RodeoX
Legendary
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Activity: 3066
Merit: 1147
The revolution will be monetized!
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May 01, 2014, 05:54:17 PM |
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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.
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4mherewego
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May 02, 2014, 06:19:03 AM |
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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.
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royal-casino
Member
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Activity: 112
Merit: 10
Casino, Lottery, Dice
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May 02, 2014, 06:27:47 AM |
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@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.
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Equate
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May 02, 2014, 06:36:45 AM |
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@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. |
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b!z
Legendary
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Activity: 1582
Merit: 1010
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May 02, 2014, 09:26:20 AM |
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Day-trade alt coins (and BTC), and you will be set for life.  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 |
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Dogtanian
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May 02, 2014, 09:50:01 AM |
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Day-trade alt coins (and BTC), and you will be set for life. 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. |
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RodeoX
Legendary
Offline
Activity: 3066
Merit: 1147
The revolution will be monetized!
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May 02, 2014, 01:57:39 PM |
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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.
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. |
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MegaHustlr
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May 02, 2014, 03:08:56 PM |
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Day-trade alt coins (and BTC), and you will be set for life. 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. Those who day trade usually try to execute pump and dumps to make a lot of money. |
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zeetubes
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May 02, 2014, 03:31:15 PM |
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Damn, if you graduated with a master's in physics and you are currently working in a mall, then you are doing better than most science grads. Most of my scientist friends lost their jobs when the funds were diverted into global warming research because actually fixing pollution would be too easy.
Pay off your loan.
Use 5K and take a really nice vacation. Travel somewhere you've always wanted to go.
Avoid stocks like the plague unless you know something about them
Put 30% into a mix of gold, silver and bitcoins.
Put the rest into something that pays interest. Look at overseas banks, especially norway and hong kong.
Enjoy the rest of your life.
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spazzdla
Legendary
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Activity: 1722
Merit: 1000
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May 02, 2014, 03:55:12 PM |
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Buy a house straight up, this is the first thing you should do. You should never be in debt again ever. 5% of your networth should be gold.
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beetcoin
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May 02, 2014, 04:02:09 PM |
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buying a house could be a really bad idea, especially if it'll cost him everything he has.
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RodeoX
Legendary
Offline
Activity: 3066
Merit: 1147
The revolution will be monetized!
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May 02, 2014, 04:15:39 PM |
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buying a house could be a really bad idea, especially if it'll cost him everything he has.
Better to take advantage of the low rates (assuming that is true in the UK as well). Get a 3-4% loan on a home then try to beat that in interest or earnings. |
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fattypig
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May 02, 2014, 04:23:53 PM |
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Don't do anything until you know what to do with it....
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spazzdla
Legendary
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Activity: 1722
Merit: 1000
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May 02, 2014, 04:59:34 PM |
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buying a house could be a really bad idea, especially if it'll cost him everything he has.
Better to take advantage of the low rates (assuming that is true in the UK as well). Get a 3-4% loan on a home then try to beat that in interest or earnings. NO, no no no no no no no no no NO. DO NOT DO NOT DO NOT DO NOT TAKE A LOAN OUT DO NOT DO NTO DO NOT. Did you get that op? DO NOT TAKE A LOAN OUT, if you go into debt after getting this cash i will take a trip over there and bitch slap some sense into you. Do not for the love of god take a loan out. Look for a well priced house that doens't cost more than 60% of your networth, imo even less. |
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RodeoX
Legendary
Offline
Activity: 3066
Merit: 1147
The revolution will be monetized!
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May 02, 2014, 05:17:23 PM |
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buying a house could be a really bad idea, especially if it'll cost him everything he has.
Better to take advantage of the low rates (assuming that is true in the UK as well). Get a 3-4% loan on a home then try to beat that in interest or earnings. NO, no no no no no no no no no NO. DO NOT DO NOT DO NOT DO NOT TAKE A LOAN OUT DO NOT DO NTO DO NOT. Did you get that op? DO NOT TAKE A LOAN OUT, if you go into debt after getting this cash i will take a trip over there and bitch slap some sense into you. Do not for the love of god take a loan out. Look for a well priced house that doens't cost more than 60% of your networth, imo even less. I disagree. I normally am anti-loan. But with rates at historic lows it may make more sense to take the loan and keep your cash. You should be able to make more than the loan interest on your money and come out ahead. Once you spend your money on a house it's gone and turning the house back into cash is a hassle. |
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d2dtk
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May 02, 2014, 06:38:08 PM |
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Seek a financial adviser or maybe even a trustee. The money might be taxable as well.
I would seek professional help in how to invest, use, and if necessary donate (tax breaks for donations).
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Dimelord
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May 02, 2014, 06:54:33 PM |
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Invest some in firearms. They never ever ever Lose value.  |
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gheckobrothers (OP)
Newbie
Offline
Activity: 6
Merit: 0
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May 03, 2014, 06:28:44 PM |
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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.
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beetcoin
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May 03, 2014, 07:32:54 PM |
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buying a house could be a really bad idea, especially if it'll cost him everything he has.
Better to take advantage of the low rates (assuming that is true in the UK as well). Get a 3-4% loan on a home then try to beat that in interest or earnings. NO, no no no no no no no no no NO. DO NOT DO NOT DO NOT DO NOT TAKE A LOAN OUT DO NOT DO NTO DO NOT. Did you get that op? DO NOT TAKE A LOAN OUT, if you go into debt after getting this cash i will take a trip over there and bitch slap some sense into you. Do not for the love of god take a loan out. Look for a well priced house that doens't cost more than 60% of your networth, imo even less. I disagree. I normally am anti-loan. But with rates at historic lows it may make more sense to take the loan and keep your cash. You should be able to make more than the loan interest on your money and come out ahead. Once you spend your money on a house it's gone and turning the house back into cash is a hassle. a loan only makes sense if he has enough income to buy a house, and a backup plan if that income does not follow through. |
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Mr G
Newbie
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Activity: 41
Merit: 0
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May 04, 2014, 03:29:37 PM |
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Remember most people that inherit money or win the lottery are much worst off financially, after the fact. So do your homework if anything first. 1. Hold 3-5% in Bitcoin 2. Read the four hour work week, think and grow rich , the wealthy barber. type books 3. Make a diversified plan. 4. Execute the plan 5. Buy experiences and enjoy life.  |
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