From Rags to Riches: How would you spend a £100,000 card reward?

Let me set the scene. It’s your average Winter’s afternoon - Cold, blustery and overcast with intermittent rain showers. With very little in the fridge to fend off your hunger until tea time, you bravely face the elements to grab a cheeky lunchtime meal deal from Tesco.

You tap your physical EVERYTHING Card at the self service points, and as your playlist subsides, you hear the instantly recognisable ka-ching of an EVERYTHING app notification, indicating that a card reward has been triggered. Having received several Squad reward notifications triggered from everyday spending throughout the morning, you dismiss it, and swiftly make your way home.

Home, dry and seated, you place your headphones down, reach for your phone to close Spotify, and that’s when you see it… a personal reward notification. Your curiosity peaks, so you open the app to see £100,000 due into your EVERYTHING account.

This is all hypothetical, but imagine for just one moment that it wasn’t. How would you spend a £100,000 card reward using your free Debit Mastercard®?

One large card reward 💸 a wealth of choices…

The conditions of this hypothetical are bound to vary dramatically from person to person depending on age, sex, individual preferences, socioeconomic background, relationship status and career path.

There are a number of avenues a person might choose to spend their money, but for simplicity’s sake, let’s assume most spending falls into any of the categories below :

1. Saving
2. Investing
3. Philanthropy
4. Frivolous spending
5. Debt repayment

With this in the back of our mind, we posed the question to Squad members inside the EVERYTHING App, and this is how a handful of our financial app members said they’d spend their £100,000 card reward:

@Haad.211 - “I’d put about 20k into investing and a large sum of it towards assets, i.e. investing in property with the goal of generating a passive income. The remaining money would be used to treat friends and family”.

@Fayzan786 - “I’d put a down-payment on a house”

@Libertyd - “I’d invest half into a stocks and shares ISA, I’d proportion another quarter to help pay off my parents outstanding debt, and the last quarter would subsidise my rent and cost of living.”

@WarMonger - “I’d put 50% away into a savings account with a fixed interest so that my money compounds over time. The other 50% would be spent on renovating my mother’s home.”

@Oztom27 - “Omg! I was having this convo today in class! I’d spend a few grand on presents for the whole family. After that, I’d treat myself to a much-needed holiday getaway! I guess I’d save a bit for when I choose to move out too.”

@Ashwill445 - “I would stay in my job to maintain a steady income flow and routine, whilst drip-feeding the £100,000 into a portfolio of properties.”

@BenPLT - “I’d spread my investments, i.e. index funds, property, savings ISA’s, and for everyday spending, I’d allocate all of my spending across multiple social Squads so that when I earn money from using my spending card, so would everyone in the EVERYTHING Squad win card rewards.”

*These statements are the opinion of some of our customers and do not constitute any form of advice, they are not intended to be relied upon in making (or refraining from making) any specific decisions

Consider avoiding potential day one mistakes! ❌

Statistically speaking, £100,000 is more money than most people will ever have immediately available. It’d be easy to get carried away, withdraw it all from your EVERYTHING account and throw it about like it’s going out of fashion (which physical cash technically is), but with great wealth comes great responsibility. These are the common pitfalls that you’ll want to look to avoid…

1. Letting your windfall burn a hole in your pocket. Plan, plan, plan! Carefully consider your options and create a plan to use your money. Impulsive spending from day one will land you right back where you started… but with the added layer of regret!
2. Toss a coin to your Witcher! High-interest debt can weigh you down like an anchor. Don't let it drag you down – it may be worth using some of your windfall to pay off those pesky credit card balances and personal loans.
3. It's easy to get caught up in the excitement of your windfall and spend it all on something fun, but the future is now! Why not set aside some of your windfall for the boring stuff too! We’re all going to get old some day, so think about saving towards your retirement.
4. Receiving a large sum of money can be overwhelming. This is where Impostor Syndrome might kick in. That unnerving feeling that you don’t deserve it, or worse, a tingling sense that your inner circle of friends are re-evaluating your new financial position and where they stand in relation to that. Despite your natural mistrust, you don’t have to commit to this journey alone. Seek the advice of a regulated financial professional to help you make informed decisions. A regulated financial advisor or accountant can help you create a plan for managing your windfall and achieving your financial goals.
5. Be mindful that there will be people who will try to take advantage of your good fortune. Be cautious of any unsolicited offers or requests for money, and do your due diligence before making any financial decisions. Protect your windfall and make it work for you.

Your money should work for you ⬅️ not against you ➡️

First things first - A general rule of thumb is to set aside 10% into a savings account. I can hear your murmurings of “Setting £10,000 aside… you must be MAD?!”… and there is method to my madness.

This £10,000 will be your rainy-day fund. Life is unpredictable, and at one point or another, financial hard times will come knocking. It’s in these moments you might need a little extra cash to cover an unexpected expense.

Time to get creative with your money! If you're feeling adventurous, you might want to invest in stocks, bonds, or real estate.

• When you buy a stock, you're buying a small part of a company that has the potential to become more valuable as the company grows and succeeds. As the value of your stock increases, you may be able to sell it for a profit.
• When you buy a bond, you're lending money to a company or government entity that needs funding for their operations. In return for your investment, they'll pay you back with interest over a set period of time. Bond investments can be a reliable way to earn a steady stream of income.
• When you invest in property, you're buying a piece of real estate that has the potential to increase in value over time. You can also generate income by renting out your property to tenants. Investing in property can be a lucrative way to build wealth and create a passive income stream.

Careful research and a measured approach to diversifying your portfolio of investments is key to managing risk. All investments can go down as well as up so its best to seek the services of a regulated financial advisor before making any decision.

You might think there’s no greater feeling than having a £100,000 card reward to yourself? Think again! You have the power to impact the lives of :-

✅ family,

✅ friends,

✅ community members and

✅ society as a collective.

If homelessness is a systemic issue close to your heart, now’s your chance to be the difference. If you’re tired of the climate crisis and dream of a sustainable future, why not fund a social enterprise or research team whose sole ambition is to tackle it directly through eco-friendly practices without being influenced by profit.

When all is said and done, money is just a tool to make more money, accrue assets or enhance pre-existing aspects of your lifestyle. You can’t take it with you, so remember to have fun along the way! Make your house the hub of entertainment with a home cinema, purchase a luxury car, go inter-railing around Europe with your social Squad, treat your loved one to a designer handbag or a pair of high-end Jordans. Turn your bucket list into a ‘book-it’ list!

The bottom line ✍️

Well, it looks like our hypothetical £100,000 card reward has sparked some seriously impressive financial planning from our iOS app members. Whether it's investing in property, saving for the future, or treating loved ones, there are so many ways to make the most of money rewards.

And don't forget, when everyday spending with your EVERYTHING Card, you could earn personal rewards and Squad rewards of up to £1,000,000 for you and your friends, or get your latest purchase fully reimbursed! If you're on Android, sign up to our waitlist now! For the ios mobile app, Download EVERYTHING® from the iOS App Store.

If you're interested in finding out more about the specific features of the EVERYTHING app, visit our website FAQ and read this blog.

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