Just got $534k inheritance wut do misc?

[IH8RICE]

Not all debt is created equal. You should invest in assets where you have debt that is going to create more wealth than the debt costs you.

I don’t need the assets and liabilities speech. I’m stating what you suggested would bankrupt Op because he obviously has no idea what to do or how to invest his money. The fact he is on the misc says a lot. R/financial independence or r/personal finance would be far better. I digress...

I outlined a very basic strategy, there is obviously a lot more that goes into it. You want to find properties where you can pull rental comps with proven rent values in that area. You want to find properties that have little to no deferred maintenance or at least properties where you can factor in the cost of those major maintenance items (Roof, HVAC) to your acquisition cost. For example maybe you find a turnkey house for 100k that had recently had a new roof/HVAC, maybe one at 75k that needs 25k in work, maybe one at 90k that just needs a new roof and a couple small items, etc. You aren't just blindly buying these houses, you are analyzing each individual deal, and it may take a year or two to buy them. And then obviously you'll factor in some vacancy loss although if you charge a hefty security deposit, non refundable cleaning deposit, write your lease in a way that protects you as the landlord, etc. then vacancy loss should be pretty minimal.

what you’re saying makes perfect sense and for someone who is a sophisticated real estate investor that knows what they’re doing, this is sound advice. Also, it’s going to take longer than 2-3 years to acquire those amount of rental properties unless he has some extreme luckor expert findings( which he won’t access to since he isn’t a realitor with connections).

I wouldn't actually recommend buying a 500k house, I'm just saying he could if he wanted to. I'd buy something in the 200-300k range. Closing costs are also almost nothing for a buyer, less than 1% of the overall purchase price typically.

It’s suggested that you purchase a house no more than two times your annual income. At the moment OP has none because he’s in college. A 2-300k in his area is way too much house/land for a single person in college.

My logic is not why a lot of people are poor. A lot of people are poor because they buy shiny things like houses, TVs, new cars, etc. on credit cards. Most people in this day and age after the 2008 crisis are not suffering because of a mortgage. In fact, most people who own multiple rental properties are upper middle to upper class people.

Most people still have way more house than their income dictates. Most would be in trouble if there was a semi recession similar to the 08 version. OP is far from upper middle or upper middle class excluding his windfall of money. He’s already proven he is terrible with money, the last thing he needs to do is something people two or three classes higher are taught to do from a young age. I agree with others that he needs to leave his money in a money market account and invest once he gets out of college. He definitely needs some business management/financial courses to help him make the best decisions with his money.

[MustardTiger17]

Buy bitcoin

[Brozart]

Buy bitcoin

this, and move to the moon to start a lambo colony

[BeardofZoos]

All on red

[friesbruh]

Ramsey is basically for getting out of debt. Once you're there, you need someone geared towards investments and making your money work for you.

yes, he originated with getting people out of debt but dude knows his chit about investing and has made hundreds of thousands if not millions off his mutual funds & has two experts on his show regularly who know this area as well - in addition has a list of ELP - endorsed local providers on his website who are also licensed in this field who definitely know it. if you still don't believe he knows anything about investing, call and ask him which four type of mutual funds he invests in & why.

[DrWilliam]

I don’t need the assets and liabilities speech. I’m stating what you suggested would bankrupt Op because he obviously has no idea what to do or how to invest his money. The fact he is on the misc says a lot. R/financial independence or r/personal finance would be far better. I digress...

what you’re saying makes perfect sense and for someone who is a sophisticated real estate investor that knows what they’re doing, this is sound advice. Also, it’s going to take longer than 2-3 years to acquire those amount of rental properties unless he has some extreme luckor expert findings( which he won’t access to since he isn’t a realitor with connections).


It’s suggested that you purchase a house no more than two times your annual income. At the moment OP has none because he’s in college. A 2-300k in his area is way too much house/land for a single person in college.


Most people still have way more house than their income dictates. Most would be in trouble if there was a semi recession similar to the 08 version. OP is far from upper middle or upper middle class excluding his windfall of money. He’s already proven he is terrible with money, the last thing he needs to do is something people two or three classes higher are taught to do from a young age. I agree with others that he needs to leave his money in a money market account and invest once he gets out of college. He definitely needs some business management/financial courses to help him make the best decisions with his money.

The OP could educate himself in a few weeks of reading on biggerpockets, personal finance, etc. He would obviously need to align himself with a solid real estate agent and/or wholesaler to find these properties. I'm not saying to just go out and do this blindly, again, I'm outlining a strategy that I would use if I had 500k to spare.

I work as a real estate agent/investor/wholesaler and make $15-20k a month on average working with investors who use the strategies outlined above so I'd like to think I know at least a little of what I'm talking about. The OP could use this cash to create financial freedom for himself in the long run.

[A-GAME]

Buy property and live off the rent (do some research first), and keep 30k to buy stocks next time the market tanks. Idiot proof plan is idiot proof. Das it mane.

[anonymous]

[pollywogpriest]

Buy a hedge portfolio roughly in this makeup:

20% EOS
20% OMG
20% NEO
10% XVG
10% XMR
10% STRAT
10% SUMO

and laugh your way to 6 million by 2020.

[Evlve]

spend 30k on whatever you want

Hire a decent financial advisor

Continue to go to school and try to add income to your stash.

500k at 7% annual returns becomes 700 grand after 5 years, 980 grand after 10 years and that's with no additional income.

If you add 10k a year to that except for this year you'll get about 750k at 5 and a little over 1.1 mil at 10

Basically by 25 you'll have decent money to do whatever you want with and if you hold out to 30 you'll be a millionaire. Something that can't be said of 95% of people in the us

Be smart if you get into crypto and only put a small percentage of your portfolio in it as its high risk high reward

[Joseph1990]

House with as many rooms as you can rent and maintain. Live minimalist for 5 years take out 80k of the equity and buy a another rinse and repeat.

[FlyingEyebrow]

I am prince from nigerian. A small amount of money is needed to unlock a great fortune... pm me

[lolatpaniccels]

Invest it all in crypto currency

if OP actually listened to this dude he woulda become a billionaire lol

[lolatpaniccels]

yes, invest his families life savings in a cult stock based on a company that wouldnt be afloat without government subsidy.

lol

[wickedman]

Looks like you should have listened to the Crypto guys brah.

Looks like I tried to make you rich my mane.

[GoodboyDogeson]

1. Check to see if its a scam
2. Don't ever tell anyone you have it, because it will attract greedy sociopaths like you would not believe, including criminals, women, family, business partners, salesmen etc.... they will all just start appearing from nowhere.
3. Resist the urge to ever brag about it (note this is the same as 2)
4. Only buy cheap brand stuff. If you waste your money on expensive brands that cost 3 times as much, its the same as having three times less money.
5. Whatever you're thinking about buying, stop.... think about it hard, then buy a much cheaper version.
6 Don't put all your eggs in one basket.

[lolatpaniccels]

1. Check to see if its a scam
2. Don't ever tell anyone you have it, because it will attract greedy sociopaths like you would not believe, including criminals, women, family, business partners, salesmen etc.... they will all just start appearing from nowhere.
3. Resist the urge to ever brag about it (note this is the same as 2)
4. Only buy cheap brand stuff. If you waste your money on expensive brands that cost 3 times as much, its the same as having three times less money.
5. Whatever you're thinking about buying, stop.... think about it hard, then buy a much cheaper version.
6 Don't put all your eggs in one basket.

clearly missed the date of this thread. lol

[SouthDakotaBrah]

So is OP a money mogger now or what?

[Destor]

So is OP a money mogger now or what?

Well he'd have almost a million four years later without even thinking about it if he just threw it into the S&P 500

Purely in price appreciation over that time on the initial investment, not even considering dividends or any additional cash thrown in

[taskmob]

If you woulda put that 534k in doge when it was at .00005 you'd have like a gazillion dollars. Just saying.

[Destor]

If you woulda put that 534k in doge when it was at .00005 you'd have like a gazillion dollars. Just saying.

How much do you think he'd be able to liquidate before the price would crash into oblivion

[merb0]

1) Discipline to spend 10k on fun, 5k on necessities. Maximum.
2) Pay an attorney to investigate your uncle for holding more.
3) Nothing. This can net you probably a SS check amount when you retire. It is not enough to change everything.

4) As someone else said, do not tell people. The number of insane criminal psychos who come running with amaze you.

[lolatpaniccels]

here is what I would do:

100k - bank account float
100k - house down payment
250k - crypto investment
50k - balling vehicle
50k - Silver / Gold precious metals in a safe in my house

Life is won
Also those crypto's will be worth 1 million in 1 year you're welcome

best advice in entire thread

[Redundanteater]

Ummm, srsly? Seek a financial advisor and/or CPA for high net worth individuals. GTFO the misc for this kind of advice.

Also, you can just live off the investment interest for the rest of your life, don't blow it:

http://www.mrmoneymustache.com/2012/...ly-retirement/

Good site and suggestion. But 534K is really just a good base. If he's smart and compounds this correctly (unlikely, especially given his past) it might eventually yield something meaningful.