Comments on: What Should I Do With My $200,000 Inheritance? https://eliteedgemoney.com/what-to-do-with-inheritance-money/ Money | Minimalism | Mohawks Sat, 09 Jul 2016 11:51:08 +0000 hourly 1 https://wordpress.org/?v=7.0 By: J. Money https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-238466 Sat, 09 Jul 2016 11:51:08 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-238466 In reply to JEN.

Well done only having $72k in house debt left! And even more so having a plan for future $$$ like that. Always better to know what you’d do with it *before* you get than afterwards :)

]]> By: JEN https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-238430 Sat, 09 Jul 2016 06:56:27 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-238430 200K? Would pay off everything my husband and I owe: house 72k, car 4k, student loans 15k, and medical debts 10k. The rest I would divide 50/50 into interest savings and investing. I would then pull in an extra $1300 a month once those things were paid off… we would live comfortably and likely put much of that into savings as well. Honestly just $30k would be amazing and save me almost $700 a month in car payments and student loan payments and medical debt. 200k is over 5 times what I make a year before taxes. Seriously life changing money.

I will echo others here though and say get rid of the student loan debt. If something were to happen and you couldn’t work for a time being debt free is the key to survival. You can take whatever you save after those payments are gone and apply it to investing or savings accounts, live as you have been but reroute that money.

]]> By: J. Money https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-231790 Tue, 26 Apr 2016 14:42:48 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-231790 In reply to Trevor.

thanks for adding to the convo :)

]]> By: Trevor https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-231778 Tue, 26 Apr 2016 12:59:23 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-231778 In reply to jodi.

Taking time off wasnt the mistake…in my opinion. People would die to have the much time to figure out their next move. I would have relaxed for about 3 months, then used the other 2.7 years to learn how to get richer. Time is the biggest asset in life! Most dont get it, or in your case…squander it.

]]> By: Trevor https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-231774 Tue, 26 Apr 2016 12:47:37 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-231774 Despite all this advice, it comes down to what you really want out of life. Thats something nobody (not a financial guru, not a vanguard rep, etc.) can tell you.

Invest in yourself (not real estate, not stocks, etc), Learn a new trade…develop your business savvy by going to seminars. Meet people in those realms. Network, study, learn, hustle. Get certifications, go to more seminars and learn concepts that will increase your money 2X, 4x, or more. Careful, some people pushing ideas in these realms will take your money too with little or nothing to show for it,….. but at least you will be meeting these people face to face to hear their ideas. As the saying goes: “a fool and his money are soon parted”. You may need to make some small investments in about 3-4 concepts after doing your research. If one hits, you make triple your money. Then the cycle starts of turning a 50K investment into 500K or even a milly.

Do this for a solid year…it will dawn on you what to do.

]]> By: Jeff https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-221705 Tue, 02 Feb 2016 23:30:41 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-221705 In reply to Jeff.

OOps, I do see Momof2Girls had some great info.

]]> By: Jeff https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-221704 Tue, 02 Feb 2016 23:28:29 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-221704 Old thread but fits my current situation. I do not see anything about the rules for inherited IRAs and 401K’s. I hope he did not cash them out without figuring the rules to do all the suggested ideas.. If he took out a lump sum combined with his stated income a higher tax burden probably occurred. Hopefully he figured out to leave the IRA’s alone and take the RMD’s which at his age would be quite low letting that money stay invested for the long run.

]]> By: Linda https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-213755 Mon, 07 Dec 2015 06:41:03 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-213755 I have the same “problem” but I am 53 and live in goverment housing with no job. My dad died August 2015. With goverment housing I can only have $87 000 in cash. I have no idea what to do. It’s very stressful.

]]> By: No Tax Charles https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-212349 Sun, 22 Nov 2015 01:08:03 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-212349 In reply to Chris Muller.

I’ve been in business accounting for 30 years and own my accounting firm.Get a qualified accountant to prepare your personal financial statement to see where you stand he also needs to understand your personal goals in the future. The student loan interest is tax deductible and I think you shouldn’t pay off any of the debt but it depends on how high the interest rate is especially the car.My advice is to get life insurance annuity for the next 25 years see how much you will have (I can calculate it for you.) Good luck but sorry to hear about the loss of your family member

]]> By: Ben https://eliteedgemoney.com/what-to-do-with-inheritance-money/#comment-203068 Sun, 23 Aug 2015 21:31:47 +0000 https://staging.eliteedgemoney.com/?p=44997#comment-203068 A $200k inheritance could do a lot of things:

– buy something nice that will last and be a reminder of the loved one
– repay some debt
– remodel / improve house
– repay some debt
– invest for retirement
– did I mention repay some debt?

Seriously though, the best things to do would be to repay debt and invest it for later in life. When investing, many may choose to do index funds but an alternative would be to learn more about investing and utilize a value investing strategy. But only if one has the time, stomach, and patience for long-term investing in the stock market.

Ben
ModernGraham.com

]]>