I unexpectedly inherited £290,000 and I never dealt with this much money help? - page 5.

bryant.coleman

legendary

Activity: 3752

Merit: 1217

Quote from: beetcoin on April 28, 2014, 12:46:48 AM

Quote from: bryant.coleman on April 28, 2014, 12:44:44 AM

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

Was this story posted here? Can you give me the link?

i don't know. i wasn't around here at the time. it was on reddit during the bull run in late 2013. the /r/bitcoin subreddit is too huge for me to find the post.

edit: and here it is http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/

Oh god.. stories like this make me feel nauseated. First of all, the assets were worth something around $1,500,000 and he sold them all for half that amount, as he was too impatient to get liquid cash on his hands. I read all his posts... in the end he was saying that he is going to keep all that remaining $280,000 to himself and he was even thinking about taking a mortgage on his house.

cloudminingreport

newbie

Activity: 25

Merit: 0

Pay off your debts first.

Use 10 - 20% on BTC and cryptocurrencies (including coins like PHS which pay you interest every few days).

You could put the rest into more traditional investments, or use some of this remaining amount to start a business (preferably online and low maintenance) if you are that way inclined.

I don't know enough about the UK property market to know if buying property is a good idea.

Good luck and just relax - don't rush into anything, especially if it involves a size able amount of your windfall Wink

railzand

sr. member

Activity: 462

Merit: 250

Lux e tenebris

90% btc
10% security

Read Trilema and rptiela's SSS thread.

Acidyo

hero member

Activity: 588

Merit: 500

Will Bitcoin Rise Again to $60,000?

Make sure to get rid of all debts first, that should help out a lot.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: bryant.coleman on April 28, 2014, 12:44:44 AM

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

Was this story posted here? Can you give me the link?

I was able to find it:
Need advice on inheritance, arbitrage, family, etc. Please, I am becoming desperate.
http://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc

Looks crazy so far...

beetcoin

sr. member

Activity: 434

Merit: 250

Quote from: bryant.coleman on April 28, 2014, 12:44:44 AM

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

Was this story posted here? Can you give me the link?

i don't know. i wasn't around here at the time. it was on reddit during the bull run in late 2013. the /r/bitcoin subreddit is too huge for me to find the post.

edit: and here it is http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/

bryant.coleman

legendary

Activity: 3752

Merit: 1217

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

Was this story posted here? Can you give me the link?

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: beetcoin on April 28, 2014, 12:09:03 AM

Quote from: Bit_Happy on April 28, 2014, 12:06:31 AM

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

He never should have had control over more than 50%.
Sad to say, that estate certainly was not set up properly.

i think he said his parents didn't trust her with the money since she was 19ish and he was in his mid 20's. that was their mistake. dumb parents.

if that were me, i'd take out 10k to blow on hookers and blow.. and then the rest, i don't know Cheesy

I look forward to the day when I get to manage even 20% of $700,000.
You have to be such a horrible trader to lose ~$400,000

Interesting story though, I missed that one before.

beetcoin

sr. member

Activity: 434

Merit: 250

Quote from: Bit_Happy on April 28, 2014, 12:06:31 AM

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

He never should have had control over more than 50%.
Sad to say, that estate certainly was not set up properly.

i think he said his parents didn't trust her with the money since she was 19ish and he was in his mid 20's. that was their mistake. dumb parents.

if that were me, i'd take out 10k to blow on hookers and blow.. and then the rest, i don't know Cheesy

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: beetcoin on April 28, 2014, 12:03:07 AM

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

He never should have had control over more than 50%.
Sad to say, that estate certainly was not set up properly.

beetcoin

sr. member

Activity: 434

Merit: 250

just don't be like that one kid who received $700,000 from his dead parents.. half was supposed to be for him, other half for his sister. he blew 400k from buying BTC high and selling low. and then decided not to give his sister her fair share.. piece of scum.

bryant.coleman

legendary

Activity: 3752

Merit: 1217

Put 80-90% of the amount in safe investments, such as stocks, US treasury bonds and bullion (gold, platinum or silver). You can use the remaining 10-20% for various HYIPs, such as the Bitcoin.

koshgel

legendary

Activity: 1162

Merit: 1001

Pay off loan as soon as possible and invest that money in land/property. I wouldn't invest in business unless you have some good ideas or experience which doesn't seem to be the case. Property in a good area will be the safest investment for the future.

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Buy Bitcoin Grin

With the remaining money
Buy Property (Make sure to account for real estate taxes and land taxes though)
Then rent property
$$$
Or get Branny to do it for you at Rentalstarter

kuroman

hero member

Activity: 588

Merit: 501

Sad for your lose and congratulation for the inheritance, here are my suggestion for you :
1- buy/pay back the student loan you have to remove the interest rates and to have a possibility for another loan if needed in the future especially from a business perspective.

2- I believe you should place half of the money at least as long term saving plan that you don't won't touch unless real shit happens

3- The rest should be invested in different business (the amount of money you are willing and afford to lose ) of course you should invest this in different business with different degree of risk related to them, some business are way safer than other, so make your own proportions for this

4- Don't waste your money on luxury and stuff, wait in tel the business you've invested in starts returning money , if your money isn't making money you'll end it in no time

Malin Keshar

hero member

Activity: 616

Merit: 500

Most billionaires needed to borrow some $10k's to start their business, or wharever made them rich, and now you have much more without paying interests. So think twice before hear the conservative-mongers.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

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.

Sindelar1938

hero member

Activity: 490

Merit: 500

Buy a place to live
Invest the rest conservatively
Get a proper job

cp1

hero member

Activity: 616

Merit: 500

Stop using branwallets

Quickest way to lose it is to invest in a business. Pay off your loans, put 80 % in a low fee stock index fund, 10% in bonds, 9% cash, 1% btc

BBQcopter

newbie

Activity: 39

Merit: 0

WOW WTG invest it in a business Idea but always do lots or research before you make a go and you dont have to make a huge investment also

Topic: I unexpectedly inherited £290,000 and I never dealt with this much money help? - page 5. (Read 3777 times)