Retro94
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| What to do with $26,000? |
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My Father (46) has recently come into some very unexpected money, about $50,000. Not a lot to some, but for us with an average annual household income of around $40,000, it's a big deal. $24,000 he has put up to pay some bills and provide a "rainy-day" type stash.
He has given me the responsibility of turning the other $26,000 into more money. I've done a lot of thinking and I cannot find any ideas I'm totally comfortable sinking that much money into. I've thought about stocks, starting a business, just keeping it in a savings fund.
The real issue here is I'm 16, and don't really feel up to this task. I've asked a lot of people, and here I'm just looking for ideas and/or advice on what I should do with it. Any input at all would be great.
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Mon Oct 18, 2010 3:51 pm |
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CaliChristian
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Your Father has trusted you will a very large sum of money, so I do understand your reluctance given your age and experience.
You should at least start off by investing in a CD or finding a good savings plan through your bank to generate as much % annual interest as possible. This way you can still be profiting some, while still thinking about what you want to do with the money.
Later on you can start to invest in the stock market, or even real estate. You have been given a very rare opportunity, and glad to see you not wanting to blow it on unnecessary materialistic items. Bravo!
Good luck with your future, and I hope whatever decision you make is the best one for you.
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Mon Oct 18, 2010 9:02 pm |
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Elena C.
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Location: Chicago
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I would definitely stay away from buying stocks. A CD is not a bad idea, especially if you just can't decide what to do with it, because it's very safe.
First of all, maybe your father could put 5,000 into a Roth IRA.
I would probably consider a very reputable mutual fund. I'd probably go with Fairholme Fund (FAIRX). The other thing I'd do is rather than plop all the money into the fund at once, divide the amount you have by 12 and put in 1/12 per month for a year. So if the total you are investing in the mutual fund is $24,000, put in $2,000 per month. Mathematically, this increases your chance of coming out better in the longer run. I got this tip personally from the founder of one of the most successful mutual funds.
Good luck! It's a nice thing your father has done. You're going to learn a lot! Just be very conservative.
The other thing you might consider doing is divide the money into 3 or so "buckets" and try different things with each portion and study the results for the sake of your learning.
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Tue Oct 19, 2010 1:08 am |
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CaliChristian
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Well if you disagree with me so much, why did you suggest pretty much the same thing I did. Put it into a CD. We both agree on that.
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Tue Oct 19, 2010 4:16 pm |
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moonraker1
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Just leave your money in the bank and dont think that it exist. You will never know, you might need it for emergency. Investing is good but the economy is very volatile right now. Just stay away from it for awhile until you find a good idea to invest.
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Tue Oct 19, 2010 6:11 pm |
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Elena C.
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I just assumed the father is prepared to lose the money if he entrusts it to his 16 year old. I figured he was writing it off as a life lesson for his son. Otherwise, it is not a good idea.
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Tue Oct 19, 2010 9:50 pm |
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dannysmith
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I'm a great fan of gambling! I totally adore that special type of fun which it gives to me so in my case it became a hobby a long time ago. I even think sometimes that I could be considered as a heavy player but in my case it's mostly that time which I spend to various games, not money because I always control my separate budget for this hobby Yeah, I know my limits and I try not to concentrate too much on money I can win, for me general process of playing is much more pleasant, I think that it's a common thing for many players, maybe that's why it's so easy to become addictive in this case like in case of other types of games too.
To tell the truth, I'm not a great fan of real casinos, I tried them several times but it seems that it's just not my type, smth with the atmosphere which isn't perfect for me... I prefer online c*sino promo http://c*sino-promo.co.uk/first-deposit-bonuses/ much more, various slots and craps are my favourite in this case, however it's really hard sometimes to find a good one, not a scam. On the other hand I really like that there are many games where you can play free just for the process without spending money which in my case is really a nice solution sometimes And in case of prizes... I'm not a very lucky person for casinos, my biggest prize was smth like 120$ in general but it was a pleasant one anyway.
I like card games too, especially bridge and poker but I play them only in real life, usually in a company of my friends, for me that's really interesting only in this way Sports bettings and lotteries are my favourites too but I've never been lucky with them
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Sun May 27, 2018 1:17 pm |
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rvalmeeki
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Thu Nov 08, 2018 5:29 am |
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Benstoke
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This way you can still be profiting some, while still thinking about what you want to do with the money. 220-1002 dumps
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Wed Mar 13, 2019 8:29 am |
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Brotherjohn
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give me that money! ) 
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Tue Mar 19, 2019 5:48 pm |
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Darwin2018
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Tue Mar 19, 2019 6:01 pm |
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Garson
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Thu May 30, 2019 4:16 am |
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Deen888
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I have to disagree with the above. This is too much responsibility; too much ANXIETY for a sixteen-year-old to carry.
Absolutely agree. Moreover, anxiety can lead to more serious diseases like chronic depression, stress, panic attacks, insomnia. I managed to treat mine only thanks to vaping medical cnbs and Airis Herbva vaporizer with zero combustion.
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Wed Dec 25, 2019 11:51 am |
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Darwin2018
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I think you should buy a good car for the money. this is a very useful purchase
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Tue Jan 28, 2020 10:19 am |
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