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

[bryant.coleman]

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?

[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.

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/

[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.

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...

[Acidyo]

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

[railzand]

90% btc
10% security

Read Trilema and rptiela's SSS thread.

[cloudminingreport]

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

[bryant.coleman]

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.

[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.

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.

Update: He was able to keep his dog.


Never rob/cheat your family, or you will end up like this wretched person.

[Acidyo]

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...

Shit, if I would be in his position, I would feel so bad and think "What would my parents say if they were to see what I did with everything they left for me and my sister". Not act like a douche and risk the rest of the 250k and only give 75k to his sister if he fails at daytrading again, which he will.

I'd be so pissed to be his sister and knowing I should've gotten over 300k from the start, which is more than enough to get anyone started in a comfortable life.

[Acidyo]

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.

Update: He was able to keep his dog.

Haha, he should've written down his btc address too, you know, to give daytrading another try since he almost made it the last time.

[Bit_Happy]

...
Shit, if I would be in his position, I would feel so bad and think "What would my parents say if they were to see what I did with everything they left for me and my sister". Not act like a douche and risk the rest of the 250k and only give 75k to his sister if he fails at daytrading again, which he will.

I'd be so pissed to be his sister and knowing I should've gotten over 300k from the start, which is more than enough to get anyone started in a comfortable life.

I was cheated by a close relative when I was almost the exact same age.
Adjusted for inflation the amount would be close to ~25K or maybe $35,000; Not enough to cry about, but it's hard to completely forgive/forget.

[jodybay]

you can invest in on some profitable business and as you said keep the half of the money in a bank

[pseudonymdude]

Deposed Nigerian Prince here.

In order to gain access to the £100,000,000,000,000,000 fortune that is rightfully mine, I need a low, low investment of £290,000.  What a coincidence!

I will then share my riches with you, my only friend.  Don't worry about not getting your money back, Nigerian Princes are the most trustworthy people on the planet.

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.

[sana8410]

Take a good long time to educate yourself on investing first. Don't invest in anything you don't completely understand.

[HYFR]

I'm sure there's a scam in this somewhere.

[noviapriani]

I would build my website idea I've had in mind since 2 days ago. Use some money to advertise on major tv channels and other large places. Sit back and watch it explode. I would double my money in a years time.

[15Peter20]

I'm sure there's a scam in this somewhere.

LOL that's what I thought before I even clicked this.

[CoinDiver]

Buy some investment properties in the US. Worldwide capital flight is beginning, and the US will be seen as the reasonable safe haven. Prices here will rise, but it will crash (HARD). Call the top and get out. I figure you've got 4 years before the top, but it could be 2 years.

Otherwise, buy bitcoins and hold.

[gagalady]

yes buying real estate and renting the property would be a good option I think. Buy some bitcoins with them, who knows maybe that will pay off alot in the future, go to business consultant and ask for an advice.

[Bit_Happy]

Whatever you decide to do: Don't be in a big hurry, unless you need a job.
Living off the money would be a bad idea.