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What Would You Do If You Suddenly Had a Check for 750k?

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posted on Aug, 9 2015 @ 06:41 PM
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My mother recently passed from cancer and I was surprised to find she had left me a significant amount of money (she told me she was donating her money to charity which was fine and what I believed). So, my sister and I each have a lot of cash all of a sudden and given the state of the economy and how shaky the world seems right now what kind of ideas do you folks have to preserve capital, generate income and diversify?

What kinds of things would you do from your bucket list if you all of a sudden had money? This is really unexpected so I guess I am trying to decide what to do that will keep me relatively flush for life.

Mods: If this isn't the right forum please move it, but to me the 'Global Meltdown' forum is right because I am concerned about traditional investments being appropriate in the new economy.




posted on Aug, 9 2015 @ 06:44 PM
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a reply to: Metallicus

pay off your debt.
then put the rest in a long term savings account.



posted on Aug, 9 2015 @ 06:45 PM
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Move to anther country where my money has better purchasing power and invest in a ranch.

Then I would put money aside in the market into somethin safe and sell it as I need it.

Tech, or medical stock And things like wheat and corn.



posted on Aug, 9 2015 @ 06:45 PM
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a reply to: Metallicus

I'm sorry about your loss. That's got to be tough. As to what to do with the money, some would say to invest it but that's risky. You could end up losing it. You could put it in the bank. It would at least collect interest. What do you want to do with it?



posted on Aug, 9 2015 @ 06:46 PM
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a reply to: Metallicus

What would she want you to do with it?

Finish school? Pay for school for any kids you might have? Get out of debt?

So many things you can do with it. Not all of them selfless, obviously.

I think the key question is what would she want you to do.



posted on Aug, 9 2015 @ 06:48 PM
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That's awesome. Donate some get that out of the way. Then. Pay off your bills buy a house, invest, and just enjoy it... πŸ˜‹ Happy spending!

Also sorry for your loss!
edit on 9-8-2015 by Eye4NeyE because: Added words



posted on Aug, 9 2015 @ 06:49 PM
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Sorry to hear the sad news buddy.


Personally, I'd set 50K aside for a rainy day in a savings account.
Then I'd be a little philanthropic with about 100K with suitable and trustworthy charities.
Or kickstart to build one from the ground up with 200K.

I guess I'd be a little bit selfish with about 100K on family, friends and myself...

That leaves around 400-500K to either buy a home and anything else to set yourself up.

& if I was American... Buy a few beautiful guns.
But that could be covered by the "little bit selfish part".



All in all, just don't waste it fella.



posted on Aug, 9 2015 @ 06:50 PM
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a reply to: Metallicus

If I came into money at about that level my silly ass would start a company. I've always wanted to have employees and just run things.. Good way to lose all your money too. Of course.

What are savings account rates like 1% these days

That's 7,500 a year in interest yea?

OR you could do IRAs and mutual funds. Lols.
You could look into retirement funds. If your work matches you at all in a 401k or something that would be a good investment.

I know nothing about money so anyway.
I'd make sure I had a house with no mortgage and money for sure left over to pay the taxes on it.

I might invest in something solid before inflation destroys your net worth..
edit on 9-8-2015 by Reverbs because: (no reason given)



posted on Aug, 9 2015 @ 06:51 PM
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I would buy this. But then again I already did last month. 😎



posted on Aug, 9 2015 @ 06:51 PM
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Pay off some bills and then go buy a sweet a$$ Mini Cooper JCW.

Then bank the rest and live comfortably.

I would love to live just in the range where I didn't have to worry about paying a bill on time or going out to have a nice dinner and drinks without shuffling which bill I would have to pay a lil late. Maybe buy a few extra groceries a week, like name brand cereal instead of generic or maybe a better can of coffee. Just little thing that are constantly looming over you like a dark financial cloud.

I don't need a big fancy home or anything like that. I don't need to quit my job and travel. I would like to live my current life and just not worry whether or not I have enough gas money or groceries for the week. Oh, I still wanna sweet Mini though.




posted on Aug, 9 2015 @ 06:52 PM
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a reply to: Metallicus

Clear debts!

Always and find a financial advisor who understands how to ride out down cycles.



posted on Aug, 9 2015 @ 06:54 PM
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a reply to: Metallicus

Please proceed carefully. Too many people wind up in worse shape financially and especially emotionally when they win/get a windfall. Fending off those that want a piece of the pie requires a careful and solid strategy. New "friends" will flock and you will lose old friends. It will be an emotional ride.

The taxes will be extreme on that amount. GET A TAX LAWYER!
edit on 9-8-2015 by Aliensun because: (no reason given)



posted on Aug, 9 2015 @ 06:54 PM
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a reply to: Metallicus

I would pay off all my debts, pay off my kids college loans, and put the rest in an Annuity, Roth IRA or 403b mutual fund. I probably would give my kids some money to help them out.



posted on Aug, 9 2015 @ 06:54 PM
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Fly to Salt Lake City Utah, go to a Mormon Church on Sunday and find a financial advisor.

Give him all of your money and leave and come back in a year.



posted on Aug, 9 2015 @ 06:56 PM
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a reply to: Metallicus

Get out of all debts. Own what you owe.

Set aside 33% for taxes (maybe more depending on state inheritance tax laws).

After that is said and done, then decide what you want to do with what is remaining. Don't let anyone make decisions for you. But the biggest thing is don't go around boasting about it.

Stay private and keep to yourself. It's really not that much money and after taxes you may have less than you think.

Take it from experience.





posted on Aug, 9 2015 @ 06:58 PM
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a reply to: Metallicus

buy 50 $5000 dollar cars and leave the keys around town on paths frequented by people who walk . like along streets and such . with a note attached that says " please return these keys to (insert place) then when someone returns them give them the car and 100 bucks in gas. then i would buy a house for the homeless to use as an address and as a place to shower and eat and use the phone. use the rest to keep up the house .


edit on pm820153107America/ChicagoSun, 09 Aug 2015 19:00:21 -0500_8000000 by Another_Nut because: (no reason given)



posted on Aug, 9 2015 @ 06:58 PM
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Thanks for the ideas.

Also, I really appreciate the condolences. It was a rough couple of months for me and my family.

I never really expected to have any significant amount of money. I never really 'dreamed' in that way. I plan to pay of the last 70k on the house, pay off my car, and give money to my daughter for college. After that I really don't know what to do. I definitely want to donate some, but I also would like to make sure I don't waste it and end up with nothing in 10 years. I already have 2 undergraduate degrees and a master's degree, but school is a possibility. I love to learn.

I am not sure what my mom would want other than making sure my daughter gets her college paid. I know she wouldn't want me to waste it all so saving it is important. I don't trust the stock market, but I want to get a decent return.



posted on Aug, 9 2015 @ 07:00 PM
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a reply to: Metallicus

Drop off the grid. Cabin / house in the mountains with land to grow garden, etc. Totally self sufficient don't even think I would have electricity



posted on Aug, 9 2015 @ 07:01 PM
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a reply to: havok

Listen to that person ^^^^

and hope nobody hacks your bank accounts after this.



posted on Aug, 9 2015 @ 07:02 PM
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originally posted by: Reallyfolks
a reply to: Metallicus

Drop off the grid. Cabin / house in the mountains with land to grow garden, etc. Totally self sufficient don't even think I would have electricity


I love that suggestion, but the wife would NOT go for that, lol. I am not a flashy guy. I prefer to live quiet and under the radar. Maybe as long as my family and I are happy that would be what my mom would want for me.



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