I'm 22 and have come into a fairly large inheritance (2.4m). I could easily retire off this, live off the interest from standard savings accounts, etc but I'd rather turn it into more. Much more. I'm used to working 50 hour weeks so I'd like some things that are more hands on. Besides real estate, stocks and the safe options(CD's, savings, etc.) what other options should I explore? I'd love to hear from some people who have been in similar situations and also found the idea of "doing nothing" all day, if nothing else, BORING! I've met with some financial advisers and they basically just show you figures and percents. Thanks all~
2007-01-05 02:27:36 · 10 answers · asked by wildbill77845 1 in Business & Finance ➔ Investing
if u wanted to do some ting else u figure out in ur question in my openion u should start dery farming.
2007-01-05 02:32:39 · answer #1 · answered by usman1125 1 · 0⤊ 0⤋
Become a professional poker player and lose it all. Two #'s come to my mind. 13 and 26. 13 is when I declared myself as an independent and took care of myself. I'm 25 right now, 26 is the age of when I will retire. Do I still plan on working, you bet, same field as now, most likely but my practice will be invitation only. You mentioned investments. If you talk to financial advisors and mention investments, of course they will show you figures and strategies, I am one myself.
If your asking me what my retirement plans are, I'll give you and example with your figure of 2.4m. With 2.4m taking 4% withdrawls and taking inflation into consideration it leaves 1%-2% for growth, if invested properly. And this will give you close to $100,000/yr to live off. More than enough at your age. What I incorporate into my life is, I try something off the wall or something completely new once every two weeks. The actions I have took has ranged from me spending an entire day with my eyes closed to approaching women in a fashion I would not normally do. Anything that is NEW and commit to it. Not only will you learn a wealth of knowledge about yourself, you will begin to realize what you appreciate and what your passionate about, keep a log of your NEW activities. From your question it just seems that you would like a sense of success, an inheritance probably just doesn't satisfy you enough, yea you have money is it enought to retire; could be and could be strecthing it with your age. Bottom line is if you focus on taking new actions to your life, whether it is walking to work instead of taking your car it opens up not only possiblity to new avenues in your life but drastically changes your thinking and attitude. Success doesn't necessarily come from making a fortune, its the hardest thing to find something you are truly passionate about, but above all you have time on your side and some cash to hold you over untill you find what it is that drives you. If you find it, send some of your thoughts my way.
2007-01-05 06:24:46 · answer #2 · answered by DreamMaker 2 · 0⤊ 0⤋
Look into real estate...always a good investment (they're not making any more of it!) Consider income properties ... find a good agent and management company.....then you just make down payments.... the income from the buildings pays the mortgage, the taxes, utilities, management fees.... and should still show profit ( II you are doing it right)...And if you need something to do you can be the kind of landlord who constantly " putters around" at your buildings....minor repairs, a little landscaping, etc. When you get up to 6 or 8 buildings, you' ll be busy any time you want to be....but if you don't want to be, you just report what you want done to your management company.
All the while, the value of the land you own is going up ( again, they are not making any more of it!)
Or just call Fidelity, have a good rep set you up with a portfolio of 75% conservative investments.... sit on the deck with a laptop and say.." Oooh! Just made 15 thou...what should I go buy today?"
Have fun.... and contribute a little to "Paralyzed Vets"
2007-01-05 05:01:58 · answer #3 · answered by jebediabartlett 6 · 0⤊ 0⤋
Theres a great way to invest money, theres some real estate company's that will gave up to 15% interest of you investment, I know because I work for one, and also i got some money invest with this company. Let me explain how it work, I work for this company call Real Estate Wishes, LLC. I began with a investment of $5,000.00 I signed a contract that expecified that in a period of one year I will get back my investment plus a 15% more on interest, If you think about, how much interest does the bank will give you? and how long it will take? I got back $750.00 in just interest, and the best they dont have any kind of fee, so I took the $750.00 to my pocket, and then put back more money I put about $10,000.00 right now with the company, I got about 3 more months before I get my money and everything that i gain. Trust me is a great way to invest money in a short period of time. Here is the website for my company www.realestatewishes.com any question you can contact me at 787-550-0242 ask for Otis.
2007-01-05 04:55:09 · answer #4 · answered by Angel D 1 · 0⤊ 0⤋
I'm 26 and found myself in a similar situation. Not as much money, but quite significant. If you enjoy working, keep working. If it was me i would work part time and do some volunteering. Make sure your money is well taken care of with a reputable investment firm. I have lots of interests, hence, work is not the most important part of my life. I trade online for fun, so i would take a small amount to play around. 20 000 maybe. The idea of doing nothing all day is boring to me too. Going to the same job everyday doing similar things for 8 to 10 hours is not fun either. I would have plenty of things to do to keep me busy all day. I would educate myself, help others through volunteering and take care of my health. good luck and go buy yourself something nice.
2007-01-05 04:13:12 · answer #5 · answered by Rogerg555 2 · 1⤊ 0⤋
the perfect answer is alittle little bit of each little thing. You in no way favor to be all in a unmarried capitalization or "cap". A diverse portfolio is the perfect component to do. There are also sytles alongside with improve or fee, and then global exposures too. as an celebration: 20 great Cap improve 20 great Cap fee 15 global 15 Mid cap improve 15 Mid cap fee 8 Small cap improve 7 small cap fee you're easily making an investment in mutual money interior your 401k.
2016-12-01 20:59:57 · answer #6 · answered by barnas 4 · 0⤊ 0⤋
Stocks cover most of the other options. IAU = gold. DBV = currency. SNH-solid Reit. Financial Advisors last people to talk to other than CPas. If want to start a small business it is very easy over the internet now. Just sink time into the business; not capital. Can consult or other low-capital ventures. Just don't back other people's plans for restaurants or other "wonderful" ideas. Money can vanish faster than you imagine.
2007-01-05 04:59:34 · answer #7 · answered by vegas_iwish 5 · 0⤊ 0⤋
Hi, i suggest a great site with plenty of Issues related to your Investing and everything around it. it also provide clear and accurate answer to many common questions.
http://investing.sitesled.com/
I am sure that you can get your answers in this website.
Good Luck and Best Wishes!
2007-01-05 04:24:58 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Join a team of venture capitalists - invest in risk - not boring, but exciting.
2007-01-05 02:32:51 · answer #9 · answered by McQ 3 · 1⤊ 0⤋
Most importantly, you need to figure out what are your passions, what do you love to do.... and make sure that you do something that will benefit the society as well.
2007-01-05 03:32:30 · answer #10 · answered by Anonymous · 0⤊ 0⤋