$30,000 dollars!!! What should I do???
Registered User
Joined: Jul 2002
Posts: 1,622
From: Edmonton, Alberta, Canada
Well, as they have said, invest it would be the best.
second, my paypal account is jeffk1@shaw.ca and its empty right now
But as for what you want.... with that much a month you can buy almost anycar out there.
as you said, C6 and a MEAN 1/4 weekend Bird
second, my paypal account is jeffk1@shaw.ca and its empty right now
But as for what you want.... with that much a month you can buy almost anycar out there.
as you said, C6 and a MEAN 1/4 weekend Bird
Registered User
Joined: Nov 2002
Posts: 1,612
From: Oklahoma
Originally posted by FireAm94
You could build a bullet proof motor and drivetrain for 15k. Buy an assembled 383 longblock with ported heads from cmotorsports (lt1), buy a rearend etc... and invest what's leftover. You'll have PLENTY of car then.
Joe
You could build a bullet proof motor and drivetrain for 15k. Buy an assembled 383 longblock with ported heads from cmotorsports (lt1), buy a rearend etc... and invest what's leftover. You'll have PLENTY of car then.
Joe
Registered User
Joined: Nov 1999
Posts: 2,801
From: Nashville, TN
$30,000 and $2200/mo is not a lot of money. Sure it is a fortunate thing for you, and I certainly would not turn it down, but $2200/mo is only $26,400 per year. I'm sure you realize you are going to have to continue to work to live comfortably. Otherwise, the montly money isn't going to go very far. And in that case, you certainly don't need to blow the $30G, it needs to be invested into a reasonably safe manner as to create a safety net for yourself.
If you were that bad of a stock broker, then don't invest it yourself. As others have sad a Roth IRA is nice but the problem is all of it needs to be in the investment NOW, not $3000/per year, it would take ten years to get it all into the Roth. Plus, if you are in your 50s your investment horizon is a lot shorter than most of us (I'm 29 and have been contributing to a Roth and 401K for 5 yrs, but I have a good 30-35 more years to let my stuff grow).
Find a broker you trust, get his advice. WIth an average return you can double the money in 7-9 years. Savings account is a waste of time, most are paying under 2% right now and that is barely keeping up with inflation.
But I'm not saying don't have any fun. Take $2000 and spend it on your current car, get something to make you happy. If you've been suffering for all these years with a disorder, you deserve some smiles for once.
Lastly, I'm glad to see that the overwhelming agreement of everybody changed your mind. THe "why should I change now" was a cop-out at best, and at worst a lazy excuse to not do the right thing.
It is important to live in the moment and enjoy yourself but it is also important to plan for the future responsibly so you don't look back one day and regret how you blew all this money and now you're out on the street or in the soup kitchen.
That's my two cents, you have a right to disagree certainly.
If you were that bad of a stock broker, then don't invest it yourself. As others have sad a Roth IRA is nice but the problem is all of it needs to be in the investment NOW, not $3000/per year, it would take ten years to get it all into the Roth. Plus, if you are in your 50s your investment horizon is a lot shorter than most of us (I'm 29 and have been contributing to a Roth and 401K for 5 yrs, but I have a good 30-35 more years to let my stuff grow).
Find a broker you trust, get his advice. WIth an average return you can double the money in 7-9 years. Savings account is a waste of time, most are paying under 2% right now and that is barely keeping up with inflation.
But I'm not saying don't have any fun. Take $2000 and spend it on your current car, get something to make you happy. If you've been suffering for all these years with a disorder, you deserve some smiles for once.
Lastly, I'm glad to see that the overwhelming agreement of everybody changed your mind. THe "why should I change now" was a cop-out at best, and at worst a lazy excuse to not do the right thing.
It is important to live in the moment and enjoy yourself but it is also important to plan for the future responsibly so you don't look back one day and regret how you blew all this money and now you're out on the street or in the soup kitchen.
That's my two cents, you have a right to disagree certainly.
Super Moderator
Joined: May 1999
Posts: 4,060
From: Inverness, FL
Don't spend all of it. If you can't control yourself and do decide to spend it all, buy your stuff with CASH. I knew a guy who came into $50,000. He blew it in 2 months. His problem was he bought some stuff on payments. Long story short, he needed to make a furniture payment so I got his few month old $2,500 camera for $500... don't end up like this guy.
Anyway, if you like working on your cars then spend some of the money and mod the car up yourself. But, if you just want a fast 4th gen then there are plenty out there that people are selling for less than they have in just the engine. Keep your eyes open for one of these and you'll have the cash to buy it outright. The chances are good here for you because most need a loan to buy a car. Banks don't loan $15,000 on a standard 95 Camaro even if it has $20,000 in the engine. I've seen more than a few deals like this to where the guy has $20,000 or so invested in go fast goodies but is selling the car for just a few grand more than what a stocker of the same year/condition would go for. Nobody buys it because they can't make up the difference between the loan value and the asking price. Just another option for you.
Anyway, if you like working on your cars then spend some of the money and mod the car up yourself. But, if you just want a fast 4th gen then there are plenty out there that people are selling for less than they have in just the engine. Keep your eyes open for one of these and you'll have the cash to buy it outright. The chances are good here for you because most need a loan to buy a car. Banks don't loan $15,000 on a standard 95 Camaro even if it has $20,000 in the engine. I've seen more than a few deals like this to where the guy has $20,000 or so invested in go fast goodies but is selling the car for just a few grand more than what a stocker of the same year/condition would go for. Nobody buys it because they can't make up the difference between the loan value and the asking price. Just another option for you.
Registered User
Joined: Nov 2003
Posts: 158
bill id put it all in spx otm call options next experation week, i was almost down and out and i bought a bunch of spx otm's and 500% in two days, ahhh that was a great day cashing out, im just messing i i wouldnt put it all in spx options, but i did make that money,.... anyways, id have fun with your money, you deserve it, my dad was in vietnam too, 68-70, heaviest bombing...so have fun with your money, gotta go, c ya...
ps i would do some 6-9 month out bull put verticals on the qqq though, sell that premium, anyways just my 2 cents, if your smart about options bill PM me, id like to talk to you.
ps i would do some 6-9 month out bull put verticals on the qqq though, sell that premium, anyways just my 2 cents, if your smart about options bill PM me, id like to talk to you.
Registered User
Joined: Nov 1998
Posts: 538
From: valencia,california,u.s.a.
Gee,I bought Homestake mining shares i(I think it was 1991 or so),2 months later,I sold and got back $1800 profit from a $2000 purchase.=$3800.Market timing may have had something to do with this,as well as global economic crap.
(Buy low,sell high)My02
(Buy low,sell high)My02
