What would you do with a life-changing sum of money?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 20 July 2018
⏱️ 38 minutes
🧾️ Download transcript
Summary
Working out what to do with a life-changing sum of money is a nice problem to have but that doesn’t mean it’s not tricky.
We’ve all read the stories of inheritances, lottery wins and other windfalls squandered - and even if you have spent a lifetime building your wealth, whether through investing or business, it would still be all too easy to rattle through the cash.
On this week’s podcast, we look at a question from This is Money’s new Wealth Check section on what to do with £1.2million from a business sale: how to spend some enjoying life and invest the rest so that it is not at too much risk but still grows.
From there, Simon Lambert, Tanya Jefferies and Georgie Frost dive into what a life-changing sum of money might be, why more people are getting them, and what you might do with it.
For those without that luxury, we look at why engaging with your pension investments is being tipped as a way to retire early - and whether a bit less time panic scrolling on social media might buy you the time to do that.
Also on this week’s podcast agenda are the cheap wills that could cost your family a fortune, the used electric cars rising in value – with the Renault Zoe up 30% in a year - and the annoying text messages that could replace Verified by Visa.
Transcript
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| 0:00.0 | Welcome to This Is Money podcast in partnership with NS&I. I'm your host, Georgie Frost, |
| 0:05.9 | and joining editor Simon Lambert and I today is pension specialist Tanya Jeffreys. |
| 0:10.4 | And coming up, what to do with a life-changing windfall. |
| 0:13.8 | Simon has some suggestions that don't all involve sending checks to editor at this ismoney.co.uk. |
| 0:19.0 | Tanya is here to tell you the secret to boosting your |
| 0:21.6 | retirement funds. We've an update on electric cars that you might not like. The new visa mobile |
| 0:27.5 | verification, a nightmare or dream for online shoppers. And This Is Money have lifted the lid on a scandal |
| 0:34.0 | that could see grieving families hit for thousands of pounds. |
| 0:37.8 | Although plenty more coming up, don't forget, you can stay up to date with all the latest breaking money news. |
| 0:42.5 | Just go to this ismoney.co.uk or download the app. |
| 0:46.9 | This is Money, brought to you in partnership with NS and I, where safer savings set you free. |
| 0:54.4 | But first, when we speak about getting a financial win for, |
| 0:58.0 | it always seems to be off the back of something, well, bad. |
| 1:02.8 | A divorce, redundancy, inheritance. |
| 1:05.5 | But this week, thankfully, you've actually got something a little bit more positive. |
| 1:08.8 | One of your readers, Simon, got in touch, wanting a bit of advice. |
| 1:11.6 | Now, they'd worked hard building their business and had just sold it for over a million quid. |
| 1:16.6 | Well done them. |
| 1:17.6 | Now, while they had a few ideas about what they wanted to do with part of the cash, they called on Simon and the team to help out with the rest. But even if you don't have a million quid company to sell, there will be many, |
| 1:27.9 | many people who get win falls in other ways and no, they don't all have to be bad. You can get |
| 1:31.8 | a small lottery win if you're so lucky. And they will be pondering similar questions. So what |
| 1:36.6 | do you need to be thinking about and what are your options? So Simon, first of all, let's talk |
... |
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