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hello!
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JOHANN L | I would be inheriting $50,000..................... HELP!!!!!!? |
OK, here's the story.I've got 3 bros.I'm the youngest the eldest already receive his inheritance he immediately got married & they are now a happy family.The second also got his inheritance & HE's still enjoying it.I mean he's going happy go lucky at this time...WHAT IF he goes bankrupt? And in MY CASE MY parents are about to give me the said amount SO I REALLY DON'T KNOW HOW TO BUDGET THIS FOR THE REST OF MY LIFE!!!!!! i've got no vices,JUST BEING ADDICTED TO .YA.is my pasttime.I don't want to end up being on the street just like what happened to a friend who had gone CRAZY when he got also the same amount & wasted it on his vices.....PLEAE GIVE ME OUR BEST ADVISE SO I can REALLY USE IT WISELY....PLS.PLS.NO MONEY MAKING STUFF FROM THE NET!!!!!!!! THANKS A LOT!!!!!!!!!!! |
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lizzgeorge
|
You should read a basic personal finance book and follow the steps within. This is a great chunk of money and will set you up to be financially comfortable-if you use it wisely. Here's how to do that:
1. Pay off any debt with interest rates above 5% (this is the amount you can earn on your money in a money market/savings account right now).
2. Put the remaining funds in a money market/savings account that earns around 5% (Vanguard Prime Money Market, ING Direct, Emigrant Direct, Fidelity Money Market are all great accounts).
3. If you had any earned income in 2006, immediately open a Roth IRA and put $4,000 in it (assuming you made at least $4,000 last year). You only have until April 16 to make a contribution for 2006. Open the IRA at Vanguard or Fidelity and put the money in a target retirement fund. Those companies have great funds, low fees, and good reputations.
4. If you will earn at least $4,000 in 2007, put another $4000 in your new Roth IRA for your 2007 contribution. You should have $8,000 in there now (unless you didn't get the money in time to make a 2006 contribution). Now forget about that money; leave it alone until you retire and you'll have a few hundred thousand dollars. Add to it each year and you'll end up with millions.
5. Let the rest of your inheritance sit in that money market or savings account and earn interest while you educate yourself about finances. Read a few books, hang out on this website, and/or read articles on MSN Money and Yahoo! Finance. When you feel comfortable you will have plenty of cash for a downpayment on a home, for college tuition, or for whatever other financial goal you choose to pursue. |
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tonalc1
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Answerneil's answer was spot on.
I don't know how old you are, but investing is really the way to go. If you don't touch that money until retirement, you'll be very happy. You won't have to worry about being old and poor. |
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Waddy
|
Don't trust money from the net or mlm ideas, they are mostly scams, and bad investments at best. It all depends on what you want to do and what you're willing to risk. No matter what you do there will be certain level of risk involved. I would say the safest bet is real estate, next would be low risk investment in the stock market. What you need to do is look into passive income, what that means is if you initially invest money it will constantly return. I own a piece of heavy machinery that I don't operate, but another company leases it from me, I still make payments, but they make me more money than I owe every month, so passive income... get the idea? You really will have to use your noodle with this one, but I'd say the only limiting factor is your own imagination. I will say one thing though. With about half of that you could start your own business and never have to have a job that you hate again. One more thing, don't just drop it in a cd or savings account because 5-6 percent is below the level of inflation typically 7-8 percent. That means you'd technically be losing 1-2 percent a year in missed opportunities. That doesn't mean forget about them all together, because its better to have SOME money extra than none, but don't use that as an excuse to avoid taking some risk and MAKING money. |
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answerneil
 |
$50,000 isn't something that will establish you for the rest of your life.. not by a long shot. Do not spend a cent. If your family doesn't have an investment advisor, park it in a money market account. You'll find yields of 5% to 6% annually, and your money is liquid, meaning that it's not locked up and is immediately available if you ever need it.
Make your money work for you. Do not spend it on anything that you don't need. If you come from a wealthy family, your family will most likely provide for education and other life needs -- but this inheritance should be invested, not squandered.
Use this as an opporunity to learn about investments, from stocks, bonds, mutual funds, to money market accounts and CDs (certificate of deposits). It's far much more fun to watch your assets grow then to blow them on meaningless junk.
Good luck, and have fun growing your nest egg! |
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wess d Ph.D.
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If your so unsure about how to spend your money, give it back to your parents and ask for it later when you're ready. |
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brucelee45x
 |
your first mistake is you said "FOR THE REST OF MY LIFE". $50,000 for the rest of your life is IMPOSSIBLE to live on. unless you live on the streets that way you don't have to pay taxes and bills. |
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gjsweet
 |
Education! Maybe a degree maybe tech school ... depends what type of person you are and what suits you but I would use the money to secure a better paying future now.
On the other hand investing in a commercial property as a partner might be another option but much higher risk.
Don't try to make it last because it won't. You can blow $50k in a year or ,you can use it to put yourself in a position of making $50k a year every year or alot more.
You sound like you will do alright .. you are smart enough to be planning this out ahead and know that you have to avoid the mistakes of brother #2. Just make sure that you put your money into an asset you can count on ...... DO NOT BUY A HOUSE, OR A CAR! These are not investments they will just suck up your money and only pay you back when you sell them and then you are back at square one unless you happen to sell at the height of a super sellers market.
Good Luck! |
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gary p
 |
just buy bonds since u don't need the money just put it n bonds |
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ShadowOfLight
 |
How old are you?
I could use 50k now...ahhaha
I think you are quite young...
What I would do is probably set aside a few thousand to donate to a charity. I would donate to WWF, coz humans are not in danger of becoming extinct.
Then I would set aside another few thousand to spend..hey enjoying a little is fine..
The rest, I will keep it until I know what I can use it for..ie. investments, real estate, stocks, start a business, pay for studies, etc...
The idea is DO NOT let people know you have that amount...coz once that happens more often than not the crooks will come after you money in the guise of an upright individual.
And ONLY AFTER you get the required knowledge to do whatever you want with the money, then you use it.
I suggest you start by reading Rich Dad Poor Dad, a simple $10 investment that will teach you the basics.
Oh and btw, for those who think that MLM are scams. I am sorry. I can't believe how can they be scams when they are 100% legal and have guided many to the path of riches. Do not blame the system. Those who can't make it in MLM are either not fit for it or are not good enough for mlm.
The problem is that there ARE Pyramid schemes that Disuise themselves as mlms. How to tell the difference? pyramid schemes usually have a shaddy product, or they don't even have a product at all. They focus SOLELY on recruitment. |
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MADLYNN
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heres my advice. Dont spend it. and.. .don't give it away. and especially,,, dont buy a trailer. |
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GotCaughtByDatelineNBC
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Save?
Are you nuts? Buy some strippers, have a good time. |
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