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driftaddict87 | What would you do if your mom called you in this same instant and told you she just won $25,000 at the casino? |
it just happened to me!!! just now!!!, and we are kinda poor, so it's great news!!! what's the best way to make the best out of it? we would like to put a down payment on a home in the near future, what should we do?
any way to make a good investment?
Additional Details
thanks for your opinions guys, by the way it's not like im a kid or anything, im 20, and my mom highly relies on my opinions to take decisions on things like those, that's why i asked for your help :) |
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Annie D
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Your mom won the money, right? Maybe she already has plans for it. It's not yours to spend. If she should ask your opinion, I'd advise her to pay off any credit card debt or other debts which have a high interest rate. Getting out of debt, particularly debts with a high interest rate, is the best way to spend money.
Also, be aware that the state will want some of the prize money for taxes. |
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The Prince
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I wouldn't probably do anything. And depending on where you are, it won't nearly be enough for a down payment on a house unless you are in Arkansas or something. I know in California its impossible. I would probably invest it in the market or get a car or something. It might not be a bad idea to put in a savings account with a bank that pays like 5% interest. You can also always buy precious rocks, jewelry, or other such commodities just to make sure that your money doesn't loose its value over time, you know like diamonds. |
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Jan G
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Pay off all credit, then use the rest to buy a house. Don't waste your money. And remember around 40 percent of that will be taxes. Congratulations! |
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MISSY ANDERS-RIVERA
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First of all you need to calm down.It is normal to be exited,but it is not best.You should put money in the bank to save.You can also put out a yearly plan.To get a yearly plan you need to talk to a bank consultant about that.For instance you could have a five year plan which is basically money that you cannot take out for five years. |
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pam
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I would be stunned my mom was in a casino.
No need to decide tonight what has to be done. Let the excitement wear off and your mom will decide when ready what she will do with her winnings.
Congrats to your mom ! |
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whitsonboy
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I would tell her to stay out of the Casino from now on. Cause she is in the best position she has been in for some time. Taxes are going to suck. At least put it in a money market account so that it will earn some interest for you. I know a guy that makes around 500 dollars a month on his money market account every month. He's got just over a hundred thousand dollars in the account. So you can make some money in interest too if you play it right. Pay off any high interest credit cards first. Here is to smart decisions. |
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Monkey007
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First I would put the money in the bank while you check out your options. While getting a house is a great idea, you will need to think about whether you can cover the expenses when you do get one. Some banks offer good interest on Term Investments, it's the safest way to invest with your money. |
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Lesley
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I don't know about you, but if my mom won $25,000 I don't think I'd somehow get to use all of it. She might give me a small amount because she's generous, but it wouldn't be my decision what happens to the money. |
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Gary
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She needs to cash out and quietly leave the casino. Put the money in the bank and plan on paying federal and state taxes. After you pay your taxes then do something useful with the money. |
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Marie N
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Congratulations!
First, you step away from the computer and take a deep breath. You go and get your Mom to cash in her money and come straight home. Don't tell anyone else or you might get some 'vultures' circling around. Then, you get an accountant or a reliable lawyer to help you with your taxes.
Then, you invest a good amount of money in something reliable, pay all your debts, and maybe get a down payment.
Good luck. |
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src50
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Celebrate but don't spend it until you've done some careful thinking. Remember that she'll have to pay income tax on the winnings which could consume 25% +/- of the amount. |
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Gengi
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i think getting a loan is the best thing to do. |
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