Large insurance claim but i dont know what to do…?
In a nutshell on my 18th birthday this year in october i will be paid 4k short of £250,000 from a car crash I had a few years ago and the epilepsy and other disabilities i have developed from this.
Now the 250k is allot of money for an 18 year old an incredible amount of money, Anyway with all this gone through and cleared i don’t receive the money till im 18… I’m not complaining really as i’ll be allot more mentally responsible to use the money. I’m stuck in dilemma of what to do with it…
I don’t know weather i should give my mother 10k to pay off all debts so shes all clear and has no debt to her name and then buy a house or have one built.
Or to move abroad and live there e.g. spain france etc
or to invest it and build a small block apartments which ive got quotes for with a 5apartments and a shop unit on the ground floor in my area for about £180,000 in total costs and rent apartments out so i still have a place to live and i have a revenue while the units are being let and impossibly putting a franchise in the shop unit below to generate more revenue also. Apartments wouldn’t be big just normal 1 bedroom with kitchen bath and living facilities nothing too major but modern.
However I have no real interest in the property market in the slightest id love to have it but my career i want to do is something within music production preferably radio broadcasting.
Now im at college training to be a producer / musician and broadcaster and i intend of following that now and i plan to follow it through but i dont know whats worth doing. I know i have allot of time well 10 months before i recieve this but i dont know what the smartest thing with the govenment and prices going up and what not :/
Help advice and suggestions needed.
Im looking at this with the openist mind possible.