Buying real estate would be great but generally $75,000 doesn't buy a whole house and lenders don't give $200,000 loans to people who are not currently employed...
2007-03-09 16:41:02 · 15 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I would keep probably about 20,000 for rent or mortgage, utilities, food, and anything you need during the time you will not be working and looking for the next job. I would take the other 55,000 and invest it in a brokerage account (mutual funds, mostly all stocks).....in the long run you will definitely make out, earning on average about 10% I am guessing.
2007-03-09 16:46:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That's just over 6k each month. Subtracting rent/mortgage, utilities, food, clothing, etc and that amount won't last much longer than a year or two. I would put all but about 3 months expenses in a money market fund to keep it safe. I wouldn't make much interest but it would be safe but a few days out of reach. I would then get another job. After that I would work there for about 8-12 months or until I felt pretty secure. Then I would pay any credit cards, car payments, loans off. Then take about 3-6 months of expenses and keep it in the fund. The rest I would invest in Roth IRA up to the max. THEN I would invest the rest in the stock market because now I deserve a little fun and the chance to make tons on my money.
2007-03-10 01:18:02 · answer #2 · answered by ontopofoldsmokie 6 · 0⤊ 0⤋
Many business franchises are available for $75,000. I started my first business with less than $4,000. In this case, the investment is that you're buying your own job...
And at least you'll be able to dress nice for job interviews with that kind of stash.
2007-03-10 00:49:38 · answer #3 · answered by Boomer Wisdom 7 · 0⤊ 0⤋
I'd live like I never even got the $75,000 and work my a@@ off to find a job. With no job, you've got to stretch that money pretty thin.
2007-03-10 00:49:50 · answer #4 · answered by idog 2 · 0⤊ 0⤋
I am emplyed as a sahm....so not "technically a job" I would pay off our debts, buy a new vehicle, and then help my parents out a little (both have cancer) and put the rest into an IRA for the kids education.
2007-03-10 00:45:59 · answer #5 · answered by *G* 3 · 0⤊ 0⤋
I would use the money to get a higher education and find a good job. Lots of money after that.
2007-03-10 00:45:27 · answer #6 · answered by mrquestion 6 · 1⤊ 0⤋
Invest the money and look for a new job.
2007-03-10 00:43:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Depending on how long the money is supposed to last, you could have a decent year, or the best 38 seconds of your life at the playboy (playgirl) mansion...
2007-03-10 00:44:54 · answer #8 · answered by GigGLeS! 2 · 0⤊ 0⤋
Invest.
2007-03-10 00:43:51 · answer #9 · answered by carriec 7 · 1⤊ 0⤋
If you have no job then you should put it a money market fund or a bank CD
2007-03-10 00:45:49 · answer #10 · answered by ? 6 · 0⤊ 0⤋