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

[gheckobrothers]

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.

[Hazir]

Wow, things like that really happens... First of all congratulations. You inherited more than I will ever earn in my whole life. If you want to invest in the best way is as you said Real Estate market. Buy some, rent some,  gain profit. Stock exchange is too random is you are not familiar with it.

[poordeveloper]

Do you have any business ideas? It'd be a great way to use a portion of the inheritance.
Just don't forget your risk tolerance. If you want to keep a part of the money - do it. Don't spend it. It is very easy to waste money, and very difficult to earn it.

[hilariousandco]

Did you inherit it from a wealthy Nigerian Prince?

[gheckobrothers]

Im still making choices right now, just want any ideas, or anyone who has been in a situation like this.

I have no business ideas at this moment.

[acs267]

Did you inherit it from a wealthy Nigerian Prince?

That made me laugh. I always used to laugh at that one scam.

[poordeveloper]

Did you inherit it from a wealthy Nigerian Prince?

That made me laugh. I always used to laugh at that one scam.

Actually, I also thought this thread would be a joke regarding a Nigerian scam before reading it

[BBQcopter]

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

[cp1]

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

[Sindelar1938]

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

[Bit_Happy]

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.

[Malin Keshar]

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.

[kuroman]

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

[Swordsoffreedom]

Buy Bitcoin 
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 

[koshgel]

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.

[bryant.coleman]

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.

[beetcoin]

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.

[Bit_Happy]

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]

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 

[Bit_Happy]

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 

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.