- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
What would you do with ones years income?
Collapse
X
-
Spend 98% of it on wine, women and song. The rest of it you can waste., -
Invest the money in time with the people who matter to you.
Life isn’t just about making money, life is for living. Go on a safari in Africa or a yoga retreat in Vietnam, maybe look at doing a 3 month sabbatical with VSO.Leave a comment:
-
A night of unbridled passion with NLyUK - you would acquire some experience (and nasty little rashes) that stay with you for a lifetime?
Buy a bedsit over a kebab shop?
Leave a comment:
-
Invest in "Uncle Albert's shipping line". As safe as the Titanic.
If that's too risky, do a mix of Premium bonds, ISA's and gold. If there's anything left over, put it all on the third horse (alphbetically) in the Epsom Derby.Leave a comment:
-
Max out your (and spouse if relevant) ISAs if not already done - potentially for 2022 and 2023 tax year given it's nearly April.
See if there's some improvement on the house you were considering having done.
Go on a lavish holiday.
Buy something you wouldn't normally justify like a swanky car upgrade.
Take a 'sabbatical' for a few months next time your contract ends.
Find a worthy charity or individuals you think could genuinely be blessed by the money, or buy people expensive gifts (like a car for a family member or something)
Look at some more unusual/interesting investments that you wouldn't typically use, on top of whatever you normally do - fine wine, a cask of whisky, Crypto, gold bars under the bed, ...
Leave a comment:
-
Originally posted by Fraidycat View Post
Do you really think the FTSE 100 is going to 16,000 or FTSE 250 is going to 40,000 within a few years?
If you think some individual stocks might double then you need to name them for us.Leave a comment:
-
Originally posted by Unix View Post
Invest it in the stock market could double it in a few years.
If you think some individual stocks might double then you need to name them for us.Leave a comment:
-
Originally posted by TheDude View PostI have just received a windfall equivalent to about one years gross income from contracting.
I am unsure what to do with it - my heart says it should go in the pension pot but property is also an option. I could also risk the lot trying to escape the drudgery of writing code for faceless corporations and doing something I really want to do.
Anyone been in this position recently and what did you do?Leave a comment:
-
Originally posted by TheDude View Post
Good point. I guess I could hugely overpay pension from contracting and partially live from tax free windfall whilst getting the best interest rate I can from it.
So I'd probably divi it up from short term to long term, something like an amount of cash to live on, amount in premium bonds for short term, mid term ISA, longer term pension. I wouldn't bother using a windfall on shares or anything personally. It would be nice safe money to fall back on. Riskier investments are done from my daily churn if you get me.Leave a comment:
Partners
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: