This short guide is for people in their twenties, thirties and forties who at some point in their working lives, expect to receive what’s not so elegantly called a ‘lump sum’ of money from older relatives, whether that’s parents or grandparents.
It could also be useful if you receive a lump sum from another source, like a workplace bonus.
It’s for people who have already made that first step on the property ladder, as for those who haven’t, the logical thing to do with a lump sum is to put this towards a home deposit.
But once you’ve jumped that hurdle, there are numerous options for what to do with subsequent gifts, and it is these options that this guide will attempt to weigh up.
What are the other ways you could end up with a lump sum?
- unexpected work bonus
- selling a business
- premium bond prizes, or other prizes
- share scheme from workplace doing well
This guide could help you with these, too.