Candidus
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You should find a good community college and enroll in a technical program. |
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Mistress
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Be sure to pay off any debt you have before you decide what to do with the rest. You should invest most of the rest of it, and use what's leftover as a cushion in your regular savings or checking account. |
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stefstudy
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U SHOULD PAY BILLS AND GET THINGS 4 UR FAMILY |
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Just My Name
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Buy me something pretty....LOL!
No man you should totally invest that. It's 20 G's and with the right planning it could turn into a lot more. |
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Diya
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You should go to college. I have always believed that by investing your money in education you'll be able to earn it back someday. Or you can save it for your kids education. |
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carlsahlsten
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buy stuff for the new baby of course. |
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Doug H
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Consider putting it into a high interest checking/savings account. Might invest some of it into your education. |
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Nice
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Invest it, or put it into a savings account that has a good APR and live off the interest. |
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tabby90
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Pay off any debt if you have any, put a good chunk into savings and ask your wife if she would like to buy a house. |
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customcat2000
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You need an emergency fund of no less than $1000, 3 to 6 months of expenses set aside in an interest bearing savings account, pay off any debt. I would be looking to home ownership in the future, and these are the baby steps to get you there. |
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trancevanbuuren
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If this is 20,000$ you don't have to touch right now, invest it in an index fund.
If your smart enough, you can learn how to day trade, and then you'll be able to live off $25,000. But you have to be good, real good, and you'll need to margin (use principal as security for 50% loan). So you'll have $37,500.
I promise you, at $100,000, you can easily live off the stock market if you are diligent enough to invest for a period of time. I'de suggest investing in index funds.
For example, you buy $100,000 worth of a $50 stock paying a $2/share dividend. You get 2000 shares. Every 3 months, the company will pay $4000 as a dividend to you. |
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Confused
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Do a good deed and give it to me=]] |
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hesterthehester
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prosper.com
kiva.org |
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Blicka
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Put $4,000 in a ROTH IRA for the 2007 year (for your retirement), put $5,000 in a 529 college saving plan for your child, pay down your high interest credit card debt (if you have any), put away $6,000 in an emergency fund, and invest the remainder in a mutual fund. (unless you or someone close to you knows about the stock market and can show you great long term stocks to buy)
PS: Don't invest in tech stocks with your windfall at this point in time. |
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Jukebox
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Use for down payment for a condo. THats if you have more $ coming in to be able to afford the mortgage. |
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Cory R
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First of all,
1. Set up short-terms goals - I say this because you will find that 20k is not alot of money to accomodate the typical American's lifestyle for more than 6 months. When you look at it this way you will hopefully value it more.
Ask yourself: What are my short-term goals? How much do I need to use to achieve them? You need to save
2. Control any debt that you have. I say control and not "pay off" because there are benefits to holding onto cash. Adjust your lifestyle and try to live below your means. That 20k cushion will run out quickly if you try to take on too much. Being debt-free is an obtainable and great goal to have if you put it in perspective of where you are. If being debt-free eliminates all of your available cash for emergencies than keep some debt just to have cash available. For a familyman: It is better to have cash on hand and a controlled debt then have no cash on hand and no debt, because kids are costly and if you have no cash you will be forced to charge up a credit card versus if you have cash on hand and controlled debt you will eliminate the need to use credit to pay for an emergency. (Which is an emergency in itself?)
3. Strategize: Plan ahead for your next move(s). You should be motivated to pursue additional skills/education for yourself and to establish a comfortable lifestyle.
4. Stay motivated to get ahead of the game. You are doing great for 21-year old but this is partly because you had no college-related bills to think about. That may hurt you in the long-run but you should be proud that you saved some of the difference for no college bills, but unlike most 21-years olds you have a family to think about as well. This increases your burden and so you should plan accordingly. Continue to keep whatever discipline that got you to save that much.
5. Invest a portion in CD's (fixed income) at a Bank and a portion in one or two small/large cap index funds (equities). You normally cost risk more in equities but since you have a family, unstable income (or do you?), I wouldn't do more than 50% in stocks if you don't want the risk. |
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dynamite_boy619
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Do something good for yourself and then maybe invest the rest. |
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wallet_chain83
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Thats easy. I would pay off your rent for the next year. 1000 bucks a month times 12 is 12,000. still leaves you six grand to go to college. Or buy a used car at three grand from a dealership. Take the left over 3 grand and pay on a college tuition. Then save the money you woulda payed on rent and finish off the college loan( remember to go for finacial aid they don't hafta know about your 20 grand.) This way is the way I'd do it. Just let the landlord know you're not buyin out the lease just paying in advance(he probally appreciate it) and make sure YOU GET A RECIEPT. By college I mean trade school. Think welder or somethin that takes a year or less to learn. Most places have job placement. If you get a job in 3 months then most of that 20,000 will come back to you.(Remember you paid off the rent for a year!) |
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Mike Sanders
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give it me...
the gift of charity keeps on giving... |
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haileab t
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buy good stock that it has dividend like FRO BOOM |
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Flushing06
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You should pay off my studen loan and then keep the rest for yourself. |
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lilly
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Save some of it so you generate some interest. Buy something for your pregnant wife and son, and take care of the rest of the money, with the baby on the way. |
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laura f
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invest it. choose something that you think will pay off, do some research. you gotta spend money to make money |
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