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So, I just inherited some money and I've no clue what to do with it.
Posted by: Money Bags ()
Date: June 20, 2022 11:47PM

I inherited about $18k from a deceased Aunt. She didn't have a husband or kids and left everything to me. It's not much, but it's more money I have ever gotten at once. I'm not sure what to do with it. I've got about 6K in student loan debt. I have no other kind of debt. I had enough cash even before then to pay it off if I wanted to, but I am waiting to see if Dementia Joe decides to forgive all debt in August when repayments are supposed to restart. Not holding my breathe, but you never know.

I was thinking of paying off my remaining balance and then using the money to bulk up my IRA and some other investments. Also thought about possibly buying a place. I work remote, so I have some options outside of the general area. Was thinking of getting a starter home maybe in Warrenton or even a bit further out like Charlottesville or Richmond and building up equity so I can buy in to the area. I've got about $27k of cash saved up in an HYSA.

Also would one day like to start a business.

Would appreciate any genuine advice.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: What kind of business? ()
Date: June 20, 2022 11:54PM

You're talking to a bunch of people who will never leave their parent's homes, drive 20+ year old vans and Tauruses, don't have jobs and can't even finish community college.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: W Buffet ()
Date: June 20, 2022 11:58PM

Buy low sell high.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: jhgbf ()
Date: June 21, 2022 12:22AM

You can never go wrong with getting out of debt. The hard part is staying out of debt.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: Mikey Muchbux ()
Date: June 21, 2022 06:19AM

Your post sounds like a solid plan.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: Wut? ()
Date: June 21, 2022 06:22AM

That's not even a months pay.

The commie libtards already spent $5.4 billion of our tax money bailing out the rich college kids.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: Sir Sam Snooty ()
Date: June 21, 2022 06:47AM

$18K is not much. I give Maria my maid and James my driver that much in Christmas bonuses.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: Hunter Biden ()
Date: June 21, 2022 07:03AM

I spend 18k in weekend on hookers and blow.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: Bill Clinton ()
Date: June 21, 2022 07:07AM

Hunter Biden Wrote:
-------------------------------------------------------
> I spend 18k in weekend on hookers and blow.


I did too make in the good old days.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: Get A Starter Place In Warrenton ()
Date: June 21, 2022 08:21AM

Then let me slide over and suck your cock for you on a daily basis!

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: An old timer perspective ()
Date: June 21, 2022 05:22PM

It is interesting how the same amount of money can have different meanings to different people. When my father died the six figure inheritance I received disappeared into savings where it throws off $1,000 per month in income, not enough to affect my standard of living. For others it could be the down payment on their house, an early retirement or one hell of a spending spree.

OP, do not pay off your student loans. Student loans are relatively low cost debt. Instead bank the money you would otherwise pay on your student loans and continue to pay off your student loans from current income. Take the maximum amount you can and contribute it to a ROTH IRA. You won't get a current deduction, but earnings and appreciation are tax free, and the withdrawal options are more favorable than regular IRAs. If you want to buy yourself something special, do so quickly. Otherwise chances are you will fritter away whatever you have left.

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Re: So, I just inherited some money and I've no clue what to do with it.
Posted by: My Perspective ()
Date: June 22, 2022 08:40AM

If you invest money wisely it constantly returns the favor.

If you invest the money unwisely it will evaporate and leave you broke.

Invest 90% of it and pamper yourself with the other 10%

If I have a dime for every dollar that I've wasted, I'd still have the 10%!

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