How to invest 50K???

[Rhinoceros]

I recently came into about 50k from an inheritence. I have ZERO knowledge of how to invest it, cuz its sitting in my checking account. Any advice of what to do with it IRA, CD etc? Should i go see a financial advisor or is that just a waste. Thanks for the input.

Like was said before, pay off all consumer debt first (cars, credit cards), unless you have 0 percent financing on the car.

Next invest as much as you can in an IRA - assuming you still haven't already invested or are on track to invest 15000 in your employers tax-deferred savings.

You may want to serisouly consider investing in an index fund with what is left. Automatically diversified and long-term pretty safe earnings potential. Vanguard offers some extrememely low-fee ETF's and mutual funds.
I just moved a considerable amount of money over to Vanguard, so let me know if you have any questions.

[Valor55]

Another vote for Dave Ramsey!

As soon as we go to settlement in November we'll be debt free except 1 car. I can't wait!

[sgtbear111]

coucousis and TxCharlie pretty much said it.

I'll add one thing that I experienced. A "financial planner" can be a commission paid insurance sales rep.who wants to lock you into a front-loaded offering from the insurance commpany that pays the "financial planner's" commissions. Front loaded means you pay the set up for the "plan" before it opens. The fees are usually ten to fifteen percent. Look for the broker's products and if they are a single company line. A broker offering a variety of products has no loyalty to a specific company.

Check them out by name and business name thru BBB, Securities and Exchange Commision, court records for lawsuits, and local reputation. Question (interrogate) the person on your findings; walk out if they lie, get vague, go sideways, or change the subject . Stay away from friends who want to invest it for you, or a "quick lets get in on this" limited partership or start-up business. If there's fast and legal money to be made, the professionals have already been there.

Interest rate sare low, so don't loan it. Family members,or friends may pressure you. To discourage that; get a credit report, file a lien on clear title real estate they own for collateral, and a prommisary note drawn up by an attorney you can trust. The person you lend it to will pay the fees. If they want better terms, hand them the yellow pages. BTDT.

[DetSarg1]

Another vote for Dave Ramsey!

As soon as we go to settlement in November we'll be debt free except 1 car. I can't wait!

It’s a great feeling isn't? My wife and I have been debt free except our mortgage for a little over a year. Thanks to Dave Ramsey, we will have our house paid off in about 5 years. NEVER again we will have a car payment or any other kind of debt. We keep our money!

I hope this guy at least reads the book. Dave's Web site is good but the amount of information can be overwhelming.

As Dave would say…”Act your wage!”

[Clint]

I've been thinking about a "RECESSION PROOF INDUSTRY", send me a PM for further information. Promise on your 1st, 3rd, 5th & 9th child you will never divulge my secret business adventure.....

[NOLACOP]

thanks for the tip on dave ramsey's book..i just ordered a copy from amazon.

[Creeker]

Another vote for Ramsey. Get that debt snowball rolling. Smallest debts first, then roll the payments to the bigger ones.

Now, if I could get my wife to get with the program... :rolleyes:

[chiefhuntr]

Absolutely positively! Here's his website:
http://www.daveramsey.com/

It doesn't get any better then this guy. Go to the website and read. If you still need help, go to one of his "endorsed local providers." Those are the folks that know what they are doing and can help you. If he stands behind them, you know you are good to go.

[deputywave]

I recently came into about 50k from an inheritence. I have ZERO knowledge of how to invest it, cuz its sitting in my checking account. Any advice of what to do with it IRA, CD etc? Should i go see a financial advisor or is that just a waste. Thanks for the input.

You should throw a big party for your RP friends and then bury anything leftover in the backyard.:D

[Coastie 585]

Sponsor a responsible college student's education? Make him make payments back to you when he becomes a millionare?

What is that, and where do you find those things?:confused:

[ExUSPP]

thanks for the tip on dave ramsey's book..i just ordered a copy from amazon.

You just failed the first lesson. You're suppossed to borrow it from the public library.

[Valor55]

You just failed the first lesson. You're suppossed to borrow it from the public library.

He hasn't read the book yet. :D

[Fury]

Guns. Lots of guns. And a room to store them in. Guns don't hardly depreciate if you take good care of them! :D

[prowlassignment]

1) Speak with a financial advisor

2) Don't rely on books alone

3) If you invest safely, you won't really lose but you won't gain much either. The bigger risk you take the more money you can make at a much faster rate

4) I wouldn't invest all 50 grand either

[Nole795]

I long for the day when I can post a thread like this one.