My intention is to put 100,000 dollars down on the new house which cost 155,000. My payment with taxes is about 700.00 a month. I am fifty yrs old retired, after taxes i get about 2800.00 a month. I was thinking, instead of buying a house rent a apartment for about 700.00 a month. Take the 100,000 dollars and invest it in a aggressive, high growth mutual fund and max out my ira. looking at some funds that been averaging about 13% the last thirty yrs. That would give me about 1,000,000 dollars by age 66. What do you think?
2006-09-18 15:54:37 · 4 answers · asked by sam 1 in Business & Finance ➔ Investing
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2006-09-18 16:02:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sounds good on paper, but you do realize, that you're basing your future expected results on past performance?
Take it from me, anything can happen in the near or distant future to really F* up your plans. So make sure you have other investments that stand the test of time (just in case all hell breaks loose, which, from my understanding of real life, can happen at any time!). Consider a stash of gold bullion, for example. Coins (U.S. one-ounce Libertys or Canadian Maple Leaves) are good choices. In other words, INSURANCE is what you should also be looking at. Figure the rest out yourself.
Good night, and good luck. Col. Kurtz.
2006-09-18 23:06:50 · answer #2 · answered by Col. Kurtz 3 · 0⤊ 0⤋
I am not an expert, but I would diversify my investments in differents funds/cds even other house.
2006-09-19 00:37:51 · answer #3 · answered by wazup1971 6 · 0⤊ 0⤋
Sounds like a plan.
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2006-09-20 18:52:10 · answer #4 · answered by Anonymous · 0⤊ 1⤋