What Can You Do With An Inheritance? *

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*This is a collaborative post*

A sudden and unexpected inheritance or a lucky lottery win can dramatically change your household’s budget. Indeed, while everybody dreams of sudden monetary wins, nobody has a clear plan as to what they should do with it. Of course, you’ve all imagined what you would do with an extra few thousands of pounds – or even a more significant gain – but ultimately you need a plan.

If I were a rich man, yubby dibby dibby dibby dibby dibby dibby dum.

If I were a rich man, I’d build a big tall house with rooms by the dozen right in the middle of town, I’d fill my yard with chicks and turkeys and geese and ducks for the town to see and hear.

As the infamous song implies, having money is the least of your problems when you don’t have a plan. And that is precisely why you need a strategic plan to maximise your win. It’s time to think of investment plans.

Buy a house, for you or as an investment

With a substantial investment, you can enter the property market easily. Buying a family home is increasingly facilitated when you can bring more financial weight towards the purchase. For many the choice is to buy old or to have your dream house built. Let’s be honest; if money isn’t an issue, then you can pick the best building structure for your needs. Additionally, the property market offers valuable and durable investment options as a landlord/lady.

Consider trading

If you feel confident talking money and observing financial fluctuations, you might want to approach the trading sector to increase your income. There are plenty of tools available for you to start trading – you can find a think or swim review here if you want to start with small sums – so that it’s easy to get the hang of it even for beginners. Admittedly, you need to trade manageable amounts at first that you are comfortable losing in the process. Trading means taking risks, so don’t go big until you know what you’re doing.

You could just save it for future use

Sometimes your win is not significant enough for a profitable investment. If this is the case, the best solution tends to be a saving account. Indeed, you can save your money until you find an investment purpose for it, such as home improvement works, or maybe a nice holiday for the family. You could also use your inheritance or lottery win to pay back your debts, which may not seem like much but can dramatically improve your credit score and financial health.

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Start your own business

Finally, if you’ve been looking for an additional income, there’s nothing stopping you from launching your own business during your spare time. Blogging, crafting or even mentoring can be profitable activities that you can maintain on top of your day job too. With a few thousands, you could get a professional website and a secured business setting.

Ultimately, what you do with an expected monetary gain depends on the value of the gain. However, at the core of your financial decision, you need to consider an investment for your future, either in terms of debt repayment, property purchase, business launch or trading.

*Contributed by Sam Jones

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