I just recieved money from the sale of my deceased parents home . Whats the best way to make it grow?
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 31-03-2010-05-2008
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I`m 55 years old and it1s the only money I`ll get towards my future, I need to make it grow fast.
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open an ira
put it in da bank–by houses then sell em la8r…..
donate it to charity
Send some for me!
It will make my purse grow……bigger
plastic surgery!!
Hire someone to help you invest that money and take 3/4 and save it and collect interest and take the rest and invest.
stocks or cd’s
put it in 6 month Cd’s keep fliping it
2nd i dont know how much you got
real estate is cheap now
YOU CANT USE YUOR PARENTS MONEY! ITS DISRESPECTFUL!!! HOW THE HELL CAN YOU JUST SPEND A DECCEESED ONES MONEY?! DONATE IT TO CHARITY!
The best way to get an steady income is to purchase a house or apartment and rent it out….You will never loose that money and It will work for you until you decide to sell
1) dont spend it,
dont pay anyone for advice or give them one penny to manage it for you
2) dont buy a house or car.
3) dont loan any to friends or needy relatives
4) dont tell anyone how much
5) invest mostly in stock funds, but dont buy them all at once
Start out mostly in bonds and switch 20% per quarter into
stock funds .. leaving 20% in bonds
6) No individual stocks.
7) nothing that is too strange or involves your spending money
9) Only invest in no-load mutual funds – like Fidelity .. and in funds that specialize in companies in large capital value and growth funds.
10) dont pick one fund, spread the risk across many
11) dont look at your money every day .. rebalance once per quarter
The best way to grow your money is through businesses and investments. But please be aware of the risk involved BEFORE you decide anything. Feel free to email me at fxswingtrader@yahoo.com if you’re interested to know more… Wishing you all the best!
This is not the best place to get financial advice. If you’re still working, you can open up an IRA and put as much as $6,000 a year into it. At your age I’d suggest moderate risk investments such as blue chip stock funds. What you can’t put in an IRA you should buy some blue chip stock funds outside the IRA. You should also have some bond funds, but right now may not be the best time to buy. Interest rates are relatively low and I expect they will go up. When interest rates go up, the value of bonds go down. I’d wait.
Also, if you are currently employed and they have a 401K, open it up. As far as making it grow fast, I wouldn’t bet on it. This is something you should have started a long time ago.
You DO NOT want to do ANYTHING fast. That is a recipe for LOSING the money. you did not say how much you have, so my advice will be more general.
If you can pay off any debt you have, that is nearly allows the best place to start.
Second, you should park enough to cover 3 to 6 months worth of expenses in a money market fund or other no risk (low return) account. Think of this as INSURANCE, not an investment.
For any money you can leave alone for 5 years or more, growth stock mutual funds provide good returns at relatively low risk.
Open an IRA and invest in no load mutual funds.
Do not play the stock market. If you do not need the money immediately and do not want to risk losing money , put it in insurance cos such as New York Life fixed rate. You could probably get about 5 to 6% on the money but you have to have it locked in for 7 years. You are permitted to withdraw 10% per year without being penalized. You do not declare the interest until you started withdrawing from the fund. If you buy CD’s, you have to declare the interest on your tax return.
I like Burt C’s answer. But I have to add to that. If you are interested in the apartment business, I recommend that you read a few real estates books. They are not complicated. Go to Amazon.com or anywhere else and buy at least four books on real estates. Even if you waste six months to a year learning the concepts of real estates, it will be worth it. Foreclosure also can bring in profits.
Also, if you have time I recommend studying about stock options. There are lots of people making a living with stock options. My # 1 book recommendation is “Understanding Options” by Michael Sincere.