I am coming into a bit of money, in the six figure range. Any ideas what I should do with it?

I have a couple of ideas already. But I'm curious as to what others may think. Should I invest, if so where? Should I start a biz, if so what? Any suggestions wuold be helpful. Thanks.I am coming into a bit of money, in the six figure range. Any ideas what I should do with it?
if you have credit card bills pay them off, no sense paying high credit card interest. Put the money into a couple of bank CD's to earn over 5% while you get accustomed to the idea that you have that much money. Take time to think about what to do with it,, how to invest it. You should not start a business if you have to ask what kind. You can't beat someone at their own game, so don't try that. No hurryI am coming into a bit of money, in the six figure range. Any ideas what I should do with it?
1. Pay off all your debts including any mortgages


2. Put what you can into any unused ISAs


3. Spend a little of it on premium bonds


4. Put the remainder into a couple of building society accounts and keep an eye on interest rates





Don't start a business. Having money is not a reason for starting a business but a good way of losing your money and turning your life into a nightmare.





Then when you have had a long while to think about it, invest your money wisely. Buy to let is not a sound investment at present so don't jump on that bandwagon.
See a reputable financial/investment advisor. It is never good to ';put all your eggs in one basket.';. A solidly trained professional only has your best interests in mind.
Definitely pay off any debt you have and then make the conscious decision to NOT go into debt again !!





Divide the remaining money as follows : 75% goes into an investment account so it can start making you more money while you do nothing for it.





The remaining 25% can be used two ways. One could be to put this towards the business you are dying to own and operate. If you are already at the career you feel you could do forever then put the money towards your permanent living arrangements, meaning have a home for yourself, living well within your means and in a place you feel you could live forever.





Having a home, a secured home for yourself and if you have family IS the MOST important investment for your future.





Good luck and keep a good head on your shoulders !! Coming into money WILL NOT bring you happiness unless you are already happy and doing good things for someone other than yourself along the way.





: )
If you have to ask what kind of business to start, that's not where you want to be. Were I in your position, I'd invest it conservatively, in a no-load mutual fund. Janus, Scudder and Vanguard have a number of funds that do not have up front costs (';front-end loads';) and have minimal annual expenses.
Lordgolo you did not provide the information to answer this question. So the answers you get are guesses and biased to the answerer's desires.





What I would need to know to answer follows:





Your age.


Your risk tolerance


Your hopes and dreams.


Your current debts.


Your current income.


Do you like your job?


Your expectation of a return on the money.





Pat
I know people who have accounts with aid4families.com and they swear by it. I opened an account there myself last week. Check it out for yourself.
first spend some money treating yourself. GO on a nice vacation, eat in some realy good places. NExt pay off any debt that gives you no tax advantage( eg. credit card bills).


With the rest of the money, depending on your age choose aggressive or conservative investments.
Open a brokerage account at Fidelity and hire a Portfolio Manager.





Here is how it usually works:


You hit the $500,000.00 USD jackpot in Las Vegas.





You buy a $200,000.00 USD house.


You buy a $100,000.00 USD car


You pay all your Credit Cards and you quit your job.


You travel around the World and see what you always wanted to see.


You give a few thousands to each of your relatives.


You give to your Church.


You give to Al Gore.


In three years or less ALL THE MONEY IS GONE.





By that time you are used to ';Livin' La Vida Loca'; and you sell your car and buy a $50,000.00 car and you sell your house and buy a $100,000 house.





This time the money only last two years.





In two more years you are exactly where you started and you have to find a new job.





Here is what I suggest you to do: (I am a Portfolio Manager)


Open a brokerage account at Fidelity and invest all your money in the Stock Market with the help of a Portfolio Manager.





After a year he will make at least 20% for you ($100,000.00 in your case)


Use $50,000.00 to buy a car or for the down payment of a house and invest the rest.





After a year he will make at least 20% for you ($110,000.00 in your case)


Use $55,000.00 to pay the house and to do you all you want and invest the rest.





And so on...





As you can see, each year you have more and more money to spend and you don't have to work anymore or your children or your grandchildren...
Pay off your mortgage first. Then your investment strategy will depend on how much is left over.
If you're reasonably happy with your current career, keep working where you are and invest the windfall for retirement. A piece of change this large, with the investment gains you could receive by the time you retire, can make your golden years noticeably more golden. Starting a business is risky. Most business startups fail.





Lifecycle and target date mutual funds are good investments for retirement savings. Vanguard and Fidelity offer lifecycle or target date funds that have relatively low costs. These funds are easy to use because the mutual fund management company does the work of selecting a reasonably well-diversified portfolio of assets for you. You don't need to be an investment strategist yourself.
To answer this question you would need to answer first if you were to start a business, what is your experience? Have you done a market analysis? Have you determined what your target market is? Have you prepared a business plan? If you invested what is your risk tolerance? What type of return do you seek? Are you experienced in the markets that are available? Write to me at billone44@yahoo.com with answers and I can help
Well it depends on your overall situation of course. If you have debt, get rid of the worst and that at the highest interest rate. I would call Smith Barney or a similiar firm and get an advisor. Spread the money out, Roth IRA in mutual funds, perhaps some solid blue chip stocks, some in safe bonds and so forth. Don't put it all in one place. Take advantage of this, because very few people get the good fortune of having a lump sum of money to START with, and if you are smart about this you can be financially secure for life. As for starting a business, think long and hard on that, realizing that this requires TOTAL committment and attention if you are going to be successful. It's not for everyone. And you need to completely understand the business from the bottom up. For example, don't just think you can open a men's clothing store when you have never worked or managed one before. You have to understand the nature of the business from a workers standpoint, from a managers, and now an owners. You will fail easily if you try to just walk into an unknown as an owner of a business.
You are just what I'm looking for. People who are good at building relationships are what I seek constantly and sales experience is definitely a plus.


SInce you're on the road you'll be meeting tons and tons of people and since I';m in the 'people' business, my team and I will surely help you succeed..


Contact me privately and I'll share details with you.