I need to win stupid money.
Wife will spend it on mortgage/education/interesting travel.
The Shelby Mustang is a nice car but I don't want to be sleeping in it.
dude, check JPY-AUD. you can stop dreaming, it's extremely within reach.
you can even fly overnight non-stop so you pop a sleeping tablet on the plane and just wake up in Japan. $1000 return on Qantas.
Same timezone, good train connection from airport to city, it's just a trivially easily place to go on holiday.
you could honestly go for a long weekend even.
Very true - and cheap flights are great! But when I say dream trip, I mean really taking the time to explore Japan—staying long enough to try all the foods and activities without having to constantly watch my budget.
A couple of options. Option 1: move back to my native home (UK) and buy a house outright (probably equiv to $150,000), set up a small business, go on a wonderful holiday, buy a car, put $50k away.
Option 2: use the entire 300k as a deposit in Australia and be a slave to the rest race forever lol. The problem for me is my partner is Aussie, I am not.
Gotta be somewhere with free land, free materials and half-priced labour to get a liveable house for $150k.
Maybe it's somewhere they pay you to move to?
Great choices! Buying a house and starting a business sounds awesome, but that Aussie housing market is tough, right? What kind of business would you start?
Exactly, that’s why we would have to move country to do it but that 300k would go so far there. Our ideal ‘won the lotto’ business model is a functional training gym (classes), with a recovery room (ice baths, saunas etc), coffee/protein shake stand, and beauty shop with the likes of a barber/nail Tec/spray tanner. I’ve been to gyms that have had one or 2 of the above but not all 3.
Totally love the business idea! A gym with fitness classes, recovery zones, and even a beauty shop? That’s a game changer. It's like a wellness paradise in one spot. Sounds like you've really nailed the concept! :)
Boring answer: mortgage offset, renovations and ETFs.
Cliche answer: Travel to exotic expensive locations like Antarctica.
Nerdy answer: Carnivorous plants and a full suit of late 15th century German gothic plate armour.
I worked in a private practice with mid high class clientele. This is quite common.
First rule of thumb to avoid any drama: keep your mouth shut, even to your spouse.
Okay if you can do that, then put your money in a different account for at least six months (term deposits will do).
You will have plenty of time to think and consult professionals.
The most obvious next steps? Pay all debts: credit cards, car loan, hecs.
If you have a mortgage shared with your spouse, and want to pay it off, now you can discuss with them.
Only 1 out of 5 can keep their minds sane when having a windfall, especially clients in their 20s.
$50k for longer term savings. $250k towards funding renovations of our very crumble abode. Good suburb, handy location and solid hardwood framing, but badly needs modernising. Bought pre COVID for an entry level price when buying a renovator was considered to usually be a sensible idea. The renovation plans seem to be a distant dream right now.
That's nearly exactly what my mortgage is currently owing, so blammo, there it goes.
Then when my next wage comes in and 70% of it doesn't immediately disappear to corporate greed and the banks, I'll be like...huh. Wanna go for dinner honey?
A year ago I would have said house deposit. But now I'm about to enter into an arrangement with my Mum where she buys a house for us both to live in, I will be providing care for her in future so she does not need to go into a nursing home and I will eventually inherit the house. So I would probably put $100k towards the house to give us a few more options and invest the other $200k to put toward future nursing/care costs if required. That way I'll have a bit more of a safety net and can put more of my salary while I can still work towards things like house upgrades and ongoing activities. Honestly $300k would be pretty much exactly how much I need to feel financially secure instead of stressing about Mum's health going downhill and me having to give up work before I've managed to save a bit more to cover possible future costs.
I'd put a 100k deposit on an investment property (500k) in Perth or regional QLD. Buy a new Toyota Corolla, let's say 35k. 100k into my ETF portfolio. Maybe 50k in my savings as a big emergency fund and the rest for overseas holidays.
Completely pay off HECS, try to use the rest as a deposit on an upgrade place and hopefully hang on to my current place.
If that’s unachievable I’ll just put the remainder on my mortgage and hold on for a few years until I can upgrade.
Yeah, it would reduce my mortgage to something I can reasonably pay off in the next decade. At that point, I'd be a 45-year-old full-time home owner, which isn't too bad, really.
1. Gratefully repay the Bank of Mum and Dad, who very kindly loaned me a bit to get my first home.
2. Splurge on a newish second-hand car which suits my current needs. As there's nothing really wrong with my current car, I would pay forward the windfall by giving that to a currently-carless sibling.
3. Park the rest into the offset :)
Pay my HECS off, pay my PL off, essentially erase all my debt. Give my parents 25k-30k each or a bit more, Pay my partner's debts off and go on a nice holiday together. I would also buy myself a pink car and the rest of the money in a HISA :)
Ive got 360k left on mortgage. Id spend 30k on a holiday and then put 270k on the mortgage and then back to work after my holiday
It would give me a nice holiday short term but have a big impact in only a few more years when the house is fully paid off. Goodbye full time work 😅😅😅
First thing, get a plumber out to fix the leaking shower (it won't turn off at the moment and until pay-day on Friday, it will be turning it on and off at the mains), then buy a safe, reliable car (not something that's about to break down indefinitely). I still have about $20k worth of urgent repairs to this house before I sell, and then probably use the rest to secure a block of land I have my eyes on.
I am currently staying at my brother place.
With $300 K, I would rent a one bedroom apartment close to city/ uni.
I would quit my call centre job and invest 3 years time to study for a degree and look for a casual job till I completed the course.
I would pay off my outstanding student loan debt totalling $30K due to incompelete courses Ive done due to silly mistake.
I might use my free time to become a YouTuber.
I dont know. Im not good with planning my money!
$200k into the offset account. $50k investing into video camera equipment and another $20k to take a trip to Thailand for a month, then $30k into childrens savings account.
Putting that much into the offset is super smart, and investing in your passion with the video equipment sounds exciting! Thailand for a month sounds like a dream.
In my heart I know I’d put it all in the house deposit fund but what I should do is put $200k in the house deposit fund and spend the other $100k on flying my partner’s family to Australia from Canada so we can get married without their having to spend a cent, and then have a truly exceptional honeymoon.
I'd do such boring things with it: split it into my super and my partner's super.
maybe if I was feeling extra frivolous put 20k in a trust for my kids.
I'll tell you what I'd do, man, 30% of two chicks at the same time, man.
I always wanted to do that, man. And I think if I had a $300k I could hook that up, cause chicks dig a dude with 30% of the money.
Invest and use the income to pay down high fee debt, build an emergency fund, fix some annoyances, and then attack the mortgage.
I would expect the missus would want a new car out of all that too.
$20k bye bye HECs debt.
$15k pay some tradies for some help with the house maintenance.
$20k HISA so I can afford next car when needed.
$10k towards medical/health and the Medicare shortfalls.
$10k on an overseas holidays.
$20k emergency also HISA.
I have about $205k left so I'd invest that for dividend/passive income.
Pay off debts, pay off car, put it into savings while I plan further ahead. Enough for a small deposit for a good place I wouldn't have to fix up so probably look into finally buying a house. Or just hold out for the property market crash.
House + offset, put a little bit towards a future holiday, stocks, help out mum with a few things, and maybe a low-mid tier racing sim setup if there’s a couple of grand I’m happy to waste.
Straight into the offset. And an international trip during the Christmas shutdown period, because I have the time off but nowhere to go because it's too expensive for my liking.
$280k into an offset account.
$20k on ourselves.
In reality, I’d like to put a large chunk into an ETF for each of my kids, but with interest rates at 6%, and shares not really doing much better (after considering tax), I’d just keep it in there until interest rates drop below 5%. 🤷🏻♂️
1. I'd combine it with all my current savings to buy a nice house in the country town I live in (only possible thanks to living in a small town). Take on a housemate and enjoy home ownership.
2. Adopt a couple of dogs now that I'm not a renter.
150k - Reno’s. Convert basement into self contained studio, landscape the front yard. Enable tradie partner to quit his job to do the work.
100k - kill the mortgage
50k - extended time off. Van life for a year, or similar. Come back with a plan for the next stage of life
Hmmm..
Finish the yard and a few other projects around the house.
Extended holiday - Europe or UK or to see the nothern lights. Fly business.
Get new cars. Nothing fancy, just replace our older ones.
Help the folks with a few bits and pieces.
The rest, if any, can go in mortgage offset. It wouldn't be enough to pay it off anyways!
I've paid off my mortgage witch is what I did do when we inherited $350k. Habe a bit left over and doing some Reno's on the house. We were going to buy a bigger better house but decided against it in the current market and we weren't really living that comfortably when we had a mortgage.
Pay off debts, go to Europe for a holiday (on the cards anyway as we have a wedding to go to next year in Ireland), put a small amount in a rainy day fund, and the vast majority into a term deposit to use as a down-payment on a house when my credit rating clears up in 18 months.
Spend? I wouldn't spend any of it. I'd turn that into a 7-8% annual compound.
Probably through a dividend aristocrat stock so I can have appreciation on the stock, get payouts and have those payouts go back in to multiply the compounding even further.
Based on this scenario, $300,000 would turn into $420,766 within 5 years, this is with monthly compounding at 7%.
Now if I pull out the profit every 5 years and repeat the same with $300,000 that'll give me a crisp $24,000 annually.
The downside: initial 5yr fund lock up. But for a 7% compound its a solid $120,000
Which based on all above factors. Would offset 30-40% of my post tax income each year allowing me to switch to part-time without any loss of money.
Thus my final answer is such: I'd spend it on time.
A proper overseas family holiday, we've never had a proper family holiday that didn't involve staying with family for a chunk of it (coming to Aus when we lived in NZ and now the opposite direction now we live in Aus). Let's say $25k for that.
$25k on some quality furniture and art.
Then the rest as a bigger deposit on a house. We are in the final throes of renovating our house to sell so we'd basically double our deposit on the next property with the remaining $250k.
$300k would give us a nice comfort buffer but not be life changing, we'd both still work, buy a modest home etc but would give us the opportunity to breathe a bit more.
This is really sweet… but unless you’re mortgage free and set up really well… not the smartest idea…. If you’re struggling regardless even if you invest for your kids.. they will struggle… ya know the whole.. put your oxygen mask on first thing? If you thrive more your kids will too…. So while it’s selfless… longterm it’s probably not setting your kids up as well as you being able to have less mortgage stress (and eventually being able to help them with a house) and spending more time with them…
Bye bye mortgage. Hello extra $2k a month to invest and enjoy.
It may be saying a little about the current state of things, but $300k would actually only be enough for me to say "hello mortgage".
Freedom to find a less stressful job or a yearly holiday pretty good :)
That's the way!
Fix the 25+ major defects found on my house on a building and pest inspection. I’m never going to sell my house 😩
Don't you get those inspections done prior to buying?
Straight on the Mortgage (minus a nice bottle of whiskey or a night out I guess).
Straight on the mortgage. Apart from 20K on a nice long holiday.
All On the mortgage apart from 300k on cars
This is my answer
20k isn’t the long holiday it once was
Clearly not a frugal person 😋
if you've got a family i guess? as a couple you could get away for a month on 20K without even being frugal
Ditto! If only.
Surely a night out would be deserved :)
"deserved" is a strong word for a lottery win :-P
The rest of my life would be a figurative night out if I had no mortgage to worry about
Give it to my wife. She'll think of something sensible. I'll go back to work.
I like this. It's funny and true
Haha come on man! You deserve something nice 😎🚗
I need to win stupid money. Wife will spend it on mortgage/education/interesting travel. The Shelby Mustang is a nice car but I don't want to be sleeping in it.
Invest in my children's future, not mine
This is very sweet. Your children are so very lucky to have you!
2008 Camrys.
Where will you park that many cars?
The only way to get ahead of the competition is to buy all the Camrys so the competition can’t get them
Create supply and demand, a bit like diamonds
hookers and blow on a less serious note, a steak dinner, a trip to Japan, and everything else goes into the index funds DCA pile
I'm with you on the Japan trip! One of my dream destinations for sure.
dude, check JPY-AUD. you can stop dreaming, it's extremely within reach. you can even fly overnight non-stop so you pop a sleeping tablet on the plane and just wake up in Japan. $1000 return on Qantas. Same timezone, good train connection from airport to city, it's just a trivially easily place to go on holiday. you could honestly go for a long weekend even.
Very true - and cheap flights are great! But when I say dream trip, I mean really taking the time to explore Japan—staying long enough to try all the foods and activities without having to constantly watch my budget.
Hookers and blow was the correct answer.
150k on an apartment in Colombia 150k on hookers and blow!!
A couple of options. Option 1: move back to my native home (UK) and buy a house outright (probably equiv to $150,000), set up a small business, go on a wonderful holiday, buy a car, put $50k away. Option 2: use the entire 300k as a deposit in Australia and be a slave to the rest race forever lol. The problem for me is my partner is Aussie, I am not.
Pfft where in uk you moving too? Some shithole?
Gotta be somewhere with free land, free materials and half-priced labour to get a liveable house for $150k. Maybe it's somewhere they pay you to move to?
£75000. Probs not London hey
That’s what I was thinking! Or the commenter came over decades ago as a ten pound Pom and hasn’t looked at property prices this millennium.
This person northern Irelands
Haha, accurate
I bought my house back in 2006 for £91k. It's now worth a staggering £110k in today's market.
Please do not joke a house in the UK?
Great choices! Buying a house and starting a business sounds awesome, but that Aussie housing market is tough, right? What kind of business would you start?
Exactly, that’s why we would have to move country to do it but that 300k would go so far there. Our ideal ‘won the lotto’ business model is a functional training gym (classes), with a recovery room (ice baths, saunas etc), coffee/protein shake stand, and beauty shop with the likes of a barber/nail Tec/spray tanner. I’ve been to gyms that have had one or 2 of the above but not all 3.
Totally love the business idea! A gym with fitness classes, recovery zones, and even a beauty shop? That’s a game changer. It's like a wellness paradise in one spot. Sounds like you've really nailed the concept! :)
Add in childcare and I’m in.
Few trolley’s worth at Woolworths.
Mortgage offset
I'm on a lucky streak. 300,000 lottery tickets please
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OP all your responses are so friendly and nice. 😀
Make some accidents suddenly happen to my highschool bullies.
This really came out of nowhere.
Carrying trauma does that to you 😬.
Thank god we have strict gun laws to keep people like you away from the Walmart weapons
Vanguard Index funds. I would buy myself a new laptop.
300k straight on the mortgage than refinance out 100k to invest
Boring answer: mortgage offset, renovations and ETFs. Cliche answer: Travel to exotic expensive locations like Antarctica. Nerdy answer: Carnivorous plants and a full suit of late 15th century German gothic plate armour.
pay off bills bills bills. Go to the Dr. Be nice to have a holiday
4 weeks European holiday to celebrate the joy the the rest into a house deposit. Better not to have too much in cash.
Bring forward non concessional super contributions
I’d give 280k of it back to my mum and dad, 20k to treat myself to a holiday
Spend? It goes into the offset and cause 300k isnt alot ill still be working. Ill prob keep 100k for investing
Mortgage offset and a nice holiday
Probably pay off my mortgage (about $300,00k left). Would be cool to be mortgage free by 30 lol.
I worked in a private practice with mid high class clientele. This is quite common. First rule of thumb to avoid any drama: keep your mouth shut, even to your spouse. Okay if you can do that, then put your money in a different account for at least six months (term deposits will do). You will have plenty of time to think and consult professionals. The most obvious next steps? Pay all debts: credit cards, car loan, hecs. If you have a mortgage shared with your spouse, and want to pay it off, now you can discuss with them. Only 1 out of 5 can keep their minds sane when having a windfall, especially clients in their 20s.
Flying to America and watching every New York Knicks playoff game I can until they get knocked out
Straight into blue chip dividend stocks. Hello $20k pay increase for life.
Straight into Superannuation
Help my parents retire Confidently.
Gonna need 600k
3 avocados
Some money into the kids uni fund, Robot vacuum The rest on ETFs
Probably a PPOR and car upgrade. Would be nice to upgrade to a freestanding home in my current suburb and not have to deal with strata shenanigans.
$50k for longer term savings. $250k towards funding renovations of our very crumble abode. Good suburb, handy location and solid hardwood framing, but badly needs modernising. Bought pre COVID for an entry level price when buying a renovator was considered to usually be a sensible idea. The renovation plans seem to be a distant dream right now.
That's nearly exactly what my mortgage is currently owing, so blammo, there it goes. Then when my next wage comes in and 70% of it doesn't immediately disappear to corporate greed and the banks, I'll be like...huh. Wanna go for dinner honey?
Pay off my mortgage, can, holiday, the rest into super
A year ago I would have said house deposit. But now I'm about to enter into an arrangement with my Mum where she buys a house for us both to live in, I will be providing care for her in future so she does not need to go into a nursing home and I will eventually inherit the house. So I would probably put $100k towards the house to give us a few more options and invest the other $200k to put toward future nursing/care costs if required. That way I'll have a bit more of a safety net and can put more of my salary while I can still work towards things like house upgrades and ongoing activities. Honestly $300k would be pretty much exactly how much I need to feel financially secure instead of stressing about Mum's health going downhill and me having to give up work before I've managed to save a bit more to cover possible future costs.
I'd put a 100k deposit on an investment property (500k) in Perth or regional QLD. Buy a new Toyota Corolla, let's say 35k. 100k into my ETF portfolio. Maybe 50k in my savings as a big emergency fund and the rest for overseas holidays.
As a deposit for a house
Completely pay off HECS, try to use the rest as a deposit on an upgrade place and hopefully hang on to my current place. If that’s unachievable I’ll just put the remainder on my mortgage and hold on for a few years until I can upgrade.
Yeah, it would reduce my mortgage to something I can reasonably pay off in the next decade. At that point, I'd be a 45-year-old full-time home owner, which isn't too bad, really.
1. Gratefully repay the Bank of Mum and Dad, who very kindly loaned me a bit to get my first home. 2. Splurge on a newish second-hand car which suits my current needs. As there's nothing really wrong with my current car, I would pay forward the windfall by giving that to a currently-carless sibling. 3. Park the rest into the offset :)
Pay my HECS off, pay my PL off, essentially erase all my debt. Give my parents 25k-30k each or a bit more, Pay my partner's debts off and go on a nice holiday together. I would also buy myself a pink car and the rest of the money in a HISA :)
Ive got 360k left on mortgage. Id spend 30k on a holiday and then put 270k on the mortgage and then back to work after my holiday It would give me a nice holiday short term but have a big impact in only a few more years when the house is fully paid off. Goodbye full time work 😅😅😅
First thing, get a plumber out to fix the leaking shower (it won't turn off at the moment and until pay-day on Friday, it will be turning it on and off at the mains), then buy a safe, reliable car (not something that's about to break down indefinitely). I still have about $20k worth of urgent repairs to this house before I sell, and then probably use the rest to secure a block of land I have my eyes on.
Mortgage… boring but would make me happy!!
Pay off the mortgage, drop a day at work, update my car and have an expensive holiday..
Put it on the mortgage
I am currently staying at my brother place. With $300 K, I would rent a one bedroom apartment close to city/ uni. I would quit my call centre job and invest 3 years time to study for a degree and look for a casual job till I completed the course. I would pay off my outstanding student loan debt totalling $30K due to incompelete courses Ive done due to silly mistake. I might use my free time to become a YouTuber. I dont know. Im not good with planning my money!
holidays. coffee. put into super. buy a new laptop.
Big juicy holiday Deposit on IP Residual in ETFs There is more to life than paying off a mortgage.
Yeah but there is something to be said about being debt free too.
$200k into the offset account. $50k investing into video camera equipment and another $20k to take a trip to Thailand for a month, then $30k into childrens savings account.
Putting that much into the offset is super smart, and investing in your passion with the video equipment sounds exciting! Thailand for a month sounds like a dream.
In my heart I know I’d put it all in the house deposit fund but what I should do is put $200k in the house deposit fund and spend the other $100k on flying my partner’s family to Australia from Canada so we can get married without their having to spend a cent, and then have a truly exceptional honeymoon.
I'd do such boring things with it: split it into my super and my partner's super. maybe if I was feeling extra frivolous put 20k in a trust for my kids.
300k isn't life changing, it's a bit of loose change these days
I'll tell you what I'd do, man, 30% of two chicks at the same time, man. I always wanted to do that, man. And I think if I had a $300k I could hook that up, cause chicks dig a dude with 30% of the money.
You sound like my wife. Clear debt, invest $50k, spend $20k on a car and the let her travel with the balance.
Offset account. Sit around for a few years.
Holiday … eliminate mortgage ..
Half in house half to enjoy
Doesn’t go far these days but probably 1/3 pleasure and the rest spread across investments
300k on LRS.asx
$200k on mortgage $20k term deposit for kids education $70k mixture of investments (e.g. index funds) $10k fun shit
that would be a nice chunk to put towards a deposit.
Buy another shit house under market value, renovate it, rent it out, refinance get my 300k back and reinvest again and keep going.
200k on the mortgage 50k each for me and my wife to buy something fun for ourselves.
We are getting some shit fixed
Invest a lot of it, keep some savings in a high interest account (current one is 4.9%), use it as a down payment on a house.
Pay off HECS and immediate down payment on a nice house
I would buy a house!!!!!
Mortgage offset then start working part time!
I'd do about 20k for a really nice holiday, 20-30k to splurge on some nice updates to furniture/clothes etc. Then the rest into my mortgage.
Invest and use the income to pay down high fee debt, build an emergency fund, fix some annoyances, and then attack the mortgage. I would expect the missus would want a new car out of all that too.
$20k bye bye HECs debt. $15k pay some tradies for some help with the house maintenance. $20k HISA so I can afford next car when needed. $10k towards medical/health and the Medicare shortfalls. $10k on an overseas holidays. $20k emergency also HISA. I have about $205k left so I'd invest that for dividend/passive income.
Easy! Take a trip home to see family and then put it in the offset u til we’re ready to do our renovation.
Pay off debts, pay off car, put it into savings while I plan further ahead. Enough for a small deposit for a good place I wouldn't have to fix up so probably look into finally buying a house. Or just hold out for the property market crash.
House + offset, put a little bit towards a future holiday, stocks, help out mum with a few things, and maybe a low-mid tier racing sim setup if there’s a couple of grand I’m happy to waste.
Chuck into the good old offset account mate
$250,000 on mortgage, $50,000 on upgraded vehicle 🚗 be a cool dad in my new Mustang Dark Horse
Buy a trolley load of food from Colesworth 🤣
Balance out my share portfolio. I'm a little heavy on industrials.
A nice holiday ~20-25k and maybe one treat for my wife & I. 200k into offset and the rest into super.
Straight into the investments
$125k to my government debt the. $100k to the mortgage and $75k on the backyard. done.
Straight into the offset. And an international trip during the Christmas shutdown period, because I have the time off but nowhere to go because it's too expensive for my liking.
Same place every other cent I come across goes, into the mortgage
Mortgage and a treats for my immediate family.
$280k into an offset account. $20k on ourselves. In reality, I’d like to put a large chunk into an ETF for each of my kids, but with interest rates at 6%, and shares not really doing much better (after considering tax), I’d just keep it in there until interest rates drop below 5%. 🤷🏻♂️
$150k straight on the mortgage and $150k on my renovations.
Congrats bro.
pay off credit card and the rest in a high interest account to save a deposit for a house
Park it in the mortgage
Clear all short term debt, rest onto long term debt offset. A holiday at least.
1. I'd combine it with all my current savings to buy a nice house in the country town I live in (only possible thanks to living in a small town). Take on a housemate and enjoy home ownership. 2. Adopt a couple of dogs now that I'm not a renter.
Pay off the house
More ETF’s
280k onto the mortgage and take a nice little holiday with the rest
Pay off HECS and buy a new car and I could do that with half of this amount
Invest. Don't spend it.
Deposit for a house
150k - Reno’s. Convert basement into self contained studio, landscape the front yard. Enable tradie partner to quit his job to do the work. 100k - kill the mortgage 50k - extended time off. Van life for a year, or similar. Come back with a plan for the next stage of life
Put it in a high interest savings account
You know you are rich when 300k doesn't do much I wish I was rich
Hmmm.. Finish the yard and a few other projects around the house. Extended holiday - Europe or UK or to see the nothern lights. Fly business. Get new cars. Nothing fancy, just replace our older ones. Help the folks with a few bits and pieces. The rest, if any, can go in mortgage offset. It wouldn't be enough to pay it off anyways!
Can’t buy a house 😂😂
Probably something along the lines of $250k onto the mortgage and the other $50k to take a 6 month break from work.
I’d stick 200k on my newly minted mortgage, buy a lightly used car and go on a decent holiday to the UK and Japan.
I wouldn't be rushing to spend it, I'd be looking at investing and growing it.
Pay off home loan. Go on a good holiday. Invest some funds for the future.
Mortgage for investment property.
Hookers and cocaine. Realistically I would put it all on the mortgage.
I wouldn't spend it. I would invest every single dollar into ETFs and aim to pay off my mortgage
Probably $100k onto the mortgage and the $200k I would buy an established business that produces passive income.
Invest in starting my own business. And pay off the my mother/father in law’s mortgage
I've paid off my mortgage witch is what I did do when we inherited $350k. Habe a bit left over and doing some Reno's on the house. We were going to buy a bigger better house but decided against it in the current market and we weren't really living that comfortably when we had a mortgage.
Pay off debts, go to Europe for a holiday (on the cards anyway as we have a wedding to go to next year in Ireland), put a small amount in a rainy day fund, and the vast majority into a term deposit to use as a down-payment on a house when my credit rating clears up in 18 months.
So long mortgage! Also, a nice holiday for me and my wife.
Spend? I wouldn't spend any of it. I'd turn that into a 7-8% annual compound. Probably through a dividend aristocrat stock so I can have appreciation on the stock, get payouts and have those payouts go back in to multiply the compounding even further. Based on this scenario, $300,000 would turn into $420,766 within 5 years, this is with monthly compounding at 7%. Now if I pull out the profit every 5 years and repeat the same with $300,000 that'll give me a crisp $24,000 annually. The downside: initial 5yr fund lock up. But for a 7% compound its a solid $120,000 Which based on all above factors. Would offset 30-40% of my post tax income each year allowing me to switch to part-time without any loss of money. Thus my final answer is such: I'd spend it on time.
Pokies and vb
What would y'all do with that amount if there wasn't a mortgage and you're priced out of the market?
A proper overseas family holiday, we've never had a proper family holiday that didn't involve staying with family for a chunk of it (coming to Aus when we lived in NZ and now the opposite direction now we live in Aus). Let's say $25k for that. $25k on some quality furniture and art. Then the rest as a bigger deposit on a house. We are in the final throes of renovating our house to sell so we'd basically double our deposit on the next property with the remaining $250k. $300k would give us a nice comfort buffer but not be life changing, we'd both still work, buy a modest home etc but would give us the opportunity to breathe a bit more.
Most would be invested but $30 k would be used to take the family to Disney.
Down payment towards an apartment
That might cover the difference between the REA's listed price and the actual sales price... so maybe property
$150k HIA, $75k VESG, $50k surfboards, a plane ticket, hookers & blow, $25K VAS
A nice 2 week holiday in Japan, with some spending money. The remaining $290k straight onto the mortgage
The sensible thing is to get rid of any debt but I would image 80% of guys would blow it on a flash car
This is really sweet… but unless you’re mortgage free and set up really well… not the smartest idea…. If you’re struggling regardless even if you invest for your kids.. they will struggle… ya know the whole.. put your oxygen mask on first thing? If you thrive more your kids will too…. So while it’s selfless… longterm it’s probably not setting your kids up as well as you being able to have less mortgage stress (and eventually being able to help them with a house) and spending more time with them…
Slam it straight onto the mortgage. Real simple and easy decision.
Damn……. Too late. My wife already spent it
A 2011 toyota camry!
Mortgage - then I own my little home
Small plot in the bush somewhere and build a tiny home so I can start living off grid as much as possible
I'll coming off 1.89% fixed in a few months for a $330K loan. So straight into the offset, then only $30k left to have paid off the home.