I have been left what is a large pot of money for me and my family by my dearly missed Grandfather and I’m looking for ideas of what to do with it.
The amount is £60,000 but there is also a small number of shares he transferred to my name before he died. He liked investing and I know he liked investment trusts. I don’t understand them as well as him and I know even less about the stock market. The shares he passed on to me are worth a little over £20,000.
I would like to invest this money for the long term for my family. I have a mortgage of just over £40k and have three young kids who will probably go to Uni one day.
I don’t know whether to pay my mortgage off or just to invest the whole £80k and grow it for our future.
We were left a little more than the amount I quoted but we went on a nice family holiday, and upgraded the car and kitchen and I have kept some back in the Building Society in case we need cash for something or other.
Any help or advice would be greatly appreciated.