Just won 60k, I never had that much, what do I do with it, I don't want to waste it

Put it in a savings account.
Read "The Total Money Makeover" by Dave Ramsey.

Invest it

Spend it on drugs and hookers.

Enjoy the taxes :)

buy land and a small house

Pay off all your debts.
Put half of what's left in a bank. You won't get much interest, but it will be safe.
Put 40% of what's left in a no-load index-linked mutual fund. (Look those terms up if you don't know them). That's your retirement fund.
Spend the remaining 10% totally foolishly and self-indulgently, just for the fun of it

I think in uk they are also known as Tracker funds.

OP, the above user is right, invest in your future with a solid long term fund. Also read Own The World by Andrew Craig, which really explains in easy terms what to look for.

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Paying off debts is a good idea, but if you have a student loan in the UK it isn't necessarily a good idea to pay the whole thing off now. You have more than enough money to consult a financial advisor, so do that.

£60k will be a decent deposit on a house getting you lower monthly repayments if you want to enjoy your month to month money.
If you really want a newer car buy a car no older than 3 years with less than 30k miles on it (this will cost £5k or less)
Don't use the money to live a more expensive lifestyle than you can maintain on your current income. Spend a bit of it and enjoy yourself. If you have a student loan don't bother paying it off, you are paying 9% of everything you earn over £25k a year, chances are you don't notice it going out now and you probably didn't go to uni if you play the lottery.

Richfag here.

Depends on your level of risk.

1)The most kosher option you have is to invest in stocks. The best way to do this is maximize a Roth IRA contribution starting in your 20's, maximize your employer's 401k contribution, then pour the rest into SPX and leave it. Your money will grow alongside the American+Global economy. You can do this easily by opening an account at an online broker like eTrade or TDameritrade and then transferring your money and buying $60k of shares in SPX.

2) Pour it into your mortgage if you have one. Super easy, just overpay your next bill by 60k. Check your contract, sometimes they don't let you do this without a penalty. So if there's a penalty, just pay the maximum now, then the maximum next year. So do it before the year changes. This option is a very, very good idea if you have a mortgage because of how mortgage loans are amortized. Every last dollar of the $60 will go into principal, so you won't lost a penny, you basically just transcode your wealth from cash into equity. Also it will save you over $60k more in interest payments in the lifetime of the loan, likely more depending on how much your house costs.

3) High risk. If you're young and energetic and don't mind risking it all to break it big in the future. Invest in bitcoin and wait for the next halving ( bitcoinblockhalf.com/ ) It comes every 4 years and the price of bitcoin surges every time. It's a super reliable way of growing your money aggressively and out of the government/banks eye. But it means bitcoin must survive into the future.

So the risk is yours to choose. Option 2 is by far the best choice if you currently pay off a home loan, because you'll gain so much, not lose a dime, and your gains won't be taxed. But if not, then Option 1 or 3 is your best shot.

Take it slowly, do nothing hastily & have a holiday, so that you can think about it.

A nice holiday somewhere relaxing & warm so that you can make a plan. Invest for the future, put money aside for the future, & help other family members if they've got any money trouble.

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