What should I do?

[Radelaide]

So, for Christmas I got my inheritance (lucky me). Now, it's a substantial amount of money and I'm confused about what do to with it. My mum thinks I should buy a house and live of the rent I get back from it, but I'm not sure.

Any ideas? I need help =[

 

[Fruhstuck]

House is a good idea
Property ladder can be hard to get onto
You could go see a professional finance consultant for advice

What you should buy really though is a drum kit, awesome things
The world NEEDS more drummers

 

[Ago Iterum]

A house is a good idea. A VERY good idea.
And they're all saying 'put your money in property' these days. Especially abroad

You can't go wrong if you get a nice one. I only wish I had the money to do this. You're a lucky person!

My consultansy fee is... Lots and lots

*EDIT* If you have some left over, done something crazy. Go on holiday with some friends or something. Or buy a... A...

Uhm...

A really big sandwich.

Like, collossal.

And live in that.

 

[ChocoCake]

Real estate is a good option for people...who have more experience. And I am guessing you are not, so buying a house and renting it out may not be the best option. Investing is always a good option when you come across a large amount of money, and I would strongly suggest to not spend it frivously. Spend it on something that will better your future, and possibly the future of the ones around you. I do not know what situation your are in, so you are the best person to answer this question.
This, of course, is just my humble opinion, take it as you will.

 

[soren7550]

Invest in the stock market! That's your best bet at this exact moment in time, world over! *laughs*

But seriously, tried to get your crap paid off, save some, and spend a little on enjoyment.

 

[Good morning blues]

Property is cheap right now. Once you're set up there, put it in your RRSP or whatever you Americans call your retirement savings funds.

 

[EeveeElectro]

*EDIT* If you have some left over, done something crazy. Go on holiday with some friends or something. Or buy a... A...

Uhm...

A really big sandwich.

Like, collossal.

And live in that.

I think someone's had a jolly Christmas and got drunk!


I think you should buy a house and pay the rent for a few months, like your mother said. My sister got £18,000 and blew it in 6 months on clothes, toys, food, parties etc. She didn't use it to pay the rent and was soon kicked out, so like the others have said, the house is a good idea.

 

[Steve Dark]

High Interest savings account! If the house thing isn't taking your fancy mind you. Save it for when you need it.

 

[I Stomp on Kittens]

Buy me icecream cones....alot of ice cream cones...with chocolate ice cream...alot of chocolate ice cream

 

[stompy]

Property is a very good idea. However, I suggest getting an apartment close to a CBD. Houses, while great investments in the long run, since they grow a lot more than apartments, don't give as much cash-flow (since rent for houses usually aren't as much, nor as likely, and other costs for houses), meaning you'll get less now. I'd suggest somewhere near the city, though in and around Parramatta is also a good idea. Also, Gosford.

Regardless of what you do, I suggest some sort of investment, or saving. Preferrably, investment. Though, congrats on coming into this money, and best of luck in whatever endeavour you choose to partake.

 

[Radelaide]

Ooo. New buttons.

I'm thinking about a house, but I also wanna travel, buy a car, pay off my eventual uni fees. And I don't know if there is enough money to do all of it.

Maybe if I just take out what I need and put the rest in a high-interest account...

 

[xitel]

Real Estate is a good investment if you are experienced. I would say invest it in a high-yield savings account or an investment fund.

 

[hypothetical fact]

Buy a wienermobile those are awesome. Seriously though pay off your fees then buy a house, don't buy a car they only depreciate in value and cost you money in maintenance.

 

[DrunkenKitty]

You should seek financial advice somewhere other than a gaming forum.

That said, real estate would be a good investment. They're not making any more land and they're sure as hell making more people. Might be a better idea to use the money as a down payment on several houses and collect enough rent to cover the mortgage payments. Then you're pulling in some cash and also building equity. Find a real estate broker that specializes in investment properties.

If real estate doesn't appeal to you, I suggest cocaine and hookers.

 

[perfectimo]

So, for Christmas I got my inheritance (lucky me). Now, it's a substantial amount of money and I'm confused about what do to with it. My mum thinks I should buy a house and live of the rent I get back from it, but I'm not sure.

Any ideas? I need help =[

What are your priorities at the moment? Could you please list them.

 

[Reaperman Wompa]

House is a great idea, specially if you can buy it out right. It's a great investment and if worst comes to worst you have a roof over your head. There's not much that is worth investing in now, so a house really is your best bet.

 

[Booze Zombie]

Well, if you can afford to buy a house I'd suggest you don't. You own your own house already, right?

Just touch up your current house and do whatever you want with the rest of the money, I would suggest. To add, though... you might want to sit on the majority of that money.

 

[Bleak777]

A house could definately be a good idea, but you need to get a good financial planner. I work for an investment firm (Trader, not planner) and that's the best route you can take to maximize your return, even though the markets are as crappy as they are right now. At least speak with a planner and do your research before jumping into something this big with your assets.

 

[Radelaide]

What are your priorities at the moment? Could you please list them.

I don't really have any right now. I just finished school, work already and don't start uni till next year. I guess uni and travel would be two...

Well, if you can afford to buy a house I'd suggest you don't. You own your own house already, right?

Just touch up your current house and do whatever you want with the rest of the money, I would suggest. To add, though... you might want to sit on the majority of that money.

I currently live with my parents who are paying off a loan. I also wanna help do that.