Author Topic: Where to start?  (Read 2944 times)

albsure52

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Where to start?
« on: July 07, 2014, 11:42:17 AM »
I have about 50 grand coming my way
 and have no idea what to do with it. Just looking for a safe place to earn some interest i guess.  Any help would be much appreciated.

matchewed

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Re: Where to start?
« Reply #1 on: July 07, 2014, 11:43:37 AM »
What are your financial goals? What is your asset allocation?

gimp

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Re: Where to start?
« Reply #2 on: July 07, 2014, 12:12:26 PM »
How old are you? How long do you want the money to stay invested?

albsure52

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Re: Where to start?
« Reply #3 on: July 07, 2014, 12:13:45 PM »
I guess my financial goals for right now are just to do the right thing with this cash. I could just put it all towards my house but my buddies tell me to invest it. I'll have to get back to you when I find out what asset allocation means.

matchewed

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Re: Where to start?
« Reply #4 on: July 07, 2014, 12:18:27 PM »
Okay. You'll need to start with some basics.

A) You need financial goals. These are the big pricey things in life. Houses, retirement, living on a boat in the Gulf...etc.

B) You need to figure out how you will afford these things. Most people do it by saving. So a big step in attaining your goals will be by spending less now to afford more later. So saving a good deal of money is very important for all your future goals.

C) You need to know what investing is. I'd start with reading a quick guide on stocks by Jlcollinsnh. Come back and ask any questions when you've gone through some of that.

albsure52

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Re: Where to start?
« Reply #5 on: July 07, 2014, 12:18:27 PM »
I'm 35. Maybe about 20 years or so. 

Thedudeabides

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Re: Where to start?
« Reply #6 on: July 07, 2014, 12:19:08 PM »
It all depends on your goals. Are you going to use the money to buy another house? Help fund retirement? The answer of what is right to do in either situation could be very different.

What is the APR of your current mortgage?

albsure52

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Re: Where to start?
« Reply #7 on: July 07, 2014, 12:19:11 PM »
Will do. Thanks!

LibrarIan

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Re: Where to start?
« Reply #8 on: July 07, 2014, 01:17:09 PM »
albsure52, give us numbers. If you look around the forum, you'll see plenty of examples of us breaking down expenses. If you're uncomfortable doing this, it will be a bit more difficult to offer advice. Congrats on the windfall!

albsure52

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Re: Where to start?
« Reply #9 on: July 09, 2014, 02:18:15 PM »
Thanks LibrarIan! I am a bit uncomfortable but I just said heck with it and posted a case study.