Thread: What to do...

Imagine you go back to when your 23 and have a mediocre job working 5 days a week and really just doing the daily grind. Then one day, $60k gets dropped in your lap. How do, or how would you invest this to be able to move up? With only a associates degree in applied sciences, and not so much in the bank I don't see many options. Obviously, that money can't be touched until a plan is set up, there is no 23 year old mindset of buy this and buy that. This is obviously a time where proper investment can make or break my future...

I live in a rather small city that quite honestly doesn't have anyone I would trust with my future here. I'm not asking for a get rich quick scheme, I'm asking for a way to build on this.

Thanks

do what makes you happy.. if your making 60k+ and your not happy with what your doing then whats the point...?

No, I'm not making it. I barely clear 30k a year. What I mean is I got an inheritance check for roughly that amount and I have no idea what to do now. I was planning on spending most of my time working up the slow ladder at my job, but now I may have an opportunity to finally get out of the rut and go for the top. I just have no idea how, and I would love to go into something that makes me happy, but honestly I couldn't afford it, not yet. I love modifying cars, but I really enjoy messing with higher end beasts. Not the mediocre Honda fanboys around town.

use your 60k to purchase a ETF that tracks the sp500... book an average of 7% growth per year. Once you figure out what you want to really do with it, sell the shares.

Look at Franklin Trust Bonds, I bought 5 in 10 k blocks and just took the interest every month ( roughly 6%) . I did this at my Chase Bank.

Look into purchasing some sort of product in wholesale and reselling it for a profit. Maybe high end car accessories and selling them on ebay and the such?

Obviously purchase something you would be interested in selling but at the same time make money doing so.

buy bitcoins

Originally Posted by EuroTech500

Imagine you go back to when your 23 and have a mediocre job working 5 days a week and really just doing the daily grind. Then one day, $60k gets dropped in your lap. How do, or how would you invest this to be able to move up? With only a associates degree in applied sciences, and not so much in the bank I don't see many options. Obviously, that money can't be touched until a plan is set up, there is no 23 year old mindset of buy this and buy that. This is obviously a time where proper investment can make or break my future...

I live in a rather small city that quite honestly doesn't have anyone I would trust with my future here. I'm not asking for a get rich quick scheme, I'm asking for a way to build on this.

Thanks

Do you have any debt? If so pay it off
If u don't have any debt invest the money in something safe and just sit on it

A different perspective:

Honestly, as much as it hurts to even consider it - The best investment at your age is to do something stupid with the money.

The best lesson I learned in my life is that a fool and his money are soon parted. If you do truly learn this lesson by wasting the money and then fully appreciating how hard it is to make money you will be so much better off in the long run. Every time after you make some good money you will be quick to save and appreciate it!

If it is from an inheritance that I would recommend you respect the money and do something more respectful with the money.

The other obvious answer is if you have debt pay it off!

Thanks everyone for the responses. I am not in debt, and I feel as though I do my best at saving what I do make. Also, yes the full amount is inheritance. I'm interested in the trust bond idea. I'll have to make some calls today.