What Would You Do If You Suddenly Had a Check for 750k?

originally posted by: Aliensun
a reply to: Metallicus

Please proceed carefully. Too many people wind up in worse shape financially and especially emotionally when they win/get a windfall. Fending off those that want a piece of the pie requires a careful and solid strategy. New "friends" will flock and you will lose old friends. It will be an emotional ride.

The taxes will be extreme on that amount. GET A TAX LAWYER!

It is interesting that you mention that about my friends. I told my best friend since 3rd grade about it and he seemed more jealous than happy for me. He got grumpy and sort of left in a huff after lunch. I was confused and sad about it, but maybe he sees it as a threat to our friendship.

a reply to: Metallicus

First of all, so sorry for your loss. No amount of money eases that.

Secondly, your Mother obviously wanted you to have security. I was in the same situation when my father passed 10 years ago...one of his best friends gave me the best advice...let it sit in several different banks (FDIC coverage and all) for 6 months until you can deal with a clear mind.

Invest in gold.

a reply to: Missmissie173

Absolutely right. I never expected money, I just wanted my mom.

One piece of advice my mom gave me when I was younger was if you don't know what to do then do nothing. I agree with putting the money somewhere and letting it sit for a few months.

U2U me...I have a fantastic business idea I am working on. I just graduated from Fullsail University with a bachelors in live show production. I have some good inside Intel into a niche in the market and am looking for investors. At the moment I am working on my written business plan as well as locking down my llc and trademarks.

What could be more awesome than the live entertainment industry

Wanted to add that I won't be taking investments for probably 6 months or so but I will spill the beans privately on some of my ideas and give you something to think about.

Invest your money where it counts; where it means something. Something with a good ROI.

My suggestion would be to find the nearest casino, then locate the Mega-Millions Super-Jackpot machine and turn that $750k into millions.

Next, move to some island in the South Pacific, order one of those drinks with an umbrella in it, and then lay around all day while some partially clad native temptress fans you with a giant palm leaf.

Pretty simple, eh? Have fun!

I would travel the world and see how many women I could get pregnant, then I would run home to the states and not take any responsibility what so ever.

Sorry for your loss, it's a weird thing getting money after someone you love has passed on, almost hard to enjoy it but the person leaving it wanted it to be used/enjoyed. I myself would pay off the house..building new would be a cool option but around here would eat most of the $$ up. I think I would maybe use 10% of it to buy fun stuff..audio gear in my case, the rest would be put somewhere safe..hopefully gaining some dividends without risk..tough one with interest rates as they are.
I noticed a suggestion to give a bit to charity..not a bad idea to a charity you trust..maybe to cancer research

Sorry for your loss. Would for sure and as mentioned, donate money and in memory of.

Sounds like you're heading in the right direction so far, get squared away on bills to helping family.

I agree with others, have a cabin on some land off the grid, even just to visit on vacation in the meantime but it's always there if needed otherwise. With that have a stock of non perishable supplies.

Stocks, gold, Bitcoin market, to maybe a rental property investment, if you want to try to grow some of the money.

a reply to: bananashooter
HaHaHaHaaaaaaaaaaaaaaaaaaa!!!! Good one....

firstly i would announce it on the internet, so people will hate me, they wont say they hate me but they will.
then id do whatever i want
; ]

a reply to: Metallicus

The exact same thing just happened to me two weeks ago, from the dissolution of a family trust.
I am still debating how it should be invested.
I will read your thread with great interest.

a reply to: Metallicus

Google m4research.com

Your U2U box must be overflowing by now with "the deal of a lifetime" or "hey, Buddy, can you spare some change".

What is strange is that I already live in the home I want and have the car and family I want. I don't really *need* anything except maybe pay off the house and car. I would say I am already content for the most part.

Market:

25% Long term low-risk, essentially guaranteed.

25% Medium term, lowish-risk, not as guaranteed.

10% Short term, high-risk, gamble.

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20% run a business, your pick based on passion/interest.

20% running expense for the next year until you decide to switch investments and pull a tiny amount.


What I wouldn't do is make a rash purchase and try to level up a class on the outside. Don't tell people you know you got monies, you'll lose friends, and gain vultures. Don't buy expensive clothes, cars, houses.

a reply to: Metallicus

You might enjoy the tone of this money blog - Mr.Money Mustache

You seem like a no nonsense kind of stranger from the internet. There is also a great money forum with some pretty saver investors, catering to all kinds of investors. Stock market trusters or no.

originally posted by: Metallicus
What is strange is that I already live in the home I want and have the car and family I want. I don't really *need* anything except maybe pay off the house and car. I would say I am already content for the most part.

Same here. It's never too late to save for retirement. They say now days it takes a minimum $1M to retire @65.

a reply to: Metallicus

That's an awesome position to be in…which is why I think it's smart you would want to set up your future generations of family well. I would probably drop 100K on charities or start one for a particular issue you wanted to help. I'd probably use 100K to travel the world and just have a good ol' time for a year or so. 50K in savings for a rainy day…and the other 500k would go towards creating a sustainable income that didn't require me to work if I didn't want to. I know I wouldn't ever be able to flat out not work cause I enjoy being busy, but the ability to do it on my own terms and not have to worry about the fiscal aspect of things would greatly freeing. Look into getting a good lawyer on retainer that can protect you in investment situations as well.

I cant remember who the quote comes from but anyway, at the end of life he'd spent a VERY LARGE FORTUNE. When asked where he spent it he basically came back with "We'll the 1st half I spent on booze and Women, and the second half I just wasted." So take his advice, live a great life, have fun, and at the end come in screetching sideways spitting fire!

Get further through your grief first, then decide.

I'm sorry for your loss.