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Additional Details
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 What do you do when you are short a few bucks? |
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Pink-666 | I have recently inherited a bit of money from my nana, not sure of the best way forward, Help please? |
I have inherited around 8,500 in cash which will be coming through shortly (probably this week) also a house but there is a charge on the house for a third share so i will be left with around 50k so about 55k once i have had a couple of treats. I have 10k debt so need to pay that off. My dad owns a few houses ad has some with mortgages of around 50k so he has offered to sell me one but hime keep an interest in the property e.g if i buy one for 50k but its worth 100k we would own the house 50-50, good idea but I'm not really very settled at the moment and am thinking about a career change because i'm a receptionist on£6.25 an hour and bored out of my mind. please help.
Thanks in advance
xxx
Additional Details
forgot to mention that my Dad wouldn't want anything to do with the property when it was mine and also that i had an idea to rent it out for a year whilst i decide what i want to do for a job (might nanny in london or somewhere for this time) |
 |
 
Gothic Marthaâ„¢
 |
Put your money in a CD and let it build for 5 years. If you live in the same town that your Nan's house is, and you don't own your own home, I say move into it. Or, if your dad wants to buy it from you, you could do that too, or rent it out. The extra income could be nice enough for you to help get you on your feet, go to school or create a new career to help you. But, don't spend it! Make it grow, it seems like a lot of money I know, but it can be bigger in a few years time!
Good luck Hon! |
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ken
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put your money in a money market account and keep it for emergencies while you try your carrer change so if doesnt work out you can still pay your bills.
Your dad's deal doesn't sound appealing as he is getting the better part of the deal. i ahve been doing real estate for 17 years and that deal is just too unfair. |
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FAIRYTALE
|
Put it int a high interest saving accout,or buy an ISA. |
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tony m
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I love Receptionists. |
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taketwo
 |
invest it ISA speak to your Bank |
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pdonlevy
|
Congrats on planning for your inheritance instead of just spending it with out a plan.
You are right to pay off your debt first.
As far as investing in real estate with your father, be sure to have a written contract and treat it just like you would a business with a stranger. Think about the deal he is offering you. If a total stranger offered you the same deal would you be interested?
If the answer is no, I would recommend that you avoid this venture.
If you are interested in going back to school to learn a new trade or profession, that would be an excellent investment of your money. You have to work your whole life, and this inheritance gives you an opportunity to improve yourself and seek a better job.
Good luck. |
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Perplexed Music Lover
|
Well, don't be tempted to go on a spending spree. I like your dad's suggestion because it gives you an equity investment in real property, which is one of the safest investments around. I think you should look upon this money as your nest egg for the future, be it buying a house of your own when you marry or retiring comfortably. I would strongly resist the urge to spend some of the money on treats over time. Your focus should be on building your equity and net worth. |
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misslabeled
|
Don't sink it into a debt your dad wants out of. Business deals with family are ALWAYS a bad idea. I suggest putting your money in a high yield CD or money market account. I personally recommend opening the Internet Only Money Market with Zions Bank in Utah. They're currently offering 5% interest with a minimum deposit of $1,000. If you get their free checking at the same time, you'll have easy access to the money.
You could also set aside half and use the other half for a vocational school to learn something more marketable in a field you're interest in. But please don't blow it on a car or other expensive things you don't need. Getting a windfall like that is a great opportunity. If you save it for a while and let it grow, in a few years you can buy the home of your own choosing. |
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Bealzebub
|
A & L currently offer a savings account with 12% interest on for the first year, that means in 12 months with 50k in that account you would earn around £6,500 in interest. That may well be worth looking into, a £100,000 house won't earn you that in 12 months even with full tenancy. |
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curious
|
Put your money in ING direct account.
Very safe.
Buy some stock.
Buy real estate. |
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scottish_stuart
|
Well done for stopping to think about how you proceed. You're clearly aware of how important it is to look after the money.
As your situation is quite complex, it might be good to talk to an Independent Financial Advisor, they are unbiased and will be able to offer you a number of options and help you work out exactly what you want to do. (See 1st link below).
If you just want more information on the different types of products, investments and other savings options, the BBC has an excellent section for general advice on money. It's where I go for financial advice most often!
Good luck! |
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Barking mad
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High interest rate in a building society, have the profits transferred to a current account, should pay for a holiday each year, and it does not touch the invested money. |
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matt g
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Ignore all the people that say put it into an account. The problem you have is that inflation is at 2%, bearing in mind that the best savings rates are approx 4.7 % (most rates over this have got conditions attached - max you can save etc..) then you get 2.7% minus 20% for the tax man. This means that you get 2.16% NET, which I'm sure you'll agree is poor!!!
IF you want your money to work for you....invest in in a Maxi ISA. There is an element of risk involved, however the returns are far greater....on average 15%!!!
Savings accounts are for people who want their money to stagnate!! |
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kaingirls
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lend it to me im about to be evicted for spending like theres no tomorrow instead of paying my rent, so email me if interested |
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steven.mullineaux
 |
hi my names steve |
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Conspicuously Inconspicuous
 |
property or shares. |
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mr nice guy
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give me your number and we will go out on the piss and enjoy ourselves |
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Good♥Gyrl
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1. Pay off all debt, or if it exceeds the inheritance, as much as you can.
2. Invest the money wisely - foreign stock, domestic stocks, and at least a money market account (something that is a little more liquid than stocks).
3. Buy yourself something you've been wanting but can now afford. That's why she left you the money. Good luck. |
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clowmy
 |
Hi Pink, If you want to change your career,you can do that,and take your dad up on his offer.If you buy into properties you will always get your money back,plus 3 times more that you paid for it.This is a win,win deal.
Clowmy |
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