If you were in your late twenties and had $200,000 in the bank, what would you do?

Question

I am 28 and have accumulated $200k over the years. I am university educated but I want to try something totally different. I am thinking of taking a big holiday or something. Please give me advise.

Answer 1

I would purchase the following:

1. Fly first-class to Las Vegas
2. Get a suite at the Venitian
3. Buy $10,000 Brooks Brothers suit
4. Rent a Ferrari 360 Modena
5. Get the oldest, most expensive bottle of Bourbon you can find at 4am.
6. Procure a chalice full of cocaine
7. Hire multiple strippers, hookers, and stripper-hookers
8. Spend all but $79.
9. Take the Greyhound bus home (for $79), show up at mom & dad's half-****** and announce you're moving back home.

Answer 2

If your 28 with 200K in the bank, you have enough smarts that you don't need a lot of advise. However, if it was a windfall and the first time you have had this kind of money to do as you will with, I would invest it.

Answer 3

What are your goals? Do you want to work forever, or do you want to retire at some point? Me, I want to retire, so I would make sure my investments were on target to provide the retirement I want, when I want (get some professional advice - it's never too early). After that, I'd keep an emergency fund of at least four to six months' income in certificates of deposit, for reasonably quick access. Then, I'd pay off all debt, including mortgages. After that, if anything was left, a vacation sound wonderful.

Answer 4

You should buy a house with land. Then you could have a holiday everyday you come home. It gives you accomplishment and things to do. It is also an investment. You will have something to show for your hard work, and you can create your own holiday there.

Answer 5

Start by reading the books by Loral Langemeier. The Millionaire Maker and the Cash Machine a ($50 investment available at Barnes and Noble or free at the library)
Then go hear her speak. (I did the Cash Machine Workshop / 3days in San Jose was $4,000 this last Nov)
Then you'll know step by step how to become a millionaire in three to five years. You'll be coached by real millionaire's if you sign up for coaching through Live Out Loud (Loral's group).
And really, what could be better than turning $200k into 1Mil!

I went to the conference - invested $5k into a new cash flow business and now I'm bringing in $14k three weeks later!

Answer 6

i would invest or put at least some of it in a ira for later taking a trip is fine you worked hard for your money but you also need to think about the future

Answer 7

I would invest it and turn it into more money for later down the road

Answer 8

Buy a house

Answer 9

stick $100,000 in a roth IRA and invest the rest in gold.

Answer 10

buy a condo or house and take a cruise