So I got 80 Thousand!! What should I do?
- Thread starter MiLiTARYiV
- Start date
Webbers UX
Elite Member
- Apr 3, 2010
- 4,944
- 5,288
Stop asking so he gives you money, and you get him back with more.....
I am sincerely sorry about your grandfather.
Well try to open an online business maybe... buy a site
I am sincerely sorry about your grandfather.
Well try to open an online business maybe... buy a site
I'd say go with option 2 so you still have cash for whatever may come up. Start your computer shop out of your garage and there wont be much else you'll need other than a computer (which you obviously have) and a KVM switch. Form an LLC check out the gmaps cash videos in the downloads section and have your site ranking number 1 for "your city computer repairs"
I know from experience. I did the same thing.
I know from experience. I did the same thing.
Webbers UX
Elite Member
- Apr 3, 2010
- 4,944
- 5,288
Or just pay the mortage, it was your grandfathers wish.
JackKing0ff
Registered Member
- Feb 6, 2007
- 83
- 20
pay the house off..then decide what to do..dsorry about your grandfather..
greentitanium
Senior Member
- Feb 8, 2010
- 1,141
- 214
come on.
no wonder he left you money to pay it off!!!
he should have refied you himself at 7!
MiLiTARYiV
Senior Member
- Jan 9, 2008
- 963
- 605
I sorted it out., Thanks all
MrVentures
Junior Member
- Nov 9, 2007
- 115
- 27
Pay off the house, take in 2 roommates and have them pay you...
BlackHatSoda
Regular Member
- Oct 6, 2009
- 393
- 329
Whatever you do... Don't pay off your mortgage then turn around and do a home euqity loan.
Doesn't make sense as home equity loans have higher interest unless your mortgage is very old and has a very high interest. In that case, you should refinance.
But paying off a loan just to turn around and borrow that money back at a higher interest won't make sense.
I'd say keep the money in a 6 month CDs at the highest interest rate you can find while you think about what you want to do with the money. You never know when something will go wrong or an opportunity will arise. Having cash on hand will allow you to be be flexible.
If you invest in something at say $40k then drop $20k into your mortgage to save you money in interest and keep the other $20k on hand in case something comes up. If you lose your job or something, you won't be able to get a home equity loan so better to keep cash on hand.
Doesn't make sense as home equity loans have higher interest unless your mortgage is very old and has a very high interest. In that case, you should refinance.
But paying off a loan just to turn around and borrow that money back at a higher interest won't make sense.
I'd say keep the money in a 6 month CDs at the highest interest rate you can find while you think about what you want to do with the money. You never know when something will go wrong or an opportunity will arise. Having cash on hand will allow you to be be flexible.
If you invest in something at say $40k then drop $20k into your mortgage to save you money in interest and keep the other $20k on hand in case something comes up. If you lose your job or something, you won't be able to get a home equity loan so better to keep cash on hand.
consciousnesscreates
Power Member
- Feb 17, 2010
- 696
- 108
I lost all my 120 k remortgage
Invested half doing it up the UK credit crunch kicked in lost job had to sell at big loss
lost other half of 120k surviving
Now Im down to living on dole cant get job on tins of baked beans
Wish someone could show me how to recover all my losses
Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
Are You 100% confident you can make a bank with Option 1??
if not, then go with number 2!!!!
Now, during the 3 month waiting period, learn all the shit you need to make a killing.
if you are not prepared in 3 months, don't take loan. Only take loan when you think you can make a bank.
if not, then go with number 2!!!!
Now, during the 3 month waiting period, learn all the shit you need to make a killing.
if you are not prepared in 3 months, don't take loan. Only take loan when you think you can make a bank.
virus_1720
Elite Member
- May 9, 2008
- 1,752
- 1,289
heck....before you do anything at all... READ THE FOLLOWING BOOKS:
The richest man in babylon
Rich dad poor dad
You'll know how to work it out.
Besides, why trust anyone for 80K??? Why not get some expert help even if it costs $1000. Experts can help you out by designing an awesome financial plan that will not only have your $80K secured but also help you prosper.
I might sound stupid (BOOKS) but they are a must read for anyone who wants to make money...
The richest man in babylon
Rich dad poor dad
You'll know how to work it out.
Besides, why trust anyone for 80K??? Why not get some expert help even if it costs $1000. Experts can help you out by designing an awesome financial plan that will not only have your $80K secured but also help you prosper.
I might sound stupid (BOOKS) but they are a must read for anyone who wants to make money...
MiLiTARYiV
Senior Member
- Jan 9, 2008
- 963
- 605
Yea I read those books already. i'm working with somebody from this forum but I;m still taking advice
Fwiffo
Power Member
- Apr 7, 2010
- 562
- 327
here's what I'd suggest:
- pay down the mortgage
- open a secured credit line on the property, if only to protect it from mortgage fraud (someone illegally registering a mortgage on your property)
do this, and you're far ahead of 90% of people in north america
then take it a step further:
- focus on building cash flow
- test and build systems that make profit with maximum automation and outsourcing
- once you have a system where you know that for every $10 you put in you'll get $20 out, use the credit line (conservatively) to build even more cash flow
- pay the CL back down with the profits, keep growing cash flow
do this (debt free and mostly-automated positive cash flow) and you'll be far ahead of 99% of the people in north america.
Right now everyone in the investment world has their opinion on everything - houses, gold, stocks, cash, bonds, precious metals, whatever - some of them will be right, some of them will be wrong, and not always for the right or wrong reasons
positive cash flow will always be the best situation to be in - no matter what markets or prices or people or governments do. It's the only "investment" that puts time back on your side - all others are one bet at one moment in time, that need to see a certain result in a certain time frame to be profitable.
- pay down the mortgage
- open a secured credit line on the property, if only to protect it from mortgage fraud (someone illegally registering a mortgage on your property)
do this, and you're far ahead of 90% of people in north america
then take it a step further:
- focus on building cash flow
- test and build systems that make profit with maximum automation and outsourcing
- once you have a system where you know that for every $10 you put in you'll get $20 out, use the credit line (conservatively) to build even more cash flow
- pay the CL back down with the profits, keep growing cash flow
do this (debt free and mostly-automated positive cash flow) and you'll be far ahead of 99% of the people in north america.
Right now everyone in the investment world has their opinion on everything - houses, gold, stocks, cash, bonds, precious metals, whatever - some of them will be right, some of them will be wrong, and not always for the right or wrong reasons
positive cash flow will always be the best situation to be in - no matter what markets or prices or people or governments do. It's the only "investment" that puts time back on your side - all others are one bet at one moment in time, that need to see a certain result in a certain time frame to be profitable.
How is paying off your mortgage bad for future taxes? This makes no sense.
Property tax is what it is, mortgage or not.
Yes, you can write off mortgage interest if you have a mortgage, but what tax bracket are you in? Lets say your total mortgage interest paid is $6000/yr and you are in a 25% tax bracket. This means you will pay an additional $1,500/yr in taxes. Think about it this way though, you were paying $6,000 in interest alone with the mortgage. Where is cash flow problem?
Pay off the mortgage, that's what your grandfather is giving you the money for...
Property tax is what it is, mortgage or not.
Yes, you can write off mortgage interest if you have a mortgage, but what tax bracket are you in? Lets say your total mortgage interest paid is $6000/yr and you are in a 25% tax bracket. This means you will pay an additional $1,500/yr in taxes. Think about it this way though, you were paying $6,000 in interest alone with the mortgage. Where is cash flow problem?
Pay off the mortgage, that's what your grandfather is giving you the money for...
chrisis4ever
BANNED
- Jul 10, 2008
- 253
- 77
2012 lol. It was 1984, 1999 , 2012 , it seems that every 13-15 years the wold is supposed to end. 2012 is the beginning of the age of the Aquarius . That's all .. The death to one age, and life to the next. Life will get better after 2012 not worse.
Claudiu
Regular Member
- Feb 28, 2009
- 374
- 129
i'd use 5% - 10% of the money to do some IM ..
it should be enough to get you started on the right track. if your good at doing businezz, then you can do it with this money, if not .. then, you at least know that investing the 100% would have gotten you into a black hole.
try to use the money for both personal and bizz in a way that will help you grow. investing only into one direction won't help you in the long run necesarily.
it should be enough to get you started on the right track. if your good at doing businezz, then you can do it with this money, if not .. then, you at least know that investing the 100% would have gotten you into a black hole.
try to use the money for both personal and bizz in a way that will help you grow. investing only into one direction won't help you in the long run necesarily.