2006-08-18 03:25:52 · 16 answers · asked by leor00 2 in Business & Finance ➔ Personal Finance
do repairs on your house.
2006-08-18 03:27:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What a coincidence! That's exactly the amount I inherited when my Dad died several years ago. The value of that inheritance is now many times the original amount.
My advice would be to invest it in one or more good stock mutual funds. Get some diversification, including between domestic stocks and foreign stocks.
Be patient, and keep an eye on your returns. One day, way down the road, you'll have a formidable nest egg, which you can use for emergencies, or other kinds of investment, or just the security it brings, knowing it's there.
2006-08-18 08:18:23 · answer #2 · answered by Carlos R 5 · 1⤊ 0⤋
First, pay off any credit card debt that you may have. Then, if you are able, open a Roth IRA for the maximum amount you are allowed ($4,000 if you're under 50 yrs old or your earned income, whichever is less). If there is anything left, you should probably park it in a high yielding money market fund at Vanguard (it's paying about 5% right now). This way, you can keep your money liquid until you review your personal financial situation regarding long term financial goals.
2006-08-18 03:34:10 · answer #3 · answered by SuzeY 5 · 1⤊ 0⤋
If you have credit card debt, pay it off first. If you have repairs that are necessary, get them done. Put the rest in a savings/money market account and if you don't know much about investing, start learning. Once you are comfortable, open a on-line brokerage account and put a portion in there. Save some in the savings account for emergencies. I'd look at ETF's. Low costs and diverse holdings.
2006-08-18 03:37:32 · answer #4 · answered by Father Knows Best 3 · 0⤊ 0⤋
That depends a lot on where you are in life. If you don't already own a home this would make a good down payment. If you have credit card debt you should pay it off. If you haven't saved any money for your retirement you should put it away in an IRA. If you're stuck in a dead end career you could use it towards training for a better job.
Whatever you do, don't blow it on a big toy unless you already own your own home and are debt free outside your mortgage.
2006-08-18 03:34:33 · answer #5 · answered by Queen of Cards 4 · 1⤊ 0⤋
No one can give you practical advice to this question, because we don't know how old you are, if you are married, have children, and what your goals are in life. The key for you right now is education.
Start by reading some of Suze Orman's books or David Bach's books. They will give you ideas for the future. But without knowing the exact particulars of your life, NO ONE can give you advice and if you take the advice of someone on this thread without them knowing about your situation you could get into real trouble.
2006-08-18 03:33:09 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Spend a few hundred, get the "I have extra money syndrom out of your system" Then invest the rest. If you really have the need/ desire to spend, spend, spedn, try and not touch it for a year and then just spend the interest the money earns until you have something you really need/ desire to spend the money on.
2006-08-18 03:36:50 · answer #7 · answered by kjkropp 2 · 1⤊ 0⤋
Congratulations. It is nice to hear some good news. I personally would go to a spa and relax for a few days. Or go to the beach. Decide while I was away.
2006-08-18 03:34:02 · answer #8 · answered by hello 4 · 1⤊ 0⤋
First off, how old are you? If your young go to college. If not invest it. That way you will have more money when your older. This day and age when you retire it will take a lot to survive.
2006-08-18 03:44:07 · answer #9 · answered by blwatson41 3 · 1⤊ 0⤋
Save it to pay off any loans or just keep in the bank for a rainy day when you find yourself short of funds!
2006-08-18 03:41:17 · answer #10 · answered by Mcgruff 1 · 0⤊ 0⤋
Invest in stock or bonds so that you get a good return on it. Do not blow it on little things, it will disappear faster than you think. You should contact a financial adviser and they can assist you.
2006-08-18 03:31:42 · answer #11 · answered by Koozie 2 · 1⤊ 1⤋