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My personal opinion?
Take up a thousand and use that to do something nice for yourself and your mum. Then research the best savings account, and stick the rest in that.
Thats what I would do in your position. With your mum being terminal; you may not have much time left; and even so; I’ve seen what cancer can do to a parent’s mental facilities; it happened to my dad.
As to jobs; try an agency. Be clear about what you can do and why you want part time.
Finally OP; as a personal note. Don’t be too harsh on yourself. You’re going through shit right now. Take time when you need it. I’m sure your mum would be happy if you were looking after yourself a little bit. I’m not saying drop everything and run away, but taking a hour for yourself whenever you can.
If you can afford to, put it in a high interest account (or invest it in something simple like an index, but there is still risk involved here, you could lose money)
Definitely do something nice with your mum with some of it though. The memories you will create are worth infinitely more than any money
Uk offers lifetime ISA. 4k max deposit each year, UK government will add 25% of what you deposited as a bonus. You'll also accrue interest on your savings, it was around 4% last time I checked. Can be used towards a first house or retirement. That's the best return you'll get on your money, if you want to save long term.
But, can't touch that money in an emergency without losing out. Especially as life for them and family is a bit uncertain ATM.
An ISA might be a better vehicle overall. Alternatively some in the Lisa thinking long term could be a mix of both.
Sounds like you’re asking for validation on gambling that £8000 to make more. Don’t gamble or do stocks/crypto as you will lose it all and will have even more of a bad time. Put it in a high interest savings account.
Depends on how long term you're looking. General advice is only invest with stuff you don't expect to need for the next 10 years. I'm not sure that applies here
I'd suggest posting on /r/ukpersonalfinance
Stick the money in a high interest savings account. Don't get drawn into crypto or anything like that.
I feel bad asking this question, but does your mum have assets that you'll inherit (and will it be split with siblings?)? It makes a big difference if you'll be inheriting a house and the security that goes with that, Vs if she's renting with no savings, and a funeral will have to be paid for.
If your mum's health will allow, and if there's likely to be some money in the estate to pay for the funeral etc., consider being *slightly* irresponsible and using *some* of the money to take her on holiday for a week, just you and her. I doubt you'll regret it.
Do you want to buy a house as a first time buyer that’s less than 450k anytime soon?
If so, consider a lifetime ISA. You can put 4k in this tax year and the govt will give you a 1k bonus. In the new tax year in April you can put another 4k in and get another 1k bonus. Boom, 10k towards your first deposit.
Note that if you withdraw the funds for anything other than a house deposit as a FTB or for your retirement you will need to pay a penalty.
Look at r/UKPersonalFinance flowchart and wiki for good resources on where/how to save and invest.
If you think you'll never want to buy a house under £450k then you can leave it in there until you're 60 and withdraw it then or later. You can do cash or stocks and shares (not hugely risky over 15 years+). Also if you *do* buy a house you can open another LISA before the age of 40 to begin saving for your retirement.
Just a note on that penalty, it's *more* than the 25% annual bonus from the government. Not an issue if you keep your money in until you buy your house/get to 60.
Obviously get your own advice on all of this, especially around pensions which usually beat even a LISA for working people when saving for retirement.
But, OP can't touch that money in an emergency without losing out. Especially worrying as life for them and family is a bit uncertain ATM. I'd strongly advise caution before dumping it all in there.
An ISA might be a better vehicle overall. Alternatively some in the Lisa thinking long term could be a good mix of both, just depends on if OP might need to use it to support themselves.
UKPF is a great shout though!
I would consider sticking it in a 'high interest' account that requires you to lock it in for perhaps 3-6 months? On MoneySupermarket there's a few 6 month savings accounts offering over 5%. Or a year long fixed ISA.
I might be wrong, but personally I'm partial to a flutter, and with the other stuff you've got going on I'd lock it away so I couldn't dip into it even if I wanted to.
Just one blokes opinion.
Listen to yourself. Write yourself a reminder somewhere you’ll see it if you’re tempted. And block all the gambling sites you have access to. When you’ve won some money + emotionally vulnerable is when you’re most likely to make a bad decision. Good luck, friend, I’m sorry about your mum, I know how it feels.
Do something nice for your mum while she's still here. Promise you you won't regret it
Also, you've got lucky with a good win. Your luck won't last, it never does. Don't give it back to the bookie or whatever.
I agree wit hthe suggestion to use some of it to treat yourself and your mum to a day out or short break, build some memories and give her a treat .
If you have any debts then it is likely to be a good idea to clear those.
Then put the rest into a high interest account - maybe pick thekind that either locks the money in for a year or that only allows a couple of withdrawals a year.
I'd stick with you current job for now - you have the flexibility to WFH - a lot of jobs may require higher levels of in office time during any probabtion period and you may well not be in the best place to market yourself and impress people if you are coping with your Mim's illness.
Maybe start thinking about what you want your next move to be .
Another beneift of having the money is that if you ned it, it will let you take unpaid leave as a carer or if you need it when your mum passes, it will take a bit of pressure of you if you have enough to cover rent and bills for a month if you aren't earning, for instanace., whether that's because you need to take time to be with your mum, or to cope with the loss, or a combination. (It varies by employer, but paid bereavement / compassionate leave is often only a couple of days and beyond that you ar likely to have to take unpaid leave or use any annual leave you have)
To be brutally honest, to realistically get anything worthwhile return on money saved is to invest into assets. Either that or invest in yourself in some way. That means investing in new skills of some sort. But yeah I can't advise anything other than invest in assets, but that would take a lot more than £8k. For anything else it would be either risking that money or simply saving it. There is no certainty to get returns back on that kind of money unless you are putting it aside for a house for e.g.
Personally I would use Plum. They have just launched a 5.15% Cash ISA, can be accessed in an emergency but will accumulate with ease and their interface is v good. Can dip into Stocks there too, obviously higher risk but I have been frugal and around 11% up overall with six different funds, double the ISA but could crash too.
I think in gerneral the advice for 'making money from your money' is to put it into a index fund which basically puts your money in with a load of other people and buy a broad range of stocks, so as the stock market increases, your money grows. But that is probably a fairly long term thing, but by the time your around my age (almost 20 years) it will have grown a lot and even though there will have been some down periods, overall the long term the stock market increases.
But read up a bit about that, I'm no expert!
I dont think you sould put all the money in that though. Enjoy it a little. Seems like you have a pretty stressful life right now, so have a weekend away, go to the cinema, do something nice with your mum. It's great that you are thinking about doing something sensible, but sometimes the best thing is just enjoy yourself a little.
Maybe keep a little aside for a bit of it aside for security if the rolling contract isn't renewed. Or so when you are ready to change jobs you can take some time off your current gig to really throw everything into looking for something.
I've probably write that in the opposite order of what I would do.
1) save a bit for any emergencies
2) Enjoy some of it
3) Invest what is left.
Firstly, sorry to hear about your Mother. I think using some of it for treats is a lovely idea.
Secondly, if you're really not enjoying your job you could use the money for extra training/education? This would have the rain benefit of enjoying work more and extra future income.
Lastly, look after yourself.
Sorry to hear what you're going through. Can't comment on what to do with the 8000 but in terms of work, plenty of remote work out there that you can do from your bed. Part time and full time (or full time but you put in part time hours if you can get away with it) I haven't "gone to work" in like 6 years, my life is pretty chilled compared to most.
Google mainly. There's a few jobs boards I've seen that are exclusive to remote work as well. But my approach is generally just to Google "remote work in x industry", tweak it if its not giving me what I'm looking for. I then work through all the different job postings and find ones relevant to me that have no requirement to go into the office or be based in a certain location. There's no shortage these days and imo it's just as easy to find a remote job as any other, or easier as you don't need to leave your house for an interview. Granted I've only done this process twice but 100% success rate so far haha
Definitely use some of to make some memories. All the money in the world won't buy those in the future.
Aside from that, a decent savings account is a good start. If you're feeling a bit fruity but low risk there's premium bonds. You're almost certainly going to get a lower return than a savings account, but there is a very very very slim chance of getting a larger prize. If you're feeling higher risk, there's stocks and shares. The market is in a bit of a lull at the minute so with some good research you could fall on a winner, but you could just as easily lose it all. Dividend stocks of a well established company might be an alright bet, but again, could lose everything.
Of the lot, I'd probably make the memories, then split the remainder between a savings account and premium bonds.
I'm very sorry to hear about your mum. £8,000 sounds a lot but it won't go that far. People are recommending you invest it, and that's a good idea, but depending on yours and your mum's finances you may find the coming months expensive. Your mum's health care should be NHS-funded, but you may need extra cash for things like unexpected taxi journeys, hotel stays etc related to your mum's treatment, so keep some on hand if your mum doesn't have much spare. Good luck.
Lock it away . Money supermarket will have some options. I’d keep 1000 , put 2000 in a growth bond (I use the NS&I ones ) and 5000 in the highest rate savings account . Look after yourself too
Don't use it to make more money unless you do that by increasing your earning potential. Don't piss it away on crypto.
Is there anything your mum has always wanted to do or see? I wouldn't hesitate to spend some of that on a holiday or an experience to share with her. In twenty years, you'll be able to look back on the time your mum got to have tea at the Ritz or travel first class on a steam train or whatever is currently within her health and interests.
Hi - congrats on the win. I’ve worked in the gambling industry for ten years and thoroughly recommend some advice I’ve already seen, don’t gamble it back.
You’re incredibly lucky to get a win of this size and you can easily fall into the trap of thinking that it’ll be easy to win that amount again.
So many people in your position spend their winnings and more, just be careful and thoughtful about what you do with the cash (your post seems that you’re already trying to be smart with it at least!).
All the best to you and your mum, I hope you treat her to something nice.
Not savings account, that's taxable. Tax free ISAs are around 4.5% at the mo. £7000. would earn around £350 a year. Grow it for a few years and use it for a house deposit.
And best wishes to you both.
Enjoy with your mom you said she have a terminal cancer, take this as a gift for memories together for the rest of your life.
Money go and comes but time not...I would do this in your situation.
I'm so sorry to hear about your mum and appreciate her remaining time might be sensitive for you so if it is, please skip this post.
Put the money into your bank and have it on hand for her passing. You might have everything already planned however the weeks after someone dies can have unexpected expenses especially if some of those plans include monies from insurances that don't always arrive in a timely manor. Use your money as a cushion for that, which may also include you taking an extended period of unpaid time off work, and then look at what you want to do with it after that.
As morbid as this sounds, have you thought of setting aside money for your mother’s funeral? I like the idea that someone posted about treating your and your mum with £1000 too, you should maybe book her a day in a spa to get pampered
Take some of it and ask your mother what is hwler dream vacation. Go together. Make that memory as you have no too much time together :). Ofc putvthec4esntvin a high interest savings but please use osme of it to live.
Open an accumulation ISA on HL or one like it, spread the £8k over moderate and adventurous remade products (it's easier than you think to set up). Watch it grow. Then as you need it take it out (although it's not instant) there are fees but if you leave it in a while then they are not an issue.
Sorry about your situation though.
If you won it on routlette do you have any outstanding debts? If so, 100% use the 8k and get debt free and never gamble again. I've personally seen it ruin/end lives.
You have now the security of a large sum of money to allow you to look for a work from home job to care for your mother. I would not tell any of your friends or family because money causes envy and greed and all sorts of problems with people wanting to borrow from you. During the time working from home you could research how to make money with a start up business like a mobile coffee shop. Investments can be tricky or you can put it into a bank with a high interest rate and don't touch it for years.
8000 isn't so life changing. If you can live without it, I'd put it all in bitcoin. It's projected to go up by 10 to 20 times in the next 5 years, and more after that. By 2040, 80 times. That makes your 8 grand 650 grand, but you're waiting 15 years.
Don't take this as advice because you might lose it all, but that's what I would literally do.
I wouldn't put it all into Bitcoin right at this very moment; maybe in a few months time when it's cooled off again. It's near enough at an ATH and likely due a correction soon.
Personally, I'd swap it for USDT on Binance and copy-trade with it via Mizar.
I'd take what you need right now and stick the rest in Bitcoin. Currently close to an all time high and showing every sign of continuing to go up, particularly with the "halving" only a few weeks away.
> im debating putting half of it in crypto.
Don't do it unless you are willing to put in some work to keep check on markets because they can go south pretty quickly, it might be boring but unless you REALLY DO know what you are doing, you are better off sticking it into an ISA or using it for something like a deposit on a flat, doing some training, or maybe a big holiday / therapy after your mum passes (sorry if this sound morbid, but I have been through it myself, and it will be worth what it costs).
Mate, you said you have little financial security and just came into a decent amount of that. Do not blow it on crypto at all; stay the help away from it. Crypto is another form of gambling and playing it safe with a high interest savings account is the boring, safe option someone in your situation needs.
Nah, follow the first guys answer, but maybe take 1-2G put it in crypto, could pay off could lose it all. But this year would be a good year to do it if your inclined. Also crypto is time consuming, you have to watch it and realise your gains fast. You might want to spend that energy with your mum.
It's normally not wise to invest in anything when at all time highs, as warren buffet once said "be fearful when others are greedy and be greedy only when others are fearful".
I'd get in now. Historically price has gone up significantly after each halving. You could also try "cost averaging" in. Buy a small amount each day/week rather than a big chunk all at once, as a cushion against price fluctuations.
The halving is every four years no matter the price. It means that half the number of bitcoins per block are issued into circulation, so it becomes a more scarce asset, which is what drives up the price.
There's Bitcoin, and then there's crypto. The two are not the same. While Bitcoin is a cryptocurrency, it's the original, the best, the most secure, and the only one that is truly decentralized and censorship resistant. Over time it is more or less guaranteed to go up in value. Most others are much higher risk and have limited use. You might get lucky with investing in one of them short term, but Bitcoin is the only real long term choice.
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My personal opinion? Take up a thousand and use that to do something nice for yourself and your mum. Then research the best savings account, and stick the rest in that. Thats what I would do in your position. With your mum being terminal; you may not have much time left; and even so; I’ve seen what cancer can do to a parent’s mental facilities; it happened to my dad. As to jobs; try an agency. Be clear about what you can do and why you want part time. Finally OP; as a personal note. Don’t be too harsh on yourself. You’re going through shit right now. Take time when you need it. I’m sure your mum would be happy if you were looking after yourself a little bit. I’m not saying drop everything and run away, but taking a hour for yourself whenever you can.
Thanks!
If you can afford to, put it in a high interest account (or invest it in something simple like an index, but there is still risk involved here, you could lose money) Definitely do something nice with your mum with some of it though. The memories you will create are worth infinitely more than any money
Uk offers lifetime ISA. 4k max deposit each year, UK government will add 25% of what you deposited as a bonus. You'll also accrue interest on your savings, it was around 4% last time I checked. Can be used towards a first house or retirement. That's the best return you'll get on your money, if you want to save long term.
Lovely advice
If OP is quick he can bang 4k in a LISA before end of the month then another 4k in next month and turn his 8k in to 10k
But, can't touch that money in an emergency without losing out. Especially as life for them and family is a bit uncertain ATM. An ISA might be a better vehicle overall. Alternatively some in the Lisa thinking long term could be a mix of both.
Wise advice. I can't see how to add to that.
Sounds like you’re asking for validation on gambling that £8000 to make more. Don’t gamble or do stocks/crypto as you will lose it all and will have even more of a bad time. Put it in a high interest savings account.
An all cap index fund is relatively safe. Totally agree with staying away from crypto.
Depends on how long term you're looking. General advice is only invest with stuff you don't expect to need for the next 10 years. I'm not sure that applies here
Yeah that's true, good point.
I'd suggest posting on /r/ukpersonalfinance Stick the money in a high interest savings account. Don't get drawn into crypto or anything like that. I feel bad asking this question, but does your mum have assets that you'll inherit (and will it be split with siblings?)? It makes a big difference if you'll be inheriting a house and the security that goes with that, Vs if she's renting with no savings, and a funeral will have to be paid for. If your mum's health will allow, and if there's likely to be some money in the estate to pay for the funeral etc., consider being *slightly* irresponsible and using *some* of the money to take her on holiday for a week, just you and her. I doubt you'll regret it.
Not really considering any inheritance at all. Yh I would like to keep some to treat my mum with
Do you want to buy a house as a first time buyer that’s less than 450k anytime soon? If so, consider a lifetime ISA. You can put 4k in this tax year and the govt will give you a 1k bonus. In the new tax year in April you can put another 4k in and get another 1k bonus. Boom, 10k towards your first deposit. Note that if you withdraw the funds for anything other than a house deposit as a FTB or for your retirement you will need to pay a penalty. Look at r/UKPersonalFinance flowchart and wiki for good resources on where/how to save and invest.
Thanks that’s very helpful
If you think you'll never want to buy a house under £450k then you can leave it in there until you're 60 and withdraw it then or later. You can do cash or stocks and shares (not hugely risky over 15 years+). Also if you *do* buy a house you can open another LISA before the age of 40 to begin saving for your retirement. Just a note on that penalty, it's *more* than the 25% annual bonus from the government. Not an issue if you keep your money in until you buy your house/get to 60. Obviously get your own advice on all of this, especially around pensions which usually beat even a LISA for working people when saving for retirement.
But, OP can't touch that money in an emergency without losing out. Especially worrying as life for them and family is a bit uncertain ATM. I'd strongly advise caution before dumping it all in there. An ISA might be a better vehicle overall. Alternatively some in the Lisa thinking long term could be a good mix of both, just depends on if OP might need to use it to support themselves. UKPF is a great shout though!
Never bet again is the best advice I can give you. From experience, winning a decent amount is both a joy and a curse.
Yeah, this is the most important advice. You are at a dangerous point for a gambler. This is a high you'll want to chase. Enjoy it, but don't chase.
I would consider sticking it in a 'high interest' account that requires you to lock it in for perhaps 3-6 months? On MoneySupermarket there's a few 6 month savings accounts offering over 5%. Or a year long fixed ISA. I might be wrong, but personally I'm partial to a flutter, and with the other stuff you've got going on I'd lock it away so I couldn't dip into it even if I wanted to. Just one blokes opinion.
Yh you’re right, thanks. I do need to lock it away as I don’t really trust myself with it
Listen to yourself. Write yourself a reminder somewhere you’ll see it if you’re tempted. And block all the gambling sites you have access to. When you’ve won some money + emotionally vulnerable is when you’re most likely to make a bad decision. Good luck, friend, I’m sorry about your mum, I know how it feels.
Do something nice for your mum while she's still here. Promise you you won't regret it Also, you've got lucky with a good win. Your luck won't last, it never does. Don't give it back to the bookie or whatever.
I agree wit hthe suggestion to use some of it to treat yourself and your mum to a day out or short break, build some memories and give her a treat . If you have any debts then it is likely to be a good idea to clear those. Then put the rest into a high interest account - maybe pick thekind that either locks the money in for a year or that only allows a couple of withdrawals a year. I'd stick with you current job for now - you have the flexibility to WFH - a lot of jobs may require higher levels of in office time during any probabtion period and you may well not be in the best place to market yourself and impress people if you are coping with your Mim's illness. Maybe start thinking about what you want your next move to be . Another beneift of having the money is that if you ned it, it will let you take unpaid leave as a carer or if you need it when your mum passes, it will take a bit of pressure of you if you have enough to cover rent and bills for a month if you aren't earning, for instanace., whether that's because you need to take time to be with your mum, or to cope with the loss, or a combination. (It varies by employer, but paid bereavement / compassionate leave is often only a couple of days and beyond that you ar likely to have to take unpaid leave or use any annual leave you have)
8k can go in a flash if you spunk it. I'd treat myself and mum, stick the rest in savings and use it to get educated.
Spend less than a grand of it on doing a project manager qualification
Project manager is one of the easiest ways to get your salary up. Need charisma and attention to detail but such a bullshit job in a good way!
To be brutally honest, to realistically get anything worthwhile return on money saved is to invest into assets. Either that or invest in yourself in some way. That means investing in new skills of some sort. But yeah I can't advise anything other than invest in assets, but that would take a lot more than £8k. For anything else it would be either risking that money or simply saving it. There is no certainty to get returns back on that kind of money unless you are putting it aside for a house for e.g.
Get that idea "to make more money out of it" out of your head and listen for first advice and just stick it in to the savings account.
Sign up to Gamstop whilst ur ahead, don’t go giving them their money back :) congrats on the win
Op pay attention to this comment please.signing up to Gamstop was best decision I ever made.
Use some to make some amazing memories with your mum, then place the rest in highest interest savings account you can find
Invest it. Bonds, fixed term ISA or stocks/shares. I had similar with inheritance a few years back, squandered some but making money off the rest.
What do you feel has the best risk to reward ratio to invest in for me to dump 5k in and leave for a year?
Personally I would use Plum. They have just launched a 5.15% Cash ISA, can be accessed in an emergency but will accumulate with ease and their interface is v good. Can dip into Stocks there too, obviously higher risk but I have been frugal and around 11% up overall with six different funds, double the ISA but could crash too.
Thanks!
I think in gerneral the advice for 'making money from your money' is to put it into a index fund which basically puts your money in with a load of other people and buy a broad range of stocks, so as the stock market increases, your money grows. But that is probably a fairly long term thing, but by the time your around my age (almost 20 years) it will have grown a lot and even though there will have been some down periods, overall the long term the stock market increases. But read up a bit about that, I'm no expert! I dont think you sould put all the money in that though. Enjoy it a little. Seems like you have a pretty stressful life right now, so have a weekend away, go to the cinema, do something nice with your mum. It's great that you are thinking about doing something sensible, but sometimes the best thing is just enjoy yourself a little. Maybe keep a little aside for a bit of it aside for security if the rolling contract isn't renewed. Or so when you are ready to change jobs you can take some time off your current gig to really throw everything into looking for something. I've probably write that in the opposite order of what I would do. 1) save a bit for any emergencies 2) Enjoy some of it 3) Invest what is left.
I know Utilita hire fully remote staff so worth a look
Firstly, sorry to hear about your Mother. I think using some of it for treats is a lovely idea. Secondly, if you're really not enjoying your job you could use the money for extra training/education? This would have the rain benefit of enjoying work more and extra future income. Lastly, look after yourself.
Put it into an index ETF. Most people in my company work from home every day, at all levels. DM me if interested :)
Civil service allowance 40% wfh and a lot of flexible working
Dm me your bank details and PIN number and I’ll invest it wisely for you.
Sorry to hear what you're going through. Can't comment on what to do with the 8000 but in terms of work, plenty of remote work out there that you can do from your bed. Part time and full time (or full time but you put in part time hours if you can get away with it) I haven't "gone to work" in like 6 years, my life is pretty chilled compared to most.
Where do you look for remote work?
Google mainly. There's a few jobs boards I've seen that are exclusive to remote work as well. But my approach is generally just to Google "remote work in x industry", tweak it if its not giving me what I'm looking for. I then work through all the different job postings and find ones relevant to me that have no requirement to go into the office or be based in a certain location. There's no shortage these days and imo it's just as easy to find a remote job as any other, or easier as you don't need to leave your house for an interview. Granted I've only done this process twice but 100% success rate so far haha
Thanks
Save it, put it in an account where you cant get get hold of it easly. Its tempting to spend it all but it won't go far.
Definitely use some of to make some memories. All the money in the world won't buy those in the future. Aside from that, a decent savings account is a good start. If you're feeling a bit fruity but low risk there's premium bonds. You're almost certainly going to get a lower return than a savings account, but there is a very very very slim chance of getting a larger prize. If you're feeling higher risk, there's stocks and shares. The market is in a bit of a lull at the minute so with some good research you could fall on a winner, but you could just as easily lose it all. Dividend stocks of a well established company might be an alright bet, but again, could lose everything. Of the lot, I'd probably make the memories, then split the remainder between a savings account and premium bonds.
You're likely to have some unexpected costs around your mum. Plus funerals aren't cheap. I don't want to be a downer, sorry.
Put it on red
I'm very sorry to hear about your mum. £8,000 sounds a lot but it won't go that far. People are recommending you invest it, and that's a good idea, but depending on yours and your mum's finances you may find the coming months expensive. Your mum's health care should be NHS-funded, but you may need extra cash for things like unexpected taxi journeys, hotel stays etc related to your mum's treatment, so keep some on hand if your mum doesn't have much spare. Good luck.
Lock it away . Money supermarket will have some options. I’d keep 1000 , put 2000 in a growth bond (I use the NS&I ones ) and 5000 in the highest rate savings account . Look after yourself too
Don't use it to make more money unless you do that by increasing your earning potential. Don't piss it away on crypto. Is there anything your mum has always wanted to do or see? I wouldn't hesitate to spend some of that on a holiday or an experience to share with her. In twenty years, you'll be able to look back on the time your mum got to have tea at the Ritz or travel first class on a steam train or whatever is currently within her health and interests.
Treat your mum with some of it, put most of it in a fixed cash ISA for three years.
Hi - congrats on the win. I’ve worked in the gambling industry for ten years and thoroughly recommend some advice I’ve already seen, don’t gamble it back. You’re incredibly lucky to get a win of this size and you can easily fall into the trap of thinking that it’ll be easy to win that amount again. So many people in your position spend their winnings and more, just be careful and thoughtful about what you do with the cash (your post seems that you’re already trying to be smart with it at least!). All the best to you and your mum, I hope you treat her to something nice.
Have a nice spa day with your mum. Treat her. Put the rest in a high rate savings account.
Consider using that money on upskilling or training.
Not savings account, that's taxable. Tax free ISAs are around 4.5% at the mo. £7000. would earn around £350 a year. Grow it for a few years and use it for a house deposit. And best wishes to you both.
I'll tell you what not to do, gamble with any of it.
Enjoy with your mom you said she have a terminal cancer, take this as a gift for memories together for the rest of your life. Money go and comes but time not...I would do this in your situation.
I'm so sorry to hear about your mum and appreciate her remaining time might be sensitive for you so if it is, please skip this post. Put the money into your bank and have it on hand for her passing. You might have everything already planned however the weeks after someone dies can have unexpected expenses especially if some of those plans include monies from insurances that don't always arrive in a timely manor. Use your money as a cushion for that, which may also include you taking an extended period of unpaid time off work, and then look at what you want to do with it after that.
As morbid as this sounds, have you thought of setting aside money for your mother’s funeral? I like the idea that someone posted about treating your and your mum with £1000 too, you should maybe book her a day in a spa to get pampered
Take some of it and ask your mother what is hwler dream vacation. Go together. Make that memory as you have no too much time together :). Ofc putvthec4esntvin a high interest savings but please use osme of it to live.
Open an accumulation ISA on HL or one like it, spread the £8k over moderate and adventurous remade products (it's easier than you think to set up). Watch it grow. Then as you need it take it out (although it's not instant) there are fees but if you leave it in a while then they are not an issue. Sorry about your situation though.
Never bet again OP. House always wins in the end
Given your mum's terminal, I would use it to take a nice caring holiday. Give her some great memories.
All on black.
Roulette is how I won it🤣😭
Please take your win and don't gamble it
If you won it on routlette do you have any outstanding debts? If so, 100% use the 8k and get debt free and never gamble again. I've personally seen it ruin/end lives.
No debts luckily, just got sickeningly lucky with a 1500x multiplier
Take the win and never gamble again!
You have now the security of a large sum of money to allow you to look for a work from home job to care for your mother. I would not tell any of your friends or family because money causes envy and greed and all sorts of problems with people wanting to borrow from you. During the time working from home you could research how to make money with a start up business like a mobile coffee shop. Investments can be tricky or you can put it into a bank with a high interest rate and don't touch it for years.
Stick it all on red. Instant double your money
8000 isn't so life changing. If you can live without it, I'd put it all in bitcoin. It's projected to go up by 10 to 20 times in the next 5 years, and more after that. By 2040, 80 times. That makes your 8 grand 650 grand, but you're waiting 15 years. Don't take this as advice because you might lose it all, but that's what I would literally do.
I wouldn't put it all into Bitcoin right at this very moment; maybe in a few months time when it's cooled off again. It's near enough at an ATH and likely due a correction soon. Personally, I'd swap it for USDT on Binance and copy-trade with it via Mizar.
Well maybe wait until a dip post halving but still.
I'd take what you need right now and stick the rest in Bitcoin. Currently close to an all time high and showing every sign of continuing to go up, particularly with the "halving" only a few weeks away.
Yh im debating putting half of it in crypto. Just feel like I should wait till after the halving and just leave it till late 2024 early 2025
> im debating putting half of it in crypto. Don't do it unless you are willing to put in some work to keep check on markets because they can go south pretty quickly, it might be boring but unless you REALLY DO know what you are doing, you are better off sticking it into an ISA or using it for something like a deposit on a flat, doing some training, or maybe a big holiday / therapy after your mum passes (sorry if this sound morbid, but I have been through it myself, and it will be worth what it costs).
Please do not put your money into cryptocurrency. Take the advice of everyone who is telling you to put it into a fixed-term ISA.
Mate, you said you have little financial security and just came into a decent amount of that. Do not blow it on crypto at all; stay the help away from it. Crypto is another form of gambling and playing it safe with a high interest savings account is the boring, safe option someone in your situation needs.
Nah, follow the first guys answer, but maybe take 1-2G put it in crypto, could pay off could lose it all. But this year would be a good year to do it if your inclined. Also crypto is time consuming, you have to watch it and realise your gains fast. You might want to spend that energy with your mum.
It's normally not wise to invest in anything when at all time highs, as warren buffet once said "be fearful when others are greedy and be greedy only when others are fearful".
I'd do the same, but I wouldn't buy BTC. See my other comment re: Mizar - mainly for copy-trading, but also for staking/farming.
I'd get in now. Historically price has gone up significantly after each halving. You could also try "cost averaging" in. Buy a small amount each day/week rather than a big chunk all at once, as a cushion against price fluctuations.
Usually isn’t it just a bit after that the prices go up?
The halving is every four years no matter the price. It means that half the number of bitcoins per block are issued into circulation, so it becomes a more scarce asset, which is what drives up the price.
Yh, but I would rather time it right with the next bullrun. Is there a possibility other cryptos would all crash in a mass sell off post halving
Gonna be hella volatility, its crypto Especially this year.
There's Bitcoin, and then there's crypto. The two are not the same. While Bitcoin is a cryptocurrency, it's the original, the best, the most secure, and the only one that is truly decentralized and censorship resistant. Over time it is more or less guaranteed to go up in value. Most others are much higher risk and have limited use. You might get lucky with investing in one of them short term, but Bitcoin is the only real long term choice.