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Started By
Message
What would you do if you came into a couple hundred K?
Posted on 1/15/14 at 5:51 pm
Posted on 1/15/14 at 5:51 pm
By mid year it is certain that I will come into a 200-300k--non taxable. If this were you, what would you do with the money? Savings? Stocks? Real Estate?
I plan to visit with 3 or 4 financial advisors, and some friends who I know are good with money to use them as sounding boards for strategy, but I'm doing forward thinking now.
I'm decent with money, but never have had money like this before. It's doubtful I'll ever come into a situation in life like this again, so I want to be wise, but I also want to smartly make money from this money. I'm 30 and single.
New to the board, btw...please go easy on me!
I plan to visit with 3 or 4 financial advisors, and some friends who I know are good with money to use them as sounding boards for strategy, but I'm doing forward thinking now.
I'm decent with money, but never have had money like this before. It's doubtful I'll ever come into a situation in life like this again, so I want to be wise, but I also want to smartly make money from this money. I'm 30 and single.
New to the board, btw...please go easy on me!
15
Posted on 1/15/14 at 5:55 pm to marklsu
Pay off my student loans.
I'd have financial freedom. It would be glorious.
I'd probably also take out the money from a bank in small bills, put it in my living room, and swim around it like Scrooge McDuck for a day.
I'd have financial freedom. It would be glorious.
I'd probably also take out the money from a bank in small bills, put it in my living room, and swim around it like Scrooge McDuck for a day.
Posted on 1/15/14 at 5:57 pm to marklsu
1. Get a good CPA
2. Get a good financial advisor
3. Stay away from friends for money advice
4. Don't spend it - this could set you up well for retirement.
Edit - get a good advisor first and watch the fees, or park it in a low fee index fund
2. Get a good financial advisor
3. Stay away from friends for money advice
4. Don't spend it - this could set you up well for retirement.
Edit - get a good advisor first and watch the fees, or park it in a low fee index fund
This post was edited on 1/15/14 at 6:00 pm
Posted on 1/15/14 at 6:08 pm to marklsu
by bitcoin
I keed, I keed.
I keed, I keed.
Posted on 1/15/14 at 6:12 pm to marklsu
Hookers and blow
Oh sorry wrong board
Oh sorry wrong board
Posted on 1/15/14 at 6:20 pm to marklsu
I would personally invest half on my own. Probaly use it for riskier stocks since i came into it so easy.
Keep the rest to use towards a house or something.
Otherwise, buy a boat.
Keep the rest to use towards a house or something.
Otherwise, buy a boat.
Posted on 1/15/14 at 6:27 pm to marklsu
Exxon Mobil stock (XOM). Do not spend the money and reinvest the dividends
Posted on 1/15/14 at 6:37 pm to marklsu
quote:Freak out that I just ruined a couple hundred k with my own juices.
What would you do if you came into a couple hundred K?
Posted on 1/15/14 at 7:07 pm to HailHailtoMichigan!
First I wouldn't tell any family or friends.
Then I'd invest 80%, give away 10%, and blow 10%.
Then I'd invest 80%, give away 10%, and blow 10%.
Posted on 1/15/14 at 7:14 pm to marklsu
Best advice said already: get a good CPA, get a good financial advisor.
I was a few years younger and in a similar situation, but not that much $. I will not say don't spend any of it, but do not spend all of it.
Right away you will want to buy something, i suggest waiting a month or two and seeing if you still want it.
I bought a new truck 4 months later, but still financed half to build credit.
When you start meeting with the financial advisor and looking at the montecarlo simulations for $$ invested today until retirement it will open your eyes. You will start thinking I must save this $ for retirement and I can retire at 50 instead of 65.
I was a few years younger and in a similar situation, but not that much $. I will not say don't spend any of it, but do not spend all of it.
Right away you will want to buy something, i suggest waiting a month or two and seeing if you still want it.
I bought a new truck 4 months later, but still financed half to build credit.
When you start meeting with the financial advisor and looking at the montecarlo simulations for $$ invested today until retirement it will open your eyes. You will start thinking I must save this $ for retirement and I can retire at 50 instead of 65.
Posted on 1/15/14 at 7:14 pm to marklsu
Any debts? What rate?
First would be house. Buy one if you don't, putting down 20-50%.
Put a little aside for immediate needs/fun, invest the remaining. Depending on the amount left, some with an advisor and the rest independently. Likely in Blue Chips with dividends or big MF/ETFs.
First would be house. Buy one if you don't, putting down 20-50%.
Put a little aside for immediate needs/fun, invest the remaining. Depending on the amount left, some with an advisor and the rest independently. Likely in Blue Chips with dividends or big MF/ETFs.
Posted on 1/15/14 at 7:14 pm to TejasPete
Depends a lot on your situation. Do you have debt? Do you currently save for retirement? Are you on track? Own a house? intersted in stocks, real estate, business? How did you come into this money? If it is a gift or inheritance, I would think a lot about what the person or persons would have wanted you to do.
Posted on 1/15/14 at 7:37 pm to marklsu
If you have debt, pay it off. Get a good financial adviser for the rest. Maybe 5% for fun, but not one fun event, make it last.
Posted on 1/15/14 at 7:51 pm to kywildcatfanone
Anyone have any financial advisers / CPAs in BR that they would vouch for?
Posted on 1/15/14 at 8:03 pm to eng08
quote:
I can retire at 50 instead of 65.
I wouldn't want to retire at fifty regardless of what I had. I'd be bored to tears.
Posted on 1/15/14 at 8:11 pm to Teddy Ruxpin
When I say "retire" I mean not working for the man in the rat race.
I am sure I will be doing something constructive but if I want to go fishing on Wednesday I am going fishing.
I am sure I will be doing something constructive but if I want to go fishing on Wednesday I am going fishing.
Posted on 1/15/14 at 8:12 pm to Teddy Ruxpin
I don't think anyone want to retire at 50. However, everyone wants the option.
I will have that option at 40 due to my frugal lifestyle.
I will have that option at 40 due to my frugal lifestyle.
Posted on 1/15/14 at 8:17 pm to LSUtigerME
I have student loan debt at 4%. I have a job but have been looking for other career opportunities. I have a very nice car and currently rent. I don't have any "wants" other than to go to Europe on a short trip. I have been furthering education by getting a JD.
Posted on 1/15/14 at 8:22 pm to marklsu
Find a CPA
Find a fee-based financial advisor.
Pay off debts and invest the rest. That much at your age will be huge down the road.
Find a fee-based financial advisor.
Pay off debts and invest the rest. That much at your age will be huge down the road.
Posted on 1/15/14 at 8:23 pm to marklsu
I solely owned a business for 4 years. I just cleared myself of that and now am looking for ways to take this money and grow it successfully. I wanted to know what people thought of different types of investments given my age and opportunity.
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