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re: If the average middle-class American
Posted on 9/15/18 at 10:51 am to LSUengineer12
Posted on 9/15/18 at 10:51 am to LSUengineer12
1) pay off house, rent it out to three individuals and make $1,650 per month on that. Move into a decent apartment until I figure things out.
2) buy Subaru.
3) Put about 300k straight into a mega cap dividend etf or fund that pays a 3% dividend.
That's $9,000 in income per year aside from regular stock appreciation.
4) I'd do a lot of reading/refreshing on real estate investing, create an llc and buy a property or two to start off.
5) Buy a modest vacation home in the Appalachians for my family/friends enjoyment only.
6) keep about 100k in an online saving that yields north of 1 percent. This is for repairs and emergencies.
7) Continue teaching and enjoy the double salary from investment properties.
8) max out HSA and Roth
2) buy Subaru.
3) Put about 300k straight into a mega cap dividend etf or fund that pays a 3% dividend.
That's $9,000 in income per year aside from regular stock appreciation.
4) I'd do a lot of reading/refreshing on real estate investing, create an llc and buy a property or two to start off.
5) Buy a modest vacation home in the Appalachians for my family/friends enjoyment only.
6) keep about 100k in an online saving that yields north of 1 percent. This is for repairs and emergencies.
7) Continue teaching and enjoy the double salary from investment properties.
8) max out HSA and Roth
This post was edited on 9/15/18 at 10:53 am
1
Posted on 9/15/18 at 11:51 am to bayoubengals88
I would invest it and not change anything else.
Posted on 9/15/18 at 12:03 pm to LSUengineer12
quote:
Were given $1 million. What should their next move be?
I would assume 90% of the middle class would have no clue what to do with that kind of money.
It's a more complicated question because we don't have an age to factor in. I don't know how old the average middle class American is... 35 or 40 maybe?
But in any case, I'd say that eliminating consumer (including student loans) and primary residence debt should be at the top of anyone's list. After that, the investing and spending sides would depend on age, family situation, current financial status and life goals.
Posted on 9/15/18 at 1:03 pm to LSUengineer12
Regardless of income level, first stop is the Porsche dealership. You only live once.
Posted on 9/16/18 at 10:36 am to LSUengineer12
What the average idiot should do?
Take every cent of it and put it in an 18 month CD. This will let the shock wear off, and it will be illuminating that, with practically zero risk, they now have about $30k more than they started with.
Now, pay off the credit cards. It sucked making all of those payments over the last 18 months, didn’t it? Maybe you won’t max them out again this time, which is what most people seem to do after paying them off (usually after selling a house).
From here, it branches a fair bit. Have you been grinding out work as an employee for a small business that you could conceivably run yourself but just didn’t have the start up capital? Take a shot and see if you can change your life. However, if doing so will use up more than 50% of what you have left, it’s probably not a good idea, because most people are going to frick this part up.
If you live in a 60’s ranch style death trap, consider a new home that isn’t much (if any) bigger, but is significantly newer so you can start seeing some relief on utility bills.
Take a nice, reasonable vacation somewhere you never thought you would be able to go (should be doable for less than $15k, full stop. Most likely less).
Now put the rest in a nice, low fee vanguard index fund and get your arse back to work.
Take every cent of it and put it in an 18 month CD. This will let the shock wear off, and it will be illuminating that, with practically zero risk, they now have about $30k more than they started with.
Now, pay off the credit cards. It sucked making all of those payments over the last 18 months, didn’t it? Maybe you won’t max them out again this time, which is what most people seem to do after paying them off (usually after selling a house).
From here, it branches a fair bit. Have you been grinding out work as an employee for a small business that you could conceivably run yourself but just didn’t have the start up capital? Take a shot and see if you can change your life. However, if doing so will use up more than 50% of what you have left, it’s probably not a good idea, because most people are going to frick this part up.
If you live in a 60’s ranch style death trap, consider a new home that isn’t much (if any) bigger, but is significantly newer so you can start seeing some relief on utility bills.
Take a nice, reasonable vacation somewhere you never thought you would be able to go (should be doable for less than $15k, full stop. Most likely less).
Now put the rest in a nice, low fee vanguard index fund and get your arse back to work.
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