Some people can blow a million in a short period...
2007-09-05 03:28:19 · 5 answers · asked by jose s 1 in Business & Finance ➔ Personal Finance
I would look at any high interest debt I have and pay them off and then find a decent savings account and transfer the remaining balance into it.
I would also look at adding the max amount to my IRA annually.
Or, I would go buy a Porche and watch it depreciate at a rapid rate as I drive it off the lot. Then in 5 years I could sell the 100K car for 30K. NOT!
2007-09-05 03:38:20 · answer #1 · answered by ? 3 · 0⤊ 0⤋
I would put the 500 in cash in my pocket and enjoy spending it. Meanwhile, I would put the 100,000 in a 90 day US treasury bill (safest investment in the world) and while it was earning interest, I would list my obligations and other assets. Then I would sit down with a financial planner and determine my future and how I wanted to use the 100,000, including paying off all debts, especially high interest debt first. If I did not like what I hear from the planner, I would talk to at least one or two more. NEVER let them sell you front end loaded mutual funds--if they try this, they are interested only in their own future, not yours.
2007-09-05 03:40:14 · answer #2 · answered by Mike 7 · 1⤊ 0⤋
Put $50,000 in an ING Direct Account
Put $10,000 into my investments/savings account
Give a grand total of $10,000 to people I know.
Keep the rest for me and find a better apartment. Wouldn't quit school or my job though.
Overall, I'd be a lot more content because now I'm independently wealthy. But me getting that $100,500.00 will never happen to me, unfortunately.
2007-09-05 03:38:37 · answer #3 · answered by Austrian Theorist 4 · 1⤊ 0⤋
That amount is not enough to be extravagant with, I would pay off any debt and invest the rest in some land outside a fast growing city.
2007-09-05 03:36:35 · answer #4 · answered by mrjixer 1 · 0⤊ 0⤋
Me, reallisticly..... My husband and I are in a weird predicament. We are currently buying a house, and renting another (not renting it out- we are renting it to live in.) My husband and his brothers and father built the house about 15 years ago for my (late) grandmother-in-law. Now it is part of her estate and we are trying to buy it so it will stay in my hubby's family. So. That is what I would do with the majority of it. The rest I would probably invest somehow for my daughter's future. (college, etc...)
2007-09-05 03:58:27 · answer #5 · answered by silver_squirrel2 3 · 0⤊ 0⤋