So - I'm about to inherit $25,000 - what should I do with it? I know I can't live off of it.?

Question

I have to continue working. Please don't tell me to donate it to charity or to give it to you. Should I invest - and if so on what? I'm 23 - I have a full time very well paying job and I'm single. Anysuggestions?

I have to continue working. Please don't tell me to donate it to charity or to give it to you. Should I invest - and if so on what? I'm 23 - I have a full time very well paying job and I'm single. Any suggestions? Any one want to go out with me :) - jk

Answer 1

Im in a similar situation!! Im just gonna put mine in the bank and forget about it! Its there if i ever decide i need it for something, if not, itll look good on my bank statement every month!

Answer 2

Put it in a brokerage account and invest in 5-10 stocks, preferably high growth stocks, ones which you don't need income from. It's always risky, but one I can recommend is Peabody. Do the research and don't let your broker have the run of your account. They make money off of the commissions, so they will want you to buy and sell frequently. There will be penalties if you sell too soon (I think it is 6 months) or if you let the value get so high the stock becomes mostly profit. Make a rule for yourself that you will sell it if the value goes up 100%, no matter how much you like the stock. Join an investment group and learn about it. Usually they meet once a month and they're a lot of fun.
The real estate market in many places is declining in value and CDs and "low risk" securities will not make money for you.

Answer 3

I'd likely toss it into an ING account (www.ing.com) so it's earning a decent intrest rate and spend some time researching investment options.

Most investment companies like Fidelity will meet with you at no charge and talk to you about ideas how best to invest your money.

I personally like mutual funds, since you can often make a good return on investment without having to really watch every day and taking big risks. Considering your age and stable financial status you certainly could do riskier investments, and could do well - but you also run a higher risk of losing it too.

Ideally if you put a big chunk into a retirement investment, it will really increase in value and you'll have a nice retirement nest egg.

this article might be helpful for you too: http://www.ehow.com/how_14746_create-investment-portfolio.html

Answer 4

Well, you could put it into an account, get a good rate and invest later. Or you could just take advantage of it now and invest in something you need. Or in something you wanted in a long while but you never got because you told yourself there are better things to spend your salary on.
I don't have any other suggestion cause being about to start university I'd have lots of things to invest in. So if you really don't find anything to invest your money in then...you could help me :))

Answer 5

Talk to a financial adviser. There are high yeald savings and investment accounts. That way you can watch your money grow.
I would make sure to take out any taxes that will need to be paid on that money first and then you might even want to take a little vacation for a week or a weekend. Then put the money away and forget about it until you need it for a down payment or if you have an emergency and need it.

Answer 6

You should invest in it. If you're Christian, make sure you take out you're tithes because 10% of it belongs to God! Don't let money rule over you because it easily will if you let it. Money has a life of it's own, but it's controllable. Do something that will make a difference in someone else's life that's not as fortunate as you are. Whoever had the money before you could have donated it, but may not have the heart. So I guess it's now up to you!

Answer 7

Put the money in an IRA or a low risk mutual fund. The two are different but both yield well over time. THe other option is a money market account that pays very good interest, but there is a penalty for too many withdrawls. Good luck and congrats.

Answer 8

you should see a financial manageer who can explain it to you... the money as you know isn't a great deal of money by todays standards, but is a bit too much to go and just spend on garbage too. So..I would suggest in particular you ask about managed funds... that means the money goes into a fund and the fund divides the money up amongst various investments...

If you were my 23 year old child I would say take that money, pack your bag and travel.... you could travel all over asia and europe for that... and that would be one heck of an experience and one heck of an education.

Answer 9

Tithe 10% to church, and invest another part of it in IPO's. Study up and get in cause there is money to be made if you're willing. Don't gamble...please dont let anyone convince you to gamble. You can also put a down payment on a fixer upper, and flip real estate property...it only takes a little while to learn....maybe set it in a CD account for 3 months while you learn, then when you're ready to use it, it will have already grown.

Answer 10

Either buy a condo with it (I own a condo and it's a solid investment) because only having half a mortgage payment would be a blessing every month. Or put it into a high-yeild CD and let it grow for when you want to buy a home.

I wholeheartedly agree with Jamar about tithing the 10%.

But also yourself something nice. :)

Answer 11

You keep it and and put into a savings account and invenst it. Therefore when you are older and you need to buy something your money will grow. Don't give it away, if it was given to you then you keep it. If the person wanted the money donated they would have already done such.