I unexpectedly inherited £290,000 and I never dealt with this much money help? - page 3.

RodeoX

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The revolution will be monetized!

Quote from: 4mherewego on May 02, 2014, 01:19:03 AM

I would warn you against managers. They often know even less about economics than you do, almost all of them under perform a monkey throwing darts and they most likely will try to scam you by selling the products with the most margin.

Just buy a low fee index funds and you will beat almost all managers.

That's good advice. I only mentioned a manager because posting here is a red flag about his current financial plan. And index funds are a great suggestion. Unlike a 401k. Which I consider a suckers bet.

Dogtanian

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Quote from: b!z on May 02, 2014, 04:26:20 AM

Quote from: Bit_Happy on April 27, 2014, 09:46:26 PM

Day-trade alt coins (and BTC), and you will be set for life. Cheesy

Seriously, that is a real plan only if you learn how to be good at trading.

Congrats on your good fortune.

That's like the worst advice you could ever give someone lol

Probably. It's rare that you can make a daily income off just trading coins. Most people who 'day-trade' actually lose money in the long run. It's not much different to gambling really.

b!z

legendary

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Quote from: Bit_Happy on April 27, 2014, 09:46:26 PM

Day-trade alt coins (and BTC), and you will be set for life. Cheesy

Seriously, that is a real plan only if you learn how to be good at trading.

Congrats on your good fortune.

That's like the worst advice you could ever give someone lol

Equate

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Quote from: royal-casino on May 02, 2014, 01:27:47 AM

@OP

so you came here and registered, just to ask strangers what they think you should do with your apparently inherited money? ..might as well ask random people on the street, maybe you can bump in to some investment advisers. I think it did crossed your mind to put everything in bitcoin, that's why you are here, right.

I won't advise putting everything in bitcoin .There is a thread on reddit where a user mentioned that he lost 400K of his money by investing in bitcoins .You can't blame bitcoins but bitcoin market is highly volatile and don't lose what you can't afford.

royal-casino

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Casino, Lottery, Dice

@OP

so you came here and registered, just to ask strangers what they think you should do with your apparently inherited money? ..might as well ask random people on the street, maybe you can bump in to some investment advisers. I think it did crossed your mind to put everything in bitcoin, that's why you are here, right.

4mherewego

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I would warn you against managers. They often know even less about economics than you do, almost all of them under perform a monkey throwing darts and they most likely will try to scam you by selling the products with the most margin.

Just buy a low fee index funds and you will beat almost all managers.

RodeoX

legendary

Activity: 3066

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The revolution will be monetized!

OMG, the first thing to do is shut up. You are going to attract every scammer, thief, lost relative, and con artist there is. Time is on your side and having too much money is a problem you can solve on your own.
Put it in a vault and HIRE a good manager. You want to get that money working for you and that is a specialty of some managers. They will likely want you to invest some and diversify your assets out of cash. Bitcoin should NOT be more than a tiny fraction of your holdings. It is a VERY risky "investment". I would not put more than say £2000 into bitcoin.

beetcoin

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i dont know how capital gains taxes go in europe, but they probably aren't less than america. if u were in america, that'd be 40% capital gains taxes if you sell that quick. it may not be the best idea.

Bit_Happy

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A Great Time to Start Something!

Quote from: bryant.coleman on May 01, 2014, 11:38:39 AM

Quote from: fattypig on May 01, 2014, 11:15:33 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..

Well.. if you have plenty of time, then you can try that. But there is also a small chance that you'll lose all your money. What you'll do if Bitcoin never recovers from the $400-450 levels?

Start with ~60% BTC and trade as it goes down.
Don't simply keep buying but take some small profits on any Rally and then buy those back even lower.
Bear markets can sometimes be even better than Rallies.

bryant.coleman

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Quote from: fattypig on May 01, 2014, 11:15:33 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..

Well.. if you have plenty of time, then you can try that. But there is also a small chance that you'll lose all your money. What you'll do if Bitcoin never recovers from the $400-450 levels?

fattypig

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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..

farlack

legendary

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If you didn't blow though your money yet.. Buy a few btc and buy stock that pay dividends. Spend it all on that, yeah 290k is a lot, but you didn't have it before so it will be like you never had it, and you have the potential to make 20,000 a year in dividends for the rest of your life.

zolace

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Buying a duplex or something like that is a nice idea, you can live in one half and rent out the other. people do it all the time and if you can price it right, the renter basically pays the whole mortgage. You might want to think about starting retirement funds too, Roth IRA etc ,and invest in bitcoin too.

firejuan

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Because it's sterile...

Assuming you live in the UK do you have the US equivalent of FDIC (Federal Deposit Insurance Corporation) which will only insure an individual bank account for $250,000? If that is the case then you need to open multiple accounts to ensure that your money is protected while you are considering your options. They can be at the same bank, but under different names John Doe, John A. Doe, etc., but I would probably go with a different bank so that all your money was not tied up in one financial institution.

It would probably be wise to spend some time with a lawyer and a financial adviser to protect your new wealth.

counter

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Time is on our side, yes it is!

Rich Dad Poor Dad is a book I've really wanted to read. Good suggestion right there ^^

4mherewego

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I was born poor, then got rich fast so I can relate. One advice is not to spend money on things that you will only hate yourself for.

If you want to eat nice, eat nice. If you want to have that particular shoes get them. But if you are not comfortable at that high end night club, don't go there, if you are bored don't go buy random gadgets.

As for investments I did pay off my student loan, bought an apartment, put most in index funds and got some bitcoins. Can't go too wrong by doing that.

There is this book you might like
http://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680011

Quote

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Bit_Happy

legendary

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A Great Time to Start Something!

Quote from: bryant.coleman on April 30, 2014, 12:24:31 AM

Quote from: Bitcoin Magazine on April 30, 2014, 12:19:03 AM

ok listen to me. and then stop.

1) buy £280,000 worth of BTCitcoins. whatever price

No. £28,000 might be a good amount. Or may be even £56,000. I definitely don't want anyone to invest all his inheritance in an extreme-high risk investment. Take the risk only if you can afford it.

Yes, all 100% would be unwise for a single huge BTC purchase:
He needs to save some money for when BTC goes down $10 Cheesy

bryant.coleman

legendary

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Quote from: Bitcoin Magazine on April 30, 2014, 12:19:03 AM

ok listen to me. and then stop.

1) buy £280,000 worth of BTCitcoins. whatever price

No. £28,000 might be a good amount. Or may be even £56,000. I definitely don't want anyone to invest all his inheritance in an extreme-high risk investment. Take the risk only if you can afford it.

Bitcoin Magazine

sr. member

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ok listen to me. and then stop.

1) buy £280,000 worth of BTCitcoins. whatever price

Bit_Happy

legendary

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A Great Time to Start Something!

Quote from: DAYAGO on April 29, 2014, 09:39:16 PM

Well.....

You could always give me 10% so you don't have to deal with the preassure Grin

I'll offer the same deal for only 27%, you will have even less money to worry about. Cheesy

FYI: The OP left more than a day ago, DAYAGO.

Topic: I unexpectedly inherited £290,000 and I never dealt with this much money help? - page 3. (Read 3796 times)