Topic: I unexpectedly inherited £290,000 and I never dealt with this much money help? (Read 3777 times)
June 14, 2014, 04:19:40 PM
Whatever you do make sure to be patient and don't make hasty decisions. I don't know any statistics but I'm sure that when most people who get a ton of money are fastly parted with it. Everyone will want a piece once they know you have it. So make sure you keep it to yourself that you have that kind of money. Some people will know regardless, I'm sure the bank will call you about great investment strategies the second that money hits your account.
June 14, 2014, 03:42:45 PM
OP = Last Active: May 03, 2014, 01:43:39 PM
Looks like he/she has left to enjoy the summer without us.
Don't spend it all too fast.
Looks like he/she has left to enjoy the summer without us.
Don't spend it all too fast.
June 14, 2014, 03:25:04 PM
What luck !
Congratulations, now, invest it at right way, don't go too far !
Congratulations, now, invest it at right way, don't go too far !
June 14, 2014, 03:17:19 PM
Donate some to the poor = me
June 14, 2014, 01:56:30 PM
Op hasn't even been here haha, and he's getting all this advice on money he might have already blown. Who knows?
Anyways op spend the money on me.
JUST KIDDING
Anyways op spend the money on me.
JUST KIDDING
June 14, 2014, 06:09:53 AM
Hi guys,
as the title says, I have unexpectedly inherited around £290,000 and don't know where to start. I'd love some informative input.
I am...
25 years old
recently graduated with a masters in physics
currently working at a mall.
I'd like to maximize some kind of regular income from this, maybe through renting out a property
There's risk tolerance on maybe half, I'd like to keep the other half safe
I have never invested before, except lucking out with a small bitcoin purchase in 2011
No house, no car (though I'm looking to buy a cheap one shortly)
I have a student loan debt of around £15,000
One plan I'm thinking of pursuing is to buy a small property to live in for 6 months (to clear capital gains tax), and then using that property against a buy to let mortgage to purchase another property to rent out. This should provide some regular income but I dont know whether to try to pay of the mortgage or to sell the house when the market picks up and take the profit.
I'm open to any suggestion, I'm in an extremely fortunate position and want to make the best out of it.
as the title says, I have unexpectedly inherited around £290,000 and don't know where to start. I'd love some informative input.
I am...
25 years old
recently graduated with a masters in physics
currently working at a mall.
I'd like to maximize some kind of regular income from this, maybe through renting out a property
There's risk tolerance on maybe half, I'd like to keep the other half safe
I have never invested before, except lucking out with a small bitcoin purchase in 2011
No house, no car (though I'm looking to buy a cheap one shortly)
I have a student loan debt of around £15,000
One plan I'm thinking of pursuing is to buy a small property to live in for 6 months (to clear capital gains tax), and then using that property against a buy to let mortgage to purchase another property to rent out. This should provide some regular income but I dont know whether to try to pay of the mortgage or to sell the house when the market picks up and take the profit.
I'm open to any suggestion, I'm in an extremely fortunate position and want to make the best out of it.
Congrat, but anyway dont invest in property, invest in BTC instead
June 13, 2014, 04:19:47 PM
Yeah please don't put all your eggs in one basket and be wise about this. I don't know how old you are, and the enticement of money is really appealing but letting it burn a hole in your pocket is better than just blowing it all at once.
My family used to own a large plantation for avacados somewhere in California, my great-great grandfather set up a trust fund for that blood is NOT thicker than water when it comes to money. When I learned of this (this was in the early 2000's) I blew through my tiny portion of it (it was like 7000 bucks which at the time was a lot of money to me) in like 6 months.
Please be wise, please seek advice from people that are well versed in this type of thing.
My family used to own a large plantation for avacados somewhere in California, my great-great grandfather set up a trust fund for that blood is NOT thicker than water when it comes to money. When I learned of this (this was in the early 2000's) I blew through my tiny portion of it (it was like 7000 bucks which at the time was a lot of money to me) in like 6 months.
Please be wise, please seek advice from people that are well versed in this type of thing.
June 13, 2014, 04:15:08 PM
you've probably put it all into BTC by now. if you haven't, put it all into BTC. 
that is crazy talk.. we don't know if bitcoin will collapse or rise to the sky. putting all of his money into 1 basket is really stupid. i hope he doesnt do that.
June 13, 2014, 04:12:44 PM
...
I'd say , firstly repay your student loan.
...
I'd say , firstly repay your student loan.
...
Firstly, you shouldn't tell everyone you've earned that much.
The more money you have, the more people may put your life at danger.
I'd kind of have to agree with this one, I wouldn't tell anyone if I'd suddenly had come into a large sum of money although it would be nice and I'd be excited the amount of grubby paws that would suddenly become your friends and want you to invest or x,y,z would be endless. Please be wise about this, don't tell too many IRL people. Look at people in the USA who have won the lottery and have literally lost everything, or died because of the winnings. Be careful OP.
June 13, 2014, 04:09:28 PM
Invest in property only thing that always rises with inflation.
May 31, 2014, 11:49:42 AM
Honestly man, coming here with a title of "I just got x amount of cash" probably wasn't the best thing 
no offense to you or anything but a lot of people are probably going to PM you asking you for a loan. I think the best thing you can do is think this thing through for yourself and try to come up with a reasonable solution for it.
Invest? Maybe?
give me some? maybe
Spend it? Maybe.
It's your choice.
no offense to you or anything but a lot of people are probably going to PM you asking you for a loan. I think the best thing you can do is think this thing through for yourself and try to come up with a reasonable solution for it.Invest? Maybe?
give me some? maybe
Spend it? Maybe.
It's your choice.
May 31, 2014, 11:29:45 AM
Ok, the easiest and best way right now is buy bitcoin with it at $450 and sell it when it reach 600$.. easy 30% gain..
BOOM!
Spot on man. Seriously. If you don't need it now, put at least 1/3rd in to bitcoin. It's still cheap at $620.
May 31, 2014, 11:03:15 AM
may be you can invest exchange them with bitcoins when its exchange rates are low.. and then again exchange it when the rates go up
May 31, 2014, 10:59:49 AM
Wanna help a brother that's about to be homeless?
Will be a future rockstar and can pay back whatever you may choose to help out with.
https://soundcloud.com/dankm
Just need a place to set up a small studio and make some tracks and learn more technique with guitar. Have only been playing for less than two years. Not asking for much but whatever you could do would severely be appreciated.
peace
Will be a future rockstar and can pay back whatever you may choose to help out with.
https://soundcloud.com/dankm
Just need a place to set up a small studio and make some tracks and learn more technique with guitar. Have only been playing for less than two years. Not asking for much but whatever you could do would severely be appreciated.
peace
May 31, 2014, 08:32:29 AM
Buy a gazillion dogecoins
May 31, 2014, 07:33:54 AM
Congratulations man!
I think you must first pay your student loan.
Never invest on something you aren't familiar with. Take your time to research and let that money sit in the bank for awhile.
Be sure to keep 50% of that into your savings account (you know, when shit happens). And lastly, don't be too greedy on acquiring more money.
Take your time to build a concrete plan on where to invest your money. I recommend you to invest on several businesses for you not to lose much money if ever one business screws up.
Enjoy dude! Don't pressure yourself! B)
I think you must first pay your student loan.
Never invest on something you aren't familiar with. Take your time to research and let that money sit in the bank for awhile.
Be sure to keep 50% of that into your savings account (you know, when shit happens). And lastly, don't be too greedy on acquiring more money.
Take your time to build a concrete plan on where to invest your money. I recommend you to invest on several businesses for you not to lose much money if ever one business screws up.
Enjoy dude! Don't pressure yourself! B)
May 31, 2014, 05:26:09 AM
So many people are suggesting "PUT ALL INTO BTC HURR DURR"
I'd say , firstly repay your student loan.
Invest around 20% in Bitcoin , preferably using this system :- https://bitcointalksearch.org/topic/sss-a-sane-and-simple-bitcoin-savings-plan-345065.
You will slowly gain wealth as Bitcoin rises , but will not lose too much if Bitcoin crashes.
Invest somewhere between 10 and 40% into extreme safe measures , which may not gain you money , but can be kept safe for any emergency. I mean gold or similar options.
The rest should be invested in whatever you think is good , it should be moderately safe , ie safer than BTC , maybe real estate .
I'd say , firstly repay your student loan.
Invest around 20% in Bitcoin , preferably using this system :- https://bitcointalksearch.org/topic/sss-a-sane-and-simple-bitcoin-savings-plan-345065.
You will slowly gain wealth as Bitcoin rises , but will not lose too much if Bitcoin crashes.
Invest somewhere between 10 and 40% into extreme safe measures , which may not gain you money , but can be kept safe for any emergency. I mean gold or similar options.
The rest should be invested in whatever you think is good , it should be moderately safe , ie safer than BTC , maybe real estate .
May 31, 2014, 04:23:13 AM
you've probably put it all into BTC by now. if you haven't, put it all into BTC.
May 31, 2014, 01:12:46 AM
Did you inherit it from a wealthy Nigerian Prince?
That made me laugh. I always used to laugh at that one scam.
I had the same thought when I first scanned the thread, lol.
Good luck with all of that money, personally I would let it sit for a while and not let it burn a hole in your pockets or bank or whatever. It'll be there when you need it, your best bet it to come up with a plan on how to spend it and where. Don't be like me, I came into a similar situation when I was your age (albeit a lot less of an amount) and decided I could do whatever the eff I wanted with it. So I would literally just waste it on random crap that didn't get me anywhere and before I knew it it was gone. All of it. I think it took me 7 months to blow through a pretty good chunk of change.
Don't be me guy, but if you want to donate some BTC...... JUST KIDDING
May 31, 2014, 01:08:48 AM
Thank you all for gettting back to me now Ill have to stop talking about, got me an advisor and he said not good that I mentioned it. So Ill have to ask the Mod to delete this for me and ill join community and make some sensless chat.
Well... that was the best option. An advisor will only cost you 1% or 2% of your net wealth. Much better option IMO, when compared to destroying 90% of your wealth by investing in ponzi schemes.
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