There is no definitive answer to this question, as each person will receive their inheritance in a different way and the best way to invest a million pounds will differ from one individual to the next. However, if you are looking to make your money go as far as possible then working with an adviser is often the most effective way to work out how and where you can achieve this.

A financial adviser will take a detailed look at your existing savings and spending habits, as well as your other financial goals before recommending the most suitable investment strategies. They will consider how long you want to leave your money invested for and the level of risk you are willing to take, among other factors. They will also use research and data to create a portfolio that will support your overarching objective, such as making your million pounds go further. Check this out

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Savings

In order to become a millionaire, you need to save as much of your income as possible. This can be done through a number of ways including setting up a side hustle or small business, as well as reducing your spending. Typically, around 40% of your salary should be spent on essentials such as rent or mortgage, bills and petrol, but many people find that renegotiating their existing deals can free up an extra few hundred pounds each month to invest in other areas.

Savings accounts offer low returns but investing in a broad market index fund can provide you with high returns over the long term, especially when you take into account compound interest. This means that your initial investment will grow over time, and reinvesting dividend payments can further bolster your investment return.