Money makes the world go round and the truth is money is never really enough for anyone. No matter how much you have, there would always be a need for more. I am all about making money legitimately and making my money work for me. In the last couple of years, I have been thinking long and hard about retirement, pension and investments. Also, I have been busy thinking about what I would do if I came across a large chunk of money. How would I spend one hundred thousand pounds? This million dollar question has popped up in my head many times and I always have an answer for it.
Here are 5 ways I would go about spending it.
Pay the mortgage
The first thing I would do is to put some money towards the mortgage, in order to reduce the outstanding amount on it as much as possible. Living mortgage free is the end goal and that should hopefully happen in a couple of years. I can’t imagine having to pay accommodation bills in my later years. That thought is quite scary.
Go on holiday
I love travelling as many of you would know by now. I love to visit as many countries as possible every year. My current target is to visit at least 2 countries every year. I have smashed that target for three years now, and I am hoping to smash it again this year. So far this year, I have visited Maryland and New York in the US, and I have plans to visit one or two more countries before the end of the year.
If I had one hundred thousand pounds at my disposal, I would be putting some money towards our holidays. There are many other cities and countries we would love to explore, and it would be great to take some other family members with us as a treat.
Pay the debt
I would pay off all my debts. So all credit cards would be paid up in full, never to be used again. When it comes to money, I am very sensible. I am more of a saver than a. spender, so I am not as deep into debt like many others I know. But paying the little debt I have would be a smart way to go financially.
Save and invest
As the saver that I am, I will be putting a huge chunk of the money into a savings account; most likely an ISA. And invest a huge chunk into stocks and shares for the future.
I will definitely use a percentage of the money on home improvements. There are a lot of changes I would make to our home decor if I had the money to splurge. But since I don’t have that yet, it is a waiting game.
How would you spend one hundred thousand pounds?