confused
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this might sound like a bomb shell or a negative comment but 20k is not that much these days... (agreed it is a large amount of money and one to say thank you very much about) but you would be lucky to have change from a new car and a holiday....
You could try putting it into a high interest savers account for a 3 or 5 year fixed period... its difficult without knowing your circumstances... i would take some out to have a nice treat then save the rest |
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jon p
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buy 20,000 items from a pound shop !! |
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src50
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Park it in the bank for now and get a good basic investing book such as "Investing For Dummies." The intelligent choice depends on your particular situation. |
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Lost and found
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Pay off any debts you have then do something you've always wanted to but never had the money............... go travelling if thats what your heart tells you, put a deposit down on a house, buy a new car if you need one................ whatever you decide its your money and its a wonderful gift. Just don't go wasting it on piddly stuff - make sure you do something memorable thats going to make you happy.
Blessed be xx |
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Richard Jackel
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Nice question!
Here are mine! How old are you? Are you married? Are you a student? Do you have debt? How long do you think you will have the money? What are your dreams?
Answer these questions and then perhaps we can give you some workable answers. |
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Woody Black
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I would put it down as a deposit on a house - Struggling to save for that at the moment - I would say that is an investment. |
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bonai_power
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Donate a part of it. You have the money and you couldn't think of how to spend it, but there are others who really need money to at least survive in this world. Please care to help them. Good luck. |
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sammy
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enjoy some and buy some premium bonds you get no interest but you could win a fortune and the money you invest is always there if you ever need it |
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Ahdunno
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put it safe in building society for rainy day
see citizens advice about buy to let ( assuming you already got morgauge on own property
pay off own mortgage earlier
or
send it to me bcoz I have had hard times |
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bubblesthepowerpuffgirly
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you could invest it in guaranteed government stock whilst you work out what to do with it - although some of these might lock you in for a minimum term
have a think about what you might like to use it for, and if you're unsure then save it until you do know. congrats! |
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Leu
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I don't think you should invest it - much can go wrong with investments and you may not get your money back.
I would put it into a high interest return savings account - wait until the initial shock of coming into this money wears off and then decide what you want to do.
Enjoy it! |
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Scaramouche
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Give it to me! I'll spend it - my shower has just broken and I'm already saving up for a new immersion heater! |
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penny
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Help this person out!
http://answers.yahoo.com/question/index;_ylt=AhsM77Y9j4aH0CEd0OXlDP3sy6IX;_ylv=3?qid=20071021105309AAYpVyM&show=7#profile-info-4bafcc48123b29448a2aec7662556607aa |
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Lightning
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Spend some of it, invest some of it and give some of it away... |
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HENRY B
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the Wilkinson's group invest in USA property $1000-00 a share can more than triple your money in 2years tel no for info 07813658115 |
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Marysue
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First thing, contact an accountant or tax attorney who can help you ensure you have set back enough to pay taxes on this.
Second, go meet with some financial planners who can help you best decide how to use this money. Definitely talk to a few. The biggest tip, if the first thing they talk about is the "financial pyramid," you should get up and walk away. That's the first sign of a bad adviser. |
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Gordon S1
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Spread the risk and do not spend it all at once. A prudent thing to do would be to put 3000 in a cash ISA so that it can continue to grow completely tax free. Each tax year, individuals can save up to £3,000 in a cash Isa and put £4,000 into a stocks and shares Isa, or stash the whole £7,000 into an equity maxi-Isa.
If you do not have a pension, use some of the money to start a personal pension plan. That's also a tax efficient investment and it is always useful to start early.
The rest you can put in unit trusts but chose one that is well-managed and be prepared to see it going up as well as down, that is why it is better to leave it to a good fund manager and forget about it for another 6-7 years.
At the moment, the property market is a bit unstable and can be depressed for a while so do not invest in any properties unless they are in a very good location and with good potential. |
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heydiddlefiddle
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Get it into a savings account asap until you decide so it can start earning interest.
If you have debts - pay them off. If you are wanting no risk then there are some reasonable fixed rate bonds in the best buy tables. Otherwise, make an appointment with a FREE financial adviser in your bank. |
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Maryn Bittner
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If you're in debt, other than a mortgage or car payment which you're managing just fine on your present salary, pay off your debts. (And never let them build up to more than you can pay in full, ever again.)
Take what's left and invest it in something like a money market account, which spreads your risk over many stocks and securities.
Short-term, you won't earn much, but if you can just forget this money is there, over the years even such a fairly small amount can grow dramatically, so that by the time you want to send a child to college, retire, whatever, you'll have some serious money to help you reach that goal. |
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janet s
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If you have debts, I would clear them first. If you have a mortgage I would reduce that by as much as I could but I would also do something or buy something special to remember the person/event by - the last bit is important I feel J |
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desye7
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buy shares in microsoft and ul never look back |
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PHIL M
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No 4, 3.30 Carlisle tomorrow |
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skullian
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Have some fun, but don't blow it all! it's not enough to invest in property really, so try a high interest savings account for a high return whilst keeping your capital safe! after all if you buy a load of stocks and shares they can loose money just as easily as make it. |
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snoopy
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spend it and enjoy it.could b dead tommorow . |
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Shawn G
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Look into a small bussiness , use that money to make more money.. don't settle..object start making money now.retire at 35-40 years of age ....live happy |
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sh1tshockhorror
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pay off my debts :) |
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alex
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youve said it, "windfall" buy a car blast 15 and save 5 |
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bwbilly
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pay your depts, put some into your home and then enjoy the rest....oh yes and buy an xbox 360 |
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Frank Castle
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Open a brokerage account at Zecco and I will help you for FREE. (I am a Portfolio Manager)
If you don't have a house then now is the right time to use that cash as a down payment for a house.
If you travel then the money will be gone in a very short period of time.
If you invest and you use up to 50% of your profits to travel then you will travel for as long as you live and you will have more and more money each year.
Example:
You invest $20,000.00 in a Mutual Fund and you make 20% in a year. ($4,000.00 USD)
You use $2,000.00 USD for your travels and you reinvest the rest.
You now have $22,000.00 USD and in the second year you make again 20% ($4,400.00 USD)
You use $2,200.00 USD for your travels and you reinvest the rest.
At this rate, you can travel to a more remote location each year and you will have more and more money each year too.
If you went to College and you actually studied Finance, Economy or Business then you can start a small business with 50% of your cash and a few credit cards and invest the rest in the Mutual Fund just in case your business does not make any money.
If you don't have a formal education then you can forget about a business. They will eat you alive.
If you need a more detailed answer then you can email me. |
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Elizabeth Dreams
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enjoy it |
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