- Should look to buy a business or similar and then continue renting?
No. If you can afford the debt, debt is really really good during high inflation. Like I'd your interest rates is 5% and inflation is 6% then your earning thar 1%, while gaining capital gains, while using the rest of your money to grow for you.
And I personally believe, especially with the recent bank failures, inflation is far from dealt with.
- Invest all the money in a diversified stock market portfolio, plan to rent for 5 years and then re assess?
I would do that with a large portion of the money. Time in the market is better than timing the market. If your not going to use that extra for ab investment property that is.
- Any other thoughts or suggestions?
If i were you, this would be my thinking.. property is, and will more than likely remain, the single best method of wealth generati in this country. Second is the stock market but it's a loooooong way back.
I would get myself two mortgages (obviously if you can handle it) I would put enough into both that the mortgages are manageable. One would mostly be supplenbyed by the rent and the other would be your live in home.
Inflation and cap gains will eventually see you right as rain.
Otherwise I would do the same with one house. Put as much in so that the mortgage is manageable factoring in probably interest rate rises still, and put the rest in a diversified portfolio to grow over time.
But hey, I'm poor. I've been learning as much as I can about finance for like 4 years now and am slowly applying what I've learned to build myself up, but I'm still poor presently so my advice is probably wrong
Speak to a professional