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

[skottiejay]

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.

[CounterStrike]

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.

Congrat, but anyway dont invest in property, invest in BTC instead

[skottiejay]

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

[phosphorush]

Donate some to the poor = me

[Gianluca95]

What luck !

Congratulations, now, invest it at right way, don't go too far !

[Bit_Happy]

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. 

[makebitcoin]

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.