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+--- Thread: What's the best thing to do with $250,000? (/thread-5846.html)
What's the best thing to do with $250,000? - ahibba - 2010-06-16
All ideas are welcome.
What's the best thing to do with $250,000? - Raschaverak - 2010-06-16
ahibba Wrote:All ideas are welcome.Donate it to Fabric
Or buy lottery tickets. Lots of them
What's the best thing to do with $250,000? - lindacrisan - 2010-06-16
![[Image: ComicsUndergroundJapan.jpg]](http://www.inkstuds.com/wp-content/ComicsUndergroundJapan.jpg)
I was just reading that the other day, so it's what popped up first.
But seriously, start a business targeting some niche
What's the best thing to do with $250,000? - Gingerninja - 2010-06-16
If it doesn't involve the name Ferrari your doing it wrong.
What's the best thing to do with $250,000? - bluemarigolds - 2010-06-16
Invest for retirement then carry-on as usual.
Boring, I know, but retiring at 40 would be sweet.
What's the best thing to do with $250,000? - unauthorized - 2010-06-16
Money, obviously. That's a silly question.
What's the best thing to do with $250,000? - aphasiac - 2010-06-16
Personally I'd spend some on a year in Japan, learning the language, having fun, going a bit nuts. Then backpack round asia. Then come back and start my own Iphone games business - could probably live cheaply for 3-5 years on that.
What's the best thing to do with $250,000? - gibosi - 2010-06-16
speaking as someone who is over 60 and close to retirement, I would suggest that you invest this money and forget it. (I am assuming you are in your 20's and that you are currently working and supporting yourself.) Continue to live on what you can earn and in 40 years or so, you should have a very nice nest egg.
But of course, if you would like to give it me, to improve my retirement, I would be more than happy.
What's the best thing to do with $250,000? - socrat - 2010-06-16
Have a team of Japanese tutors following you around all day.
Have them rotating in and out and make sure to have a JP entourage with you at all times for practice
What's the best thing to do with $250,000? - jettyke - 2010-06-16
In random order:
*Make a business
*Go to japan, and use money for being there.
*Donate to those you think you want to donate to
*spare a little bit of money just in case.
Basically, I would think about my own goals and interests and would use money to help myself achieve these goals, whatever they are.
What's the best thing to do with $250,000? - ta12121 - 2010-06-16
lindacrisan Wrote:http://www.inkstuds.com/wp-content/ComicsUndergroundJapan.jpgomg LOL. I'd suggest getting manga,novels,more japanese stuff if your really into it. For me my stuff that I buy, well liesure stuff is electronics,books,manga to further my Japanese learning,etc.
I was just reading that the other day, so it's what popped up first.
But seriously, start a business targeting some niche
What's the best thing to do with $250,000? - Blahah - 2010-06-16
You should take 240,000 of it and invest it for your retirement, making sure almost all of it is in the highest yield secure investments you can find. Take the remaining 10,000 and spend it making your current situation a bit nicer. Specifically, buy goods which will last a long time and get daily usage (e.g. if you need a new laptop, iPhone etc.). Once you've bought a few select items with it, spend the remainder on having a few nice experiences, like a trip around the world, or to Japan for a month or something similar.
This way, you get to enjoy the money now (with the experience), in the medium term (with the items you bought) and in the long term (retirement cash).
What's the best thing to do with $250,000? - aphasiac - 2010-06-16
I don't know why so many people are suggesting investing all of it; surely the best investment would to be to improve the quality of your life *now*; then you can reap the benifits over the next 40 years. If you save it all until you retire, you only have 15-20 years to enjoy it, if that - totally illogical.
Save a chunk of it, spend a bit and then sit down and decide what you really want to be doing with your life. What have you always dreamed of doing, but have never had the opportunity to try? Study to become a Vet maybe, or run a cool cyber-gaming cafe. Or how about just learning a language for a year, then moving abroad?? Ask yourself, what did you want to be when you were a kid, and then just do it..
Personally I'd rather spend my life happy and working in a job/career that I really love, rather than have some money waiting for me when I'm 60. But maybe that's just me being idealistic..
What's the best thing to do with $250,000? - Raschaverak - 2010-06-16
Life must be sooo boring when you've got all the money for it....so get rid of the money the most useless way, and fast. That way, you'll have to deal with the money-hunt as everybody else...the big adventure awaits, the choice it yours
What's the best thing to do with $250,000? - Offshore - 2010-06-16
aphasiac Wrote:I don't know why so many people are suggesting investing all of it; surely the best investment would to be to improve the quality of your life *now*; then you can reap the benifits over the next 40 years. If you save it all until you retire, you only have 15-20 years to enjoy it, if that - totally illogical.I agree with this for the most part. While I surely wouldn't recommend spending all of it outright, I would suggest investing at least a small chunk (enough for a nice retirement nest egg).
What's life if you're not enjoying it? I'd kill to have such an opportunity where I could do so many things I've always dreamed of in life, but never have, and probably never will, have the spare cash to do leisurely. I'd prefer to do it when I'm younger as well, as opposed to older. I'm assuming you're not near retirement age at all.
While investing a small bit of it is a sound idea I would support, I think investing all of it is a mistake. Spend it on some dreams you have, spend it on some items you've always wanted. Enjoy the money and enjoy the experiences while you're young. No one's got a special ticket saying you'll even be alive long enough to even enjoy that money during retirement. Live like you might be dead in a week. Take it all in and enjoy it when you're young, energetic, and mostly carefree.
This is why I think it's good idea to enjoy most of in the near future, and investing just enough to make you feel comfortable for when (if) you reach that stage of life where you'll need it. Just my opinion
What's the best thing to do with $250,000? - Hologen - 2010-06-16
Did you play powerball and get the 5 balls but not the powerball? Seeing as how you posted this today, wednesday, and the powerball was drawn last night, and you suddenly are talking about $250,000, that's my deduction. If so I bet you wish you would have opted for the powerplay option huh? Could have been a million! No wait, I think you can even win TWO million like that now! But oh well..make the best of it. THAT'S what you should do.
What's the best thing to do with $250,000? - Thora - 2010-06-16
This reminds me of a show I watched where they checked in on big lottery winners (millions of $) years later to see how it had affected their lives. Sadly, an astonishingly high percentage of them had blown ALL the money on extravagant lifestyles and made a mess of their personal lives. I felt a bit guilty about finding their choices and predicament so fascinating. Just more evidence of our complicated relationship with money, I suppose.
Ahibba, iirc $250K is the current price of Canadian citizenship. If that interests you, then I'd be happy to marry you and you can just give me the money instead. ;-)
What's the best thing to do with $250,000? - Nukemarine - 2010-06-16
Buy a house, simple as that. It's the single most common large investment people make and most don't regret it. It then opens the way to rent it out while you mortgage a new home in a few years.
Here's a better tip: Research what happens to lotto winners of 500k to 3 million dollars. Find out which people kept their money and built upon it, then emulate what they did. Find out which people lost their cash and what they did, then try to avoid doing that.
250 grand is not that much in the long run. For a family of four in California, it's just four years of pay below the poverty line. It's very easy to spend it all if you don't tie it up in some investment.
What's the best thing to do with $250,000? - kazelee - 2010-06-16
Nukemarine Wrote:Here's a better tip: Research what happens to lotto winners of 500k to 3 million dollars. Find out which people kept their money and built upon it, then emulate what they did. Find out which people lost their cash and what they did, then try to avoid doing that.The pragmatism. Admired. 8)
250 grand is not that much in the long run. For a family of four in California, it's just four years of pay below the poverty line. It's very easy to spend it all if you don't tie it up in some investment.
What's the best thing to do with $250,000? - Fuamnach - 2010-06-16
1. Take out $10k and treat yourself
2. Put the rest in a savings account and don't touch it until you've
3. studied business/finance/investing/stocks/housing development
4. use knowledge to increase the money
5. repeat step 4
good luck!
What's the best thing to do with $250,000? - kainzero - 2010-06-16
I would invest most of it. I don't really have any desire for nice things, nice cars. Maybe nice food, but that's about it. And maybe furniture, my poor $20 bookcase collapsed.
I also wouldn't tell anybody. People turn into monsters because of money.
Fuamnach Wrote:3. studied business/finance/investing/stocks/housing developmentWarren Buffett said that if you're a working professional not in the business, dump it all in an S&P index fund and work to increase your salary. Been working for me so far! Such simple advice... =)
What's the best thing to do with $250,000? - socrat - 2010-06-16
Fuamnach Wrote:1. Take out $10k and treat yourselfBe sure to use an SRS for step#3 for best results
2. Put the rest in a savings account and don't touch it until you've
3. studied business/finance/investing/stocks/housing development
4. use knowledge to increase the money
5. repeat step 4
good luck!
What's the best thing to do with $250,000? - usis35 - 2010-06-16
I need more info to give a good advice:
-age
-are you studying?
-are you working?
-are you working in something you like?
-income, expenses, assets
For example, if you are studying, I would invest all the money in a portfolio (stock, bonds, real estate) and would continue studying.
If you are working in sth you like, I would invest in a portfolio for retirement.
If you are working in sth you don't like, I would use some money to change your occupation.
etc.
What's the best thing to do with $250,000? - Zarxrax - 2010-06-16
I would second nukemarine's comment about buying a house, if you don't already have one.
Its just nice to know that no matter what happens, if you lose your job or whatever, you have a place, and wont be homeless. Don't even buy the most expensive house you can afford, be modest, try to have some money left over.
Now you can use income from your job to live a nice, comfortable life, and save for a good retirement. You can even move away to other countries or something for an extended period of time, and rent out the house while you are gone.
That's what I'd do
What's the best thing to do with $250,000? - chamcham - 2010-06-16
The 1st thing to do is to NEVER tell anyone that you have just received $250,000.
Otherwise, everyone and their mother will suddenly want to become your "financial
advisor" and have their own theory on how to "get rich quick". Ironically, many of
these people can't save money for the life of them and have never made any real
money on their own. If someone claims they know a way to make tons of money and
isn't rich themselves, think twice about listening to them. On the other hand, it doesn't mean you have to believe every rich guy either.
The 2nd thing is to pay off any outstanding debts you have BEFORE you do anything
else.
The 3rd thing to do is what people often call "the first rule of investing" which is basically "only invest money that you can afford to lose". So figure out how much money you really need for yourself and plan accordingly.
The 4th thing is to avoid any big purchases and to avoid the habit of simply throwing more money hoping that one day things will get better. That's a very easy way to run out of money. This is especially true if you're looking to start your own business. $250,000 is a spit in the bucket when it comes to starting your own business. In fact, have a lot of money on hand and starting your own business for the first time is very dangerous. You can easily make mistakes that will cost you all the money you have (and more).
The 5th thing you will do is NOT give out money to your "friends". Don't start randomly paying for lavish dinners/parties for all your buddies just because you can. So many superstars went broke after giving money to all of their friends over the years and getting nothing in return. Don't follow in their footsteps. Just don't.
The 6th thing you'll do is to NOT change your lifestyle in any way. As much as possible, live the same way you did before (you can treat yourself once in a while, but don't overdo it). If you start wearing a "I just got $250,000" sign on your head, you may become a target (litigation, robbery, fraud, etc).
If I think of anyone else, I will add more to this post.
Good luck.