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If you were about to inherit $250,000 what would?
you do with it? I'm (unexpectedly) about to inherit around $250 K before the year ends.
I'm in my early 40's.
My 401K is on target for a comfortable retirement. (not lavish, but comfortable)
'Have 3 kids with in-state college tuition already paid for. Have other savings plans to pay for their room and board and other fees. One of my kids is a stellar student with scholarship money headed her way.
I plan to pay off the remainder of my mortgage and car loans (about $70,000).
WITH THE EXTRA, what would YOU do? I will be talking with my financial advisor when I get a final sum.
Invest in your IRA's, 401K's and work with your financial advisor?
OR,
(my husband and I enjoy fixing up houses)
Buying smaller properties (maybe 2), fixing up and renting out?
What would YOU do?
4 Answers
- ?Lv 78 years agoFavourite answer
I'd buy smaller houses and rent them out but this is the real estate board (I mean what were you expecting here - you'll get different answers on the Stocks board). Of course do this right and you can make a great return on your money but being a landlord isn't right for everyone. Of course you can hire a property manager if you want and since you say you and your husband enjoy fixing up places maybe this is the right thing for you (and way more dependable than the stock market, though the latter is way easier to do).
- raina_vissoraLv 78 years ago
Pay off my mortgage and do some home repairs I've been saving up for. Maybe buy the PS4 when it comes out, since gaming is a pretty major hobby of mine.
The rest I'd put away until I needed it for something, and maybe invest some of it. I don't typically go out and make big purchases just because I can, and I have no interest in being a landlord.
- 8 years ago
Payoff what you still owe on. And invest in properties that you can fix up reasonable and rent out of flip...and take the family and enjoy a weekend at a theme park. and be blessed
- 8 years ago
Buy the properties. They have about bottomed out now and SHOULD go up from here on out.
But...Have you thought about renting a dozen hookers for a month? That would give you stories to tell forever.
