and will regret not going on, and you think your Nanna would want it, then go for it.

#10 Disnep


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Posted 29 September 2004 - 11:49 AM

Agree - depends where you are in your stage of life.

Cam's grandma left us $10K, and that was the 'boost' we needed to make our savings for a home deposit that much more real. Previously, we'd been putting aside $1000 here...and $2000 there....but when we saw that 'pool' of money jump up by $10K - it really gave us the discipline we needed to move things along quicker!

#11 Tennille75


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Posted 29 September 2004 - 05:07 PM

Hmmm... I don't know what I would do. While I would love to travel and see some more of the world, I know it would make us some money if put into a good investment account. We have a home loan already so taking a big chunk out of that would be great!

Depends on your situation I guess. Just do what you feel in your heart is right for you.

#12 kayla_kat



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Posted 30 September 2004 - 08:10 AM

If you go to America shop around for the best deal, me and h2b got 14 days for $7000 for both of us, and that included all flights and transfers and day passes to Disneyland and travel insurance. We are taking our own spending money (unfortunately they don't give you that).
Otherwise maybe you could get a cruise where you see a few places intead of 1 for whatever deals they can do you!
So thats my advice if you decide to do travelling!
P.S Only cost us that much cause we are staying in 4 1/2 star casions and motels it could have been cheaper but we wanted to go in style!!!!

#13 nell


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Posted 30 September 2004 - 12:57 PM


Being in a mortgage already I would love to have some extra money to put on it but like you I would also love to travel some more.

Maybe take a certain amount of your inheritance and plan to save it for something tangible. The rest you can use to spend on a holiday - you might have to save a bit extra to have the holiday you WANT but you will also have the satisfaction of having a bulk amount leftover as well.

Don't think of a holiday as wasted money - the memories and experiences are awesome.

Like Sharon (Allegro) I have thought that I could have used the 10k that I spent on my European holiday on something else but the memories are the best and we all know that hindsight is a wonderful thing.

#14 pinkbutterfly


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Posted 30 September 2004 - 01:24 PM

How long is it until you turn 25? If its a few years away, who knows what you might NEED to do with it then?

I'd probably invest it for a while , in ING or something with a pretty high interest rate. And watch it grow for a while. THen, when you are sure what you need to do. Do it.

Personally, I'd probably take about one third and go on the holiday you want. And save the rest towards a house.

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#15 jodie1980


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Posted 30 September 2004 - 05:59 PM

I don't think that travelling is a waste of money either. You get all the memories and you get to meet new people.

Also some people put off travelling and then never get around to it. But like others have said it depends on where you are at in your life.

I would spend half on travelling and put half to a deposit for a home.
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