I have just inhereted a house & money from my nan & dont know what to do with it? What is the best way to invest it without risks (not a bank or building soc. though).
Is there like some sort of advice website out there for teens?
2006-09-11 01:48:00 · 39 answers · asked by Anonymous in Pregnancy & Parenting ➔ Adolescent
invest it.
2006-09-11 01:49:04 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Whatever you do dont sell the house keep it as an investment property till your older, with the money invest most of it and spend a little on a few nice things on yourself. Go into a bank and ask to speak to an investment advisor,dont invest in anything risky ie; something that offers high returns ,just lock the money away till your 30 and then you'll be a bit older and wiser maybe even with a family of your own.
2006-09-11 02:00:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I didn't realise that people under the legal age of adulthood could directly inherit money/goods until they reach the age of maturity? ie 16 in the UK.
That aside, take advice from a solicitor and also an INDEPENDANT financial advisor and preferably one who is registered with a well known organisation/group. Don't be in too much of a hurry but my grandfather always swore blind in Government Bonds over a fixed term. They are safe and guaranteed and not a high risk. Your advisor will be able to give you advice on this but I have to ask, where are your parents in all this? If it's not being personal, how did you inherit before your parents?
Sorry, none of my business but others are BOUND to ask the same question! :)
Good luck and don't be in too much hurry to spend but do keep SOME to fritter/play with so you won't be tempted to do that with the main funds.
2006-09-11 01:53:02 · answer #3 · answered by mancunian_nick 4 · 0⤊ 0⤋
First of all you need to decide whether you are going to sell the house or have tenants in to get a steady stream of rent money in. You can put this into a savings account to be accessed when you are 18. Second, go and see a financial advisor and they will be able to give you the options for all sorts of investments and savings from low risk to high risk returns. You can find them in the Yellow pages. You need to see a professional who can give you impartial advice.
2006-09-12 00:14:33 · answer #4 · answered by Ria K 2 · 0⤊ 0⤋
With the house you may be best renting it out and that will make an investment into your savings plus you will already be on the property ladder too. Just a word of advice, as much as you may want to spend some of the money dont
2006-09-11 06:40:21 · answer #5 · answered by szekeres101 2 · 0⤊ 0⤋
Save, Save, Save!!! After my car accident I got a monetary settlement. I had a great time for 2 years but spent all the money. I've regretted it ever since. I wish I would have put some away to make more money(interest). Go to a bank, maybe your parents bank, and talk to a customer service rep. They can tell you your options and what to do to make the most of your money. Enjoy some of it but don't blow it like I did. You will regret it down the road. How about putting some away for college or to start your own business one day?
2006-09-11 01:53:03 · answer #6 · answered by vanhammer 7 · 0⤊ 0⤋
If you have inherited a house, one idea is to lease it to your local council or housing corporation for a fixed period of time. A friend has leased their house to their local council for 5 years, the council guarantee the rent for every month, they will sort out any problems with tenants, the council have also agreed to make good any damage at the end of the lease period.
Renting out a house can be very stressful and problematic. Renting/leasing it to a council or housing corporation will take a lot of the stress and responsibility away from you. You will receive less monthly rent than you would if you put an advert in your local paper and rented it out privately but there is more risk attached to this method, which I would not entertain myself.
I would contact your local council and ask if they are looking for houses to rent for a fixed period, it does not cost anything to have an informal chat with them.
2006-09-12 02:18:06 · answer #7 · answered by PHILIP C 1 · 0⤊ 0⤋
There's a few things you could do. You might want to consider how your nan would like to see her Grandson use this advantage when making this decision, though. Some sort of memorial, or charitable donation in her name maybe?
Obviously, things depend on how much money you're talking about here! My best advice is keep the house if you're not in a financial situation that means you need to sell it. Until you want to live in it/ sell it, rent it out - it's guaranteed income and you can get a letting agent to do all the work for you for a percentage.
Use the cash for your education. If you don't know what you want to do when you finish A levels/ equivelent, go and travel. You're in a very privelaged position of having the money to be able to do pretty much what you want and a year of travel would be great and looks impressive to future employers/ universities.
When you know what you want to do with yourself, pick a university course. If the university is not near your gran's house, this is the time to sell it and buy a house in your university town. Rent rooms out to other students while you're there, it will save you having to work the bars, McDonalds, etc. and trust me, you don't want to if you don't have to!
If you want to invest money, you need to get good professional advice (which will cost you!), not some wide boy dealer, but a respectable firm. Be realistic about the amount of money you can make through investments without taking big risks - it's just gambling in a flashy suit otherwise.
While it's smart to invest your money "for the future", remember to allow yourself to live for today too. While you would be ill advised to splash out on flashy cars, prostitutes and designer drugs, you don't want to get too old to enjoy your wealth. If there's something to be learned by your inheritence, it is surely that you can't take it with you when you go. While it would be great to be able to have an affluent life and be able to set up your own descendants, there's little point in your life if you only horde money in order to pass it on.
If I were you, I wouldn't try to work it all out through the internet, but see people face to face. You need to be able to trust people who have their hands on your money - so meet them at least once. Hopefully you will have a family member who will help you with this, but if not, simply take a friend with you and get their opinion of any advisor before you sign up to anything now or in the future.
Good luck.
2006-09-11 02:22:48 · answer #8 · answered by lickintonight 4 · 0⤊ 0⤋
Id probably say to save the money for the future. Either for a car, mortgage, education or something you will need the money for later in life.
Its all good thinking wow ive got money to blow but it would be a waste especially to your nans memory. Think about what your nan would like you to spend it on.
If it doubt go with whats in your heart. She must of thought alot of you to leave you her house and money.
2006-09-12 02:39:22 · answer #9 · answered by zoe_fairy_on_acid 2 · 0⤊ 0⤋
Rent the house. It will be a steady source of income. Providing it is in good shape. Do not rent to friends or relatives. It causes less problems.
Put the money in a savings account and use it for college. Look into money market accounts and Cd's
2006-09-11 03:27:06 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Keep the house and rent it out, (get a letting agent) that way you will get an income and you will still be able to keep the house to sell it in the future if you need to. House prices will always increase. If you have inherited loads of money buy another house and rent that out to. I rented out my house a few years back and was returning £950 per month.
Good luck.
2006-09-11 02:34:40 · answer #11 · answered by Wheelspinin 2 · 0⤊ 0⤋