If You Won/Inherited $100,000...

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One Hundred Thousand dollars is not that much. It is only about two years of income, so you should think about how to make it work for you.
Start off by fully funding a Roth IRA for 2010. Put aside enough to fund your IRA for the next few years (about $15K-$20K).
Do some reading about investing. "Ready, Set, Retire" by Ray Lucia and "The Lies About Money" by Ric Edelman are good to start with. Interview four or five Certified Financial Planners and choose the one you like best and whose plan and investing philosophy you like. Do not use a commission based CFP. They make their money by selling you investments. You can't be sure if the investment they are selling is best for you or if it just pays the best commission to them. Use a planner whose pay is tied to your investment return. NEVER invest in anything that you don't understand and can't explain to a 10 year old.
Invested wisely, that $100K can grow to be over $1 million over the years. Whatever you do, do not pay off your mortgage. Do not buy a car.

If you aren't the type pf person who can just put money in a bank and let it earn you a butt load, find a young housing market over seas and invest in some property. Depending on morals, you would be wise to invest in the sex industry. A friend of mine invested in several asian massage parlors (all on the up and up) in NY, and has made made all of his investment back in only 2 years.
 
Mediocre Man said:
One Hundred Thousand dollars is not that much. It is only about two years of income, so you should think about how to make it work for you.
Start off by fully funding a Roth IRA for 2010. Put aside enough to fund your IRA for the next few years (about $15K-$20K).
Do some reading about investing. "Ready, Set, Retire" by Ray Lucia and "The Lies About Money" by Ric Edelman are good to start with. Interview four or five Certified Financial Planners and choose the one you like best and whose plan and investing philosophy you like. Do not use a commission based CFP. They make their money by selling you investments. You can't be sure if the investment they are selling is best for you or if it just pays the best commission to them. Use a planner whose pay is tied to your investment return. NEVER invest in anything that you don't understand and can't explain to a 10 year old.
Invested wisely, that $100K can grow to be over $1 million over the years. Whatever you do, do not pay off your mortgage. Do not buy a car.

If you aren't the type pf person who can just put money in a bank and let it earn you a butt load, find a young housing market over seas and invest in some property. Depending on morals, you would be wise to invest in the sex industry. A friend of mine invested in several asian massage parlors (all on the up and up) in NY, and has made made all of his investment back in only 2 years.
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And in English...
 
I have always had the greatest idea for an investment, but my wife won't let me do it.


It is a porn based excersize workout for men.


Each day you get as different model, or models who do more things as you burn calories. Having some simple electrons hooked up to you and your tv should do the trick. 10 cal. burned and the top comes off. 100 burned and you get lesbian sex....or whatever.


If you do this, I would like a thank you at the end of the tape
 
Mediocre Man said:
I have always had the greatest idea for an investment, but my wife won't let me do it.


It is a porn based excersize workout for men.


Each day you get as different model, or models who do more things as you burn calories. Having some simple electrons hooked up to you and your tv should do the trick. 10 cal. burned and the top comes off. 100 burned and you get lesbian sex....or whatever.


If you do this, I would like a thank you at the end of the tape
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Hmm, I'm interested in the "thank you" at the end...
 
Ronan said:
Interesting. Is there a reason to not buy a car?
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It's the worst thing you can do.

The second you take possession of that car you have lost money. If you absolutely had to have a car, you should lease one. Keep your payments low, and then draw interest on the money you are going to be paying for the car. At least then you wouldn't lose so much money. Or find a 0% interest loan for the car and actually make money while you drive it.
 
meh, i am not a fan of leasing cars. I can't handle the restrictive mileage on leases per year.
 
Mediocre Man said:
One Hundred Thousand dollars is not that much. It is only about two years of income, so you should think about how to make it work for you.
Start off by fully funding a Roth IRA for 2010. Put aside enough to fund your IRA for the next few years (about $15K-$20K).
Do some reading about investing. "Ready, Set, Retire" by Ray Lucia and "The Lies About Money" by Ric Edelman are good to start with. Interview four or five Certified Financial Planners and choose the one you like best and whose plan and investing philosophy you like. Do not use a commission based CFP. They make their money by selling you investments. You can't be sure if the investment they are selling is best for you or if it just pays the best commission to them. Use a planner whose pay is tied to your investment return. NEVER invest in anything that you don't understand and can't explain to a 10 year old.
Invested wisely, that $100K can grow to be over $1 million over the years. Whatever you do, do not pay off your mortgage. Do not buy a car.

If you aren't the type pf person who can just put money in a bank and let it earn you a butt load, find a young housing market over seas and invest in some property. Depending on morals, you would be wise to invest in the sex industry. A friend of mine invested in several asian massage parlors (all on the up and up) in NY, and has made made all of his investment back in only 2 years.
Click to expand...

If you got 100k out of the blue, you seriously would not have ANY fun with it? Not even a steak dinner?
 
Mediocre Man said:
Seek a financial advisor that doesn't get paid unless you make money.

Open up a Roth IRA

Do not under any circumstances buy a car
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But for many a car is a necessity. If you are saying don't buy a new car to replace your old reliable car, that makes sense (boring, but good financial sense).

But to say do not buy a car under any any circumstance is not good advise. A vehicle opens up many doors of opportunity. And leasing a vehicle would be the worst way to handle the investment (after 3 years you pay thousands of dollars you got nothing but a high residual on a vehicle you don't own).

I think the real issue if you need a car is do you finance the car at say 6% and then take the money and invest hoping you make more than 6% or pay for the car in cash so you don't pay any interst fees. You could also try and work out zero interest on teh car loan . . . but if they do that they are probably charging more for the car.

But in the end, if you need a car and you get 100K . . . go get yourself a damn car (used honda or toyota would be prudent, a new Acura would be a blast)
 
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My boss' wife scratched her Bentley's rear bmper in a parking garage, it was like $15k to fix.
 
it's_GO_time said:
But for many a car is a necessity. If you are saying don't buy a new car to replace your old reliable car, that makes sense (boring, but good financial sense).

But to say do not buy a car under any any circumstance is not good advise. A vehicle opens up many doors of opportunity. And leasing a vehicle would be the worst way to handle the investment (after 3 years you pay thousands of dollars you got nothing but a high residual on a vehicle you don't own).

I think the real issue if you need a car is do you finance the car at say 6% and then take the money and invest hoping you make more than 6% or pay for the car in cash so you don't pay any interst fees. You could also try and work out zero interest on teh car loan . . . but if they do that they are probably charging more for the car.

But in the end, if you need a car and you get 100K . . . go get yourself a damn car (used honda or toyota would be prudent, a new Acura would be a blast)
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I have no issue with somoene buying a used car with the money. Just don't buy anything over 10k. it really makes no sense.
 
Id buy you a monkey, havnt you always wanted a monkey?
 
I would also buy one of those Dyson Air Blade hand dryers for my bathroom. Those shits are mad baller.

dyson-airblade-larger.jpg


and one of those Japanese toilets.
 
It seems like Mediocre Man has read "Rich Dad, Poor Dad" at least judging by the text you wrote above.
 
Buzz Killington said:
If you got 100k out of the blue, you seriously would not have ANY fun with it? Not even a steak dinner?
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To me, fun is retiring before the age of 50 and traveling the world. Staying at the villa we bought in Mexico several years ago, and the other vacation homes we purchased over the years.

To me, fun is not spending all my money as a youth, and then having to work longer. I buy things all the time, but only after I pay myself first. If I can't afford it then I don't get it. Most people who have worked hard for their money and invested it wisely drive things like volvo's. People who don't drive extravegant cars and work longer to afford their lifestyle.....when really it's not the best life because they are still working.

When I was a mere lad at 30, I was given $2000 from my uncle who said he had been saving it for me. I split that money and put $1000 into some stocks for both of us. 14 years later, each of those $1000 investments are worth $500k. Had my uncle done that when he was saving it fo me he would have been able to give me more than a million. Now, I could have taken that money and bought a video game system, or went on vacation, but instead I am leaving it there and having no fun with it because in a few short years I am doing nothing but relaxing all over the world
 
Flow said:
It seems like Mediocre Man has read "Rich Dad, Poor Dad" at least judging by the text you wrote above.
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I have read it. I would say about 1/4 of the book makes any sense. For me, it isn't the best financial advice.
 
Mediocre Man said:
It's the worst thing you can do.

The second you take possession of that car you have lost money. If you absolutely had to have a car, you should lease one. Keep your payments low, and then draw interest on the money you are going to be paying for the car. At least then you wouldn't lose so much money. Or find a 0% interest loan for the car and actually make money while you drive it.
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lease it? Now we are really giving away money....Cant anybody be happy with an $8000 -$10000 used car.....going overboard on cars is such a waste
 
Mediocre Man said:
To me, fun is retiring before the age of 50 and traveling the world. Staying at the villa we bought in Mexico several years ago, and the other vacation homes we purchased over the years.
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That sounds a lot more fun then having some stupid hand dryer
 
DaRizzle said:
lease it? Now we are really giving away money....Cant anybody be happy with an $8000 -$10000 used car.....going overboard on cars is such a waste
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Ya, I said a used car under 10k is a better idea.


I was just speaking of "if you had to have a really nice car."

Most of the time you can find loopholes and write off the lease payments.
 
Big Frame said:
That sounds a lot more fun then having some stupid hand dryer
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The hand dryer would be cool though.


I definately have my vices. We even bought a bidet after a trip to Europe. For anyone lucky enough to have used one, you know what I am talking about.
 
Mediocre Man said:
To me, fun is retiring before the age of 50 and traveling the world. Staying at the villa we bought in Mexico several years ago, and the other vacation homes we purchased over the years.

To me, fun is not spending all my money as a youth, and then having to work longer. I buy things all the time, but only after I pay myself first. If I can't afford it then I don't get it. Most people who have worked hard for their money and invested it wisely drive things like volvo's. People who don't drive extravegant cars and work longer to afford their lifestyle.....when really it's not the best life because they are still working.

When I was a mere lad at 30, I was given $2000 from my uncle who said he had been saving it for me. I split that money and put $1000 into some stocks for both of us. 14 years later, each of those $1000 investments are worth $500k. Had my uncle done that when he was saving it fo me he would have been able to give me more than a million. Now, I could have taken that money and bought a video game system, or went on vacation, but instead I am leaving it there and having no fun with it because in a few short years I am doing nothing but relaxing all over the world
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Yeah, but what if you died tomorrow. You would have lived an unfulfilled life (not saying that you don't have fun currently). Why enjoy your money when you are old and boring and have nothing else to do?


I actually enjoy working, and really don't see retirement as a goal I would ever like, so I have fun in the present. Saving and planning for the future is great, but you can't get stuck in the trap of "building that nest egg for retirement", when the future is uncertain.
 
Buzz Killington said:
Yeah, but what if you died tomorrow. You would have lived an unfulfilled life (not saying that you don't have fun currently). Why enjoy your money when you are old and boring and have nothing else to do?


I actually enjoy working, and really don't see retirement as a goal I would ever like, so I have fun in the present. Saving and planning for the future is great, but you can't get stuck in the trap of "building that nest egg for retirement", when the future is uncertain.
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Then at worst I have given my children a great start to financial freedom
 
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