Buck531 Posted January 12, 2013 Report Share Posted January 12, 2013 I'm not saying I was left a large sum of money, but if I did that would be awesome. So say your parents passed away and left you with say 100k or even 200k. What would you do with it? Invest it? Pay bills? Buy a house? Quote Link to comment Share on other sites More sharing options...
Furloaf Posted January 12, 2013 Report Share Posted January 12, 2013 Spend some, save some, invest some, start a business with the rest. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted January 12, 2013 Author Report Share Posted January 12, 2013 Spend some, save some, invest some, start a business with the rest. What kind of business? Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 12, 2013 Report Share Posted January 12, 2013 I know a guy with a Dan's Deli food cart that grosses 125K+ a yr. Quote Link to comment Share on other sites More sharing options...
Furloaf Posted January 12, 2013 Report Share Posted January 12, 2013 What kind of business? Personally, a fabrication/machine shop probably but I have a few other ideas also. The premise is to find what market is lacking and capitalize on that gap. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted January 12, 2013 Author Report Share Posted January 12, 2013 Personally, a fabrication/machine shop probably but I have a few other ideas also. The premise is to find what market is lacking and capitalize on that gap. Ah. I've always wanted to own a restaurant but I feel it would backfire 6 months into it and fail. Quote Link to comment Share on other sites More sharing options...
Furloaf Posted January 12, 2013 Report Share Posted January 12, 2013 Yeah restaurants are usually a pretty saturated market. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted January 12, 2013 Author Report Share Posted January 12, 2013 Yeah restaurants are usually a pretty saturated market. Yeah but I'm fat and I like to cook. :lolguy::megusta: Quote Link to comment Share on other sites More sharing options...
coltboostin Posted January 12, 2013 Report Share Posted January 12, 2013 Sad, but 100k is not a lot of money these days. BUT-if I was left 200k, I'll throw 80k at the highest yield CD/BOND I could find, 20k to "play" the market, 10k for a Vaca, and 90k to buy more rental properties. Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted January 12, 2013 Report Share Posted January 12, 2013 I'd buy land. Quote Link to comment Share on other sites More sharing options...
Ahmadi6490 Posted January 12, 2013 Report Share Posted January 12, 2013 I'd buy land. and build a house with a huge stocked pond Quote Link to comment Share on other sites More sharing options...
BStowers023 Posted January 12, 2013 Report Share Posted January 12, 2013 Doomsday prep :lolguy: Quote Link to comment Share on other sites More sharing options...
Rocky31186 Posted January 12, 2013 Report Share Posted January 12, 2013 (edited) Pay off any bills (credit cards, house depending on how much mortgage is left) fix things that have needed fixed. Save the rest Edited January 12, 2013 by Rocky31186 Quote Link to comment Share on other sites More sharing options...
BigOxley Posted January 12, 2013 Report Share Posted January 12, 2013 Pay down mortgage or strippers. Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted January 12, 2013 Report Share Posted January 12, 2013 Two chicks at the same time......... Pay off bills take a small vacation put the rest in savings Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 12, 2013 Report Share Posted January 12, 2013 Start my own dealership. Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 12, 2013 Report Share Posted January 12, 2013 Pay off my student loans, my car, and my credit cards, all of which I wouldn't even have if I was smarter about money back then, maybe buy something nice, then put the rest in the 4 types of mutual funds Dave Ramsey recommends. Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted January 12, 2013 Report Share Posted January 12, 2013 The way things go, buy guns and flip them. Or when all else fail, gold and silver. Quote Link to comment Share on other sites More sharing options...
RS69 Posted January 12, 2013 Report Share Posted January 12, 2013 Pay off debt, then buy land. The restaurant idea is not a good idea, it is tough to get started and a very small profit margin even if you are successful. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 12, 2013 Report Share Posted January 12, 2013 Pay off my house and car, then only have to work to pay for savings/retirement/utilities/fun stuff Quote Link to comment Share on other sites More sharing options...
macpyro2 Posted January 12, 2013 Report Share Posted January 12, 2013 Start a high end exotic performance shop call it dynamic covert tuning and wing it. Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted January 12, 2013 Report Share Posted January 12, 2013 100k = 10k to each kid's college fund 30k for a large chunk of land 40k towards current house mortgage 200k = 20k to each kid's college fund 40k for a larger chunk of land 100k towards current house mortgage Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 12, 2013 Report Share Posted January 12, 2013 In some cases, paying off the house or car may not be the best idea. I.e. if you have an excellent interest rate, your money could actually earn you a better return on interest if it were invested in something else. Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted January 12, 2013 Report Share Posted January 12, 2013 Remember though, paying off a mortgage uber early can save $100k+ in interest. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted January 12, 2013 Report Share Posted January 12, 2013 Remember though, paying off a mortgage uber early can save $100k+ in interest. I certainly realize this, but it all comes down to simple math that most people can't be bothered to do because they THINK it's complicated. Example: $100k remaining balance on mortgage with a 4% annual interest rate, remaining time on loan is 20 years. Based on a simple interest calculator, you'll see that over the course of 20 years you will pay $80k in interest if you make minimum monthly payments. If, however, you have an investment that you can be certain will net you greater than $80k over the course of 20 years, it makes more sense to keep that $100k and invest it rather than pay off the mortgage. Yes, the bank gets to make money off you, but the opportunity cost of preventing that may be too great. Of course, that is a ceteris paribus example. Reality doesn't work that way, but it's at least worth a consideration. Quote Link to comment Share on other sites More sharing options...
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