What To Do With Your Windfall

Tuesday, March 12, 2019

Most of adult life is spent creating our wish lists: places we’d love to visit, what we’d do to our homes, where we might like to live one day or retire to. But there are times when, sometimes out of nowhere, that wish becomes a reality and we find ourselves with some actual real-life decisions to make.

Perhaps we’ve come into an inheritance, got an unexpected bonus at work, or our numbers came up on the Lotto. It might be that through sheer determination, saying no to the little luxuries and extras in life, we’ve managed to save our way to something significant. However it came about, fate has smiled on us and now we have to make some big decisions.

How would you spend your significant sum? Would you blow it all on an amazing holiday of a lifetime, renovate your home up to the standards you’ve always dreamed of or perhaps use it to finance a whole new life in a new town, city or even country?

In this blog we take a look at some options for large scale investments and help you to make the big decisions.
Image from Pexels

In Favour of Adventure
An awful lot of life is made up of working, working and working some more. We invest so much of our time and energy in creating wealth for other people and spending whole days away from our families, surely the antidote has to be some time invested in them.

We’re not talking about running away forever but creating a round-the-world itinerary that carries you to far away places for brand new sights, smells, food and people. A trip of a lifetime, over several months perhaps, that creates memories to last a lifetime and give you many evenings ahead reminiscing and talking about your adventures. Culturally eye opening, the children too will benefit from learning from and experiencing different cultures first-hand, even if that might mean missing a few weeks from school.

Of course, when it’s done, it’s done and your funds will be seriously depleted, but was it all worth it? Absolutely, no one regrets travelling.

Home Renovation
Except if they’ve got a home that has seen better days and needs some TLC. When you’ve lived for a long time in a property that needs some work there is a danger of becoming somewhat blind to the problems but given the opportunity to transform your home, perhaps significantly, who wouldn’t jump at the chance?

We’re not just talking about covering the cost of new air conditioner units or a coat of paint here or there, we’re talking extensions, renovations and a total makeover of the place you call home. The important thing to remember about carrying out work to this scale is that, in theory at least, the amount you invest generally translates into how much extra value you add to your property. Of course, this can go up and down, depending on the property market but in general terms you won’t lose out if you come to sell a few years down the line.

But even more important than the sale price, you’ve got the home you’ve always dreamed of. You’ve created space for your family and that open plan kitchen/diner that you’ve had your eye on for years.

No one can take that away from you, it’s there for as long as you are. Spending money on property isn’t just a fabulous way of raising your living standards it’s also a solid investment.

Become a Property Tycoon
Or you could just decide to buy another property perhaps for yourself as a holiday home, to rent out or to renovate and then sell on. It’s not necessarily an easy win but in general property is a great investment and one that can provide you with a steady income for many years to come.

If you don’t want the hassle of managing a tenant then you might also consider short term or holiday lets through something like Airbnb. Generating more money over the short term but with no guarantee of year-round occupancy, it can still be a profitable investment.

It might be that you’ve always wanted to get your hands dirty and renovate a house from scratch. Those painting and decorating skills have long-needed an outlet and this is the perfect opportunity to learn as you go. You may already have some existing skills as an electrician or plumber and would relish the opportunity to carry out work on your own project for a change.

Make a Move
If you’ve had itchy feet for a while and are keen to experience life in a whole new city or even country, then there might never be a better chance than right now.

Using your windfall to finance a move is money well spent and will allow you time and space to fully assess where you’re going and whether you want to rent or buy a property. You might not necessarily walk into a job straight away so having some breathing space to get your bearings and figure things out is invaluable.

New experiences, new friends and a new house – all amazing investments in your personal bank of experience as well as a productive way of spending your money.

Sometimes the unexpected can happen and you come into some money that can seriously change your life. At other times the reward comes after years and years of sacrifice and saving to get to the point where you can safely step back and proclaim that you’ve finally got there. Whatever the case, now is the time to start making those dreams happen. Whether taken by the idea of an adventure into the unknown, creating your dream home or using your money as an investment, start making some serious plans on how to spend it. You might never get the opportunity again so seize the day and invest in experience, fun or a roof over your head. Enjoy the fruits of your labour and don’t look back.

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