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Old 08-19-2008, 07:03 AM   #1
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Investing money

ok, so im going to be inheriting some money in about a month....i get 20,000 a year until it runs out, so approx 5-8 years...now im still young and stupid with money but know that i need to pull my head out of my a$$ and start planning more for a family since i am engaged and she does have a 7 monht old..anyway anyone have advice on investing, what to put money in, what not too, i have already set up a seperate savings that has a 3.5%interest for all the extra money i make while im in japan..and i have started a certificate that has 4.00% interest for my wedding...would it be smart to invest more into certificates or should i look bigger like mutual funds or stocks..any advice would be greatful i figured most people on here would have more experience with this stuff than a 21 yr old bachelor..hahaha

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Old 08-19-2008, 07:26 AM   #2
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should be a good start!

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And the most important safety, I never put my booger hook on the bang switch unless I'm ready to fire.
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Old 08-19-2008, 07:29 AM   #3
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hahahaha that sounds like an awesome plan, but i just want to moderatly build up my jeep and get a good savings going....
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Old 08-19-2008, 07:34 AM   #4
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OK, well if you are going to try to be responsible, find a few good no load mutual funds and sink most, if not all of the money in them for the long haul. Talk to an advisor about the different types, Roth etc.. some kinds might be better than others for your particular situation.

Anybody that tells you that you should definitely invest in Fund X w/out getting to know your situation is a pinhead and should be ignored!
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Old 08-19-2008, 07:34 AM   #5
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Sit down with a financial adviser and get his feedback on where you should diversify your investments. We can give you tons of our own opinions, but there are ways to invest and places to invest that only a good financial adviser will know. I have alot of investments in stocks and also mutual funds, as well as a couple money-market accounts. One of the best investments you can have is an IRA, be it Roth or not. Remember, that's your future. Also, a financial guy will advise you to not put all your money into one kind of investment, unless it's a low-yield, low-risk investment. There are investments out there that CAN make you alot of money in a short time, but you can lose ALOT of money in a short time as well, hence the term "high-risk". Sure, put some money in a high-risk investment, but only enough that you can stand to lose in case the investment falls flat.
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Old 08-19-2008, 07:37 AM   #6
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Look into deferred annuities. I have money in one that guarantees 5% return per year or market performance. I'm really glad I had that type of fund with the recent downturn in the markets.

A good financial planner that you know and trust is a very wise investment.
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Old 08-19-2008, 07:47 AM   #7
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i defintly plan on talking to a financial planner once i get the money im just getting ideas so i have a lot of questions to ask him and get back what i want
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Old 08-19-2008, 08:26 AM   #8
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I ran into a kind of similar situation some time ago and found that the best bit of advice comes with only 4 steps.

1. Take a small percentage <5% and blow it. Upgrade the Jeep, take a vacation, send it to me , or whatever! Enjoy the gift, but only briefly.

2. Talk to a reputable big-name financial advisor immediately. Even if the $ isn't to arrive for a while, explain the situation and be open to their suggestions. And remember, whatever they say is only a suggestion. If you don't feel confortable with it...don't do it!

3. Get a pre-nuptual agreement. Divorce is a hard fact of life. Would suck to get married, be happy for a while, then 10 years down the road hand >50% over to her and her kid. (My brother is finding this point out the hard way.)

4. Once it is working for you...forget you have it! Leave it be. Don't touch it. Let it do its thing and grow. Ignore it for decades if you can. With it only being ~$20K/yr it'll take some time to grow huge. Let it. If you think about it or set it to where you can easily get to it...chances are you'll end up buying this or that and it'll be gone.

If anything, kudos to you for asking the right question early. I've known enough people that don't and end up burning thru whatever in a very short amount of time. If you don't make it work for you and forget about it...it'll be gone.
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Old 08-19-2008, 08:41 AM   #9
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Mutual funds are great, they have avg about 10% return since 1940's. Remember to put the money in a few different types of accounts. Grow, Growth and income, aggressive growth etc. This way if one or two are down the others might be up. Keep in mind investing is a long term plan that avg's over the years.

The rule of 72 is very important. Take the rate you are getting divided by 72 and it will tell you how long it will take the money to double. For example: 20k lump sum at 10% will take 7.2 years to double. Thus if you say are 25 yrs old, it would double 5.8 times before you turn 67. Or equal about 680k, or wait a few years and have 1.2 million off the single 20k investment. Hope that helps. Thus you and your family should be set for life, if you don't blow the money.
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Old 08-19-2008, 08:46 AM   #10
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Head over to the credit union and talk to them, they are a good thing, also check out usaa.com, another good investment, insurance and such company, these are all military only pretty much.
Agree with the don't blow it, when that first check comes go buy something you really wanted, go buy the M1A1 from Springfield arms, or the .45 from Les Bauer, etc.
I hit the lottery in NJ back in 82, nothing big, $10K, paid the wifes car off but I took a couple of grand to the local gun shop and bought a sako full stock carbine and zeiss scope I always wanted as well as a browning over/under. If you don't know what you want to do with it, take some mad money out, $2k or so, stick the rest in at least a 12 month cd so it's harder to get to, what ever you do don't stick it in an easily accessible savings account or you will piss it away.
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Old 08-19-2008, 09:25 AM   #11
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ETF's. They're safe like a mutual fund but you can trade them like a stock.

QQQQ is my favorite.
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Old 08-19-2008, 09:34 AM   #12
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thnaks for all the great advice its really opening my mind with tons of options, looks like i got a lot of planning to do
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Old 08-19-2008, 10:48 AM   #13
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definetly invest it
my brother is currently an investor and it is what I'm majoring in at U of A.
I can't help ya to much cause I haven't started classes yet lol
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Old 08-19-2008, 11:27 AM   #14
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Be wary of financial planners that "push" their particular company's products. You want someone with a choice of companies and plans. Not just what their managers are pushing at the moment.
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Old 08-19-2008, 01:11 PM   #15
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ETF's. They're safe like a mutual fund but you can trade them like a stock.

QQQQ is my favorite.

Legal Edit: YES I do own this stock.
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Old 08-19-2008, 06:55 PM   #16
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Legal Edit: YES I do own this stock.
HA, funny stuff I have some money in this as well. I've been happy with some of the products I own that Invesco manages. It's down a bit this year, but hell I don't invest for just 1 years worth of gains. If I did I'd be pissed everyday this year with my 401k and Profit Sharing accounts.

I would definitely agree with the people that have told you to speak to a professional money manager. There are definite instruments they can put into that will significantly decrease the tax liability of your inheritance and most of the time that is better over the short haul than actually growing the money at a significant rate.
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Old 08-19-2008, 07:19 PM   #17
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Old 08-19-2008, 09:27 PM   #18
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I'm not going to say anymore than I'm 48 yrs old and no longer work...at all..

My wife is a 26 yr. Degreed C/C RN. She travels all over the country working 3-4 months a year if & when she wants to.

For the last few years we've averaged an 11% return.

Find yourself an investment counsler...stick to your plans

It's only my opinion...but, cool & bad ass toys will come later.
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Old 08-19-2008, 09:56 PM   #19
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wait wait wait.. the most important question that hasnt been asked yet..


is the 7 month old yours? if so.. then yes invest your money and wisely.. if no, than relax a little and invest most of it and use some of it on your jeep =D

im about to get about 18k when i turn 21.. ive already used about 2k on my d44 and tranny rebuild already out of my trust fund (parents had to get it out for me).. it was set up by the court from a car wreck i was in back in the day.. i know ill use 3-5k of it on my jeep.. the rest will be invested until i get my journeymanship.. then ill get me a camper and ill just travel the u.s. working all over =D
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Old 08-19-2008, 10:18 PM   #20
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Quote:
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ok, so im going to be inheriting some money in about a month....i get 20,000 a year until it runs out, so approx 5-8 years...now im still young and stupid with money but know that i need to pull my head out of my a$$ and start planning more for a family since i am engaged and she does have a 7 monht old..anyway anyone have advice on investing, what to put money in, what not too, i have already set up a seperate savings that has a 3.5%interest for all the extra money i make while im in japan..and i have started a certificate that has 4.00% interest for my wedding...would it be smart to invest more into certificates or should i look bigger like mutual funds or stocks..any advice would be greatful i figured most people on here would have more experience with this stuff than a 21 yr old bachelor..hahaha
Do you have any debt?

Knock it all out start with the smallest and pay it off as you can afford to.

Buy the Dave Ramsey program and live it!

Stay away from credit!

And don't spend it stupidly!


If you can avoid spending your income on paying off debt your money will go much further.

If you have a 401K max out you contribution and use what ever is left over for a Roth IRA.

If you can save aggressively for 20 years and stay out of debt you will be on easy street by the time you are my age.

BUT I recommended you adopt all of the Dave Ramsey principals and all of your family should participate. Go to one of his seminars and keep your family on the plan!

You can thank me in 20 years

We have had our daughter listening to Dave Ramsey since she was 12. She has more money in the bank than I do. At 16 she has saved over $13,700.00 and 35% of every penny she takes in from her Job or gets as a gift goes into savings

Also look into this guy Adam Bold @ The Mutual Funds Store!! www.mutualfundstore.com/
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Old 08-19-2008, 10:22 PM   #21
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On second thought, after carefully reviewing you financial situation, I feel it is my duty to direct you to invest heavily in the "Lucy development fund" PM me for paypal information to setup direct deposit!
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And the most important safety, I never put my booger hook on the bang switch unless I'm ready to fire.
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Old 08-20-2008, 02:29 AM   #22
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hahah i appreciate all the help and will look into all these options, i do have debt and i plan on using 5,000 of the money to rid of that, so all i have is jeep payments, ill pay that off later...and no the 7 month is not mine but once were married i do plan on adopting him...i figure i dont have this money now so i m really not going to miss it whe i do so i can jus tsave it and let it pay me...
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Old 08-22-2008, 06:15 PM   #23
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Good for you!!!!

I'm telling you Dave Ramsey will change your life!

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