How to invest 50K???

[NOLACOP]

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.

[Super Six 5]

Let me send you my bank info. I'll be sure to put it to good use :D

You could always invest in some property and turn around and make some bucks.

[Citicop]

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.

Make the check payable to:

Citicop
C/O State of Missouri
100 Central Avenue
Missouri City, Missouri 10001

:D

Seriously, a financial advisor is almost a MUST in that situation. Check with some people near you and shop around, because this is an important decision...

Good Luck-

Citicop.

[DetSarg1]

I highly recommend a book called The Total Money Makeover by Dave Ramsey. Even if you don’t read the whole thing, which you should, read the chapter on investments and retirement planning.

The principles in this book have changed mine and my wife’s entire financial position and the way we handle our money.

[ispcapt]

You need to set down and talk to someone. There are too many variables involved to give a definitive answer. Every person is different. It will depend on your age, other investments, current financial situation, debt you owe and what it is for, how much risk you want to take, and if you can afford to take the risk.

[binky94]

previous post from Ken K

http://forums.realpolice.net/showthread.php?t=57683


Good investment plan



Stay safe

[coucousis]

Clear as much of your debts as you can.... 50K is not much if you caclulate everything you owe to the bank.

You are probably paying much interest on car loans... mortage etc....

No doubts in my mind that I would clear as much debts that I can ...

If any extra... Look for a good Financial Advisor...

As stated in other post... it all depends on your age ... your retirement package at the job.... and your life goals...

No magic answer to hand out... it is different for each and everyone.

The only thing I can say.... Be real carefull when choosing your financial advisor. You must find someone that is reliable and that is working with and for you! References from other small investors is everything in chosing a financial advisor. Look carefully at his background before doing buisness with him. This is a critical stage in wise investements

Lots of jerks in that profession... Do not invest in promises of fast money making high risk stock.... and be suspicious of the tips starting by

" I know a friend who knows the brother of the CEO in a young growing company. Invest..... you will double your investement in less then a year."

I have so many friend who are supposed to be milionnaire and are still yet working.... They had the magic tip... They all work as me and lost their investement.

Good luck

[TXCharlie]

First pay off all your high-interest loans and credit cards - then tear up most of the credit cards!!! That will earn you 15% - 20% tax-free off the top!!!

Secondly, I'd max out any tax shelters such as IRA options I had.

Third, put a large chunk of it in long-term insured money market certificates, which are earning like 5% now - That way even if the stock market goes to hell in a handbasket, you'll still have that.

Fourth, diversify, diversify!!! - I'd completely stay away from individual stocks. Buy small quantities of as many good no-load (free to get in & out of) mutual funds as you can - NEVER put large chunks into one mutual fund, or one type of mutual fund. A stock index fund may also be worth considering, but remember it's not managed, so it will follow the market up and down. You may also want to look at good old-fashioned U.S. savings bonds - there's probably nothing safer, but I think some of the rules have changed. especially ask about the maturity rules.

Also look at municipal bonds, some of which earn tax-free dividends - But remember, cities sometimes do nearly go bankrupt and their bonds will take a huge downturn price hit, just like stocks, if the bonds slip in the ratings. So like stocks and mutual funds, you could loose a good portion of your money.

And if you seek the advice of a financial planner, for Heaven sakes, get one who does not sell an investment product - If he's on a commission for anything he recommends, don't trust him. Also don't trust the brokers who are constantly calling you to get into one stock or fund and out of another - They're looking to get their sales fees everytime they churn your investments. Remember, the brokers will get their sales fees whether you loose your shirt or not.

Oh - and remeber that there are 2 types of IRA's one tax-deferred (which means that it will delay taxes you pay out immediately and thru investments in the IRA), and the other, where you'll have to pay taxes on the money going into the IRA, but anything you make on investments inside the IRA are tax-free, not just tax-deferred.

And don't forget before you spend or invest that $50k, see a tax advisor to determine how many taxes you'll have to pay on it - You would not want to be put in a position of investing too much of the money, then having to draw a portion back out for taxes, which will cost you in early withdrawal fees, sales charges, or whatever.

[highwayman]

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.

If I had that much money to invest I would purchase distressed residential or commercial property, fix it up and rent it out. :cool:

[NOLACOP]

If I had that much money to invest I would purchase distressed residential or commercial property, fix it up and rent it out. :cool:

I thought of that..but then reality set in and i remembered that i cant fix **** :D

[sbrad]

I highly recommend a book called The Total Money Makeover by Dave Ramsey. Even if you don’t read the whole thing, which you should, read the chapter on investments and retirement planning.

The principles in this book have changed mine and my wife’s entire financial position and the way we handle our money.

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

[cwillis0001]

Hey don't listen to these guys, they're obviously crazy. Three words for you:

Vegas
Women
Booze


:D

[Darin]

Just came into 50k??????


:eek: I HATE you!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


:D

Just jealous.....

Man I'd have me a bass boat AND a motorcycle!!!!

[greenlead]

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

[TXCharlie]

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

WHy didn't I think of that - Hey, I'm a college student too!!! The oldest CJ student in our college, someone told me :D