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Started By
Message
Best way to invest $60,000?
Posted on 8/23/16 at 8:10 pm
Posted on 8/23/16 at 8:10 pm
Recently inherited 60K. What avenue would yall recommend taking investment wise?
Mid-twenties
Zero debt
Degree
Well paying job
Roth IRA account
Set with housing
Single; no children
Mid-twenties
Zero debt
Degree
Well paying job
Roth IRA account
Set with housing
Single; no children
This post was edited on 8/23/16 at 9:26 pm
12
Posted on 8/23/16 at 8:20 pm to StealthCalais11
Flying cars.
Posted on 8/23/16 at 8:20 pm to StealthCalais11
Buy a house in Centurion Place.
Posted on 8/23/16 at 8:24 pm to StealthCalais11
How old are you? Have you talked with a financial advisor?
Posted on 8/23/16 at 8:30 pm to StealthCalais11
Hookers and blow...WTF is wrong with you guys?
Posted on 8/23/16 at 8:32 pm to StealthCalais11
Buy a good mutual fund and add money monthly if at all possible.
Posted on 8/23/16 at 8:33 pm to StealthCalais11
need more details..
age?
debt load?
married/expecting?
looking for a house?
so many variables
age?
debt load?
married/expecting?
looking for a house?
so many variables
Posted on 8/23/16 at 8:43 pm to b-rab2
Mid-twenties
Zero debt
Degree
Well paying job
Roth IRA account
Set with housing
Single; no children
I've been considering getting into rental properties for quite a while now. This makes that feasibly possible. Definitely an avenue that I might take.
Pros/Cons? Other alternative investment avenues?
Zero debt
Degree
Well paying job
Roth IRA account
Set with housing
Single; no children
I've been considering getting into rental properties for quite a while now. This makes that feasibly possible. Definitely an avenue that I might take.
Pros/Cons? Other alternative investment avenues?
Posted on 8/23/16 at 10:41 pm to StealthCalais11
You could do that. Take a loan against it and leverage it. If your first rental works out, you'll have some cash to buy a second one
Posted on 8/24/16 at 8:17 am to b-rab2
Mid-twenties no debt, "take an incredible vacation and buy yourself some nice things that will last" is the only answer here.
Then worry about the 50k you have left. I'd just layer it into some index ETFs over time and take your hands off the wheel.
Then worry about the 50k you have left. I'd just layer it into some index ETFs over time and take your hands off the wheel.
Posted on 8/24/16 at 8:58 am to raw dog
No Financial Advisor here but mid-twenties don't deserve a $10k vacation imo. (I'm same age btw). Its one thing if it is a recurring flow, but a one time cash flow is best invested or saved.
Do what someone else said regarding rental properties. It is good to have multiple sources of income. Most people can't afford to at your age and you are lucky enough to do it.
Do what someone else said regarding rental properties. It is good to have multiple sources of income. Most people can't afford to at your age and you are lucky enough to do it.
This post was edited on 8/24/16 at 9:01 am
Posted on 8/24/16 at 9:14 am to StealthCalais11
Take 5k to have fun with, then put the rest away and forget about it for 30 yrs
Posted on 8/24/16 at 9:16 am to AmeriKop45
quote:
but mid-twenties don't deserve a $10k vacation imo.
Why not? If it's an inheritance, I'm assuming a family member died. Perhaps his last living parent.
Assume these numbers for the guy:
26 years old
$50k investment
4% return
If he doesn't add another dime to the investment, Bankrate calculator estimates his inheritance will be worth almost $175k in 30 years. That's a good chunk of free money from someone else if he invests it. A $10k vacation at his age - especially if he brings a lady friend - could be a major moment in how his life is defined.
Posted on 8/24/16 at 9:27 am to StringedInstruments
But what will $175K be worth in 30 years? Not that much.
A $10K vacation means a luxury vacation. Assuming OP has a "well paying job," I am assuming he is with the rest of the mid-twenty American population with no more than 3 weeks of vacation. Its hard to be frugal (like he should be) and spend $10k on a 3 week long vacation. Its one or the other. These days you can get anywhere you want in economy for under $1K. So you got $9K for 15 days. That is $600 a day. Too much. Not being frugal on a vacation at this stage is irresponsible. Again this is just my opinion.
Also - By your calculation, the $10k vacation will be worth over $33K in 30 years.
Smart investments now could provide OP with a solid base to be able to afford those luxury vacations a little later in life.
A $10K vacation means a luxury vacation. Assuming OP has a "well paying job," I am assuming he is with the rest of the mid-twenty American population with no more than 3 weeks of vacation. Its hard to be frugal (like he should be) and spend $10k on a 3 week long vacation. Its one or the other. These days you can get anywhere you want in economy for under $1K. So you got $9K for 15 days. That is $600 a day. Too much. Not being frugal on a vacation at this stage is irresponsible. Again this is just my opinion.
Also - By your calculation, the $10k vacation will be worth over $33K in 30 years.
Smart investments now could provide OP with a solid base to be able to afford those luxury vacations a little later in life.
Posted on 8/24/16 at 9:30 am to AmeriKop45
quote:Sometimes this board makes me want to kill myself.
But what will $175K be worth in 30 years? Not that much.
A $10K vacation means a luxury vacation. Assuming OP has a "well paying job," I am assuming he is with the rest of the mid-twenty American population with no more than 3 weeks of vacation. Its hard to be frugal (like he should be) and spend $10k on a 3 week long vacation. Its one or the other. These days you can get anywhere you want in economy for under $1K. So you got $9K for 15 days. That is $600 a day. Too much. Not being frugal on a vacation at this stage is irresponsible. Again this is just my opinion.
Also - By your calculation, the $10k vacation will be worth over $33K in 30 years.
Smart investments now could provide OP with a solid base to be able to afford those luxury vacations a little later in life.
What is your reasoning for saving money? So you can retire and enjoy it one day. Well, I would rather spend the 10k as a single 26 year old on the beaches of Croatia with some babes, then spend 33k eating Piccadilly as a retired 70 year old with my wife Bertha
This post was edited on 8/24/16 at 9:31 am
Posted on 8/24/16 at 9:33 am to lsupride87
quote:
Sometimes this board makes me want to kill myself.
What is your reasoning for saving money? So you can retire and enjoy it one day. Well, I would rather spend the 10k as a single 26 year old on the beaches of Croatia with some babes, then spend 33k eating Piccadilly as a retired 70 year old with my wife Bertha
No kidding.
It's an inheritance and he has no debt and seems to have a solid job already. At 26, I was going to Gulf Shores because I couldn't afford Destin. If I had some extra money to blow on an amazing trip to Europe, I would have.
Posted on 8/24/16 at 9:39 am to StringedInstruments
If you want to kill yourself over someone's opinion on a public board - do it.
OPs money in the end. OP asked a board, and its just my opinion as to what I'd do with $60K one time income.
Btw StringedInstruments, with all due respect, you don't "find yourself" on a luxury European vacation like you are expecting. I'm just saying. Those kinda vacations will tend to be inexpensive ones.
With that kind of attitude, you will for sure be in Piccadily at 70.
OPs money in the end. OP asked a board, and its just my opinion as to what I'd do with $60K one time income.
Btw StringedInstruments, with all due respect, you don't "find yourself" on a luxury European vacation like you are expecting. I'm just saying. Those kinda vacations will tend to be inexpensive ones.
quote:
What is your reasoning for saving money? So you can retire and enjoy it one day. Well, I would rather spend the 10k as a single 26 year old on the beaches of Croatia with some babes
With that kind of attitude, you will for sure be in Piccadily at 70.
This post was edited on 8/24/16 at 9:41 am
Posted on 8/24/16 at 9:43 am to AmeriKop45
quote:
Btw StringedInstruments, with all due respect, you don't "find yourself" on a luxury European vacation like you are expecting. I'm just saying. Those kinda vacations will tend to be inexpensive ones.
Never said it was about finding himself. Just that it was a unique opportunity to have a big time experience as a single guy going wherever the hell he wants to go and do whatever he wants to do.
And the $10k was arbitrary, right? He could spend whatever amount he wanted.
Point is that people often have two regrets about their twenties: 1) they didn't do more to advance their career and secure their finances for the future and 2) they didn't take advantage of being single, no kids, and less financial responsibility and go have fun.
He has the opportunity to do both. Have $50k in savings (in addition to his Roth) and go do something spectacular that costs money.
Posted on 8/24/16 at 9:44 am to AmeriKop45
quote:And you may not make it to 70 with as happy as your life must be
With that kind of attitude, you will for sure be in Piccadily at 70.
"No, Susy, we cant order appetizers!!!!! I want to save for retirement that I may never see or be healthy enough to enjoy"
Look, saving is good. But this board goes waaaaay overboard and completely misses the point of life sometimes. Although, I think alot of posters arent telling the truth and just trying to play up being frugal and saving because thats what the board wants to hear.
Posted on 8/24/16 at 9:45 am to lsupride87
quote:
Look, saving is good.
And to add to your comment, this isn't $60k that he's saved from his job. He didn't invent something or make money selling his house. It's $60k that someone gave him because they died. It's lagniappe.
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