WSOP Windfall... What is a boy to do?!?!

[Jurollo]

Hey all,
So I just got 3rd in event 25 of the WSOP and have a rather large (for me) influx of money, we'll say 200k after some purchases. Right now I have it sitting in a Jumbo MMA making 5%. Is that the best place for it? Are there any secrets I should know about? Real estate doesn't seem like a great place to sink money right now so I am looking for alternatives.

[Mingdu]

Sweet score ...

Final Standings

1. Ben Ponzio — $599,467
2. David Hewitt — $374,216
3. Justin Rollo — $244,566
4. Evan Schwartz — $165,008
5. Travis Rice — $111,970
6. Danny Noam — $82,504
7. Adam Ross — $61,878
8. Ken Einiger — $45,672
9. Darryl Ronconi — $34,770

[El Diablo]

Jurollo,

200k after taxes? If I were you, I'd start learning about the stock market.

I'm sure people will have some general ideas here, but you might want to post this in Business and Finance if you haven't already, they'd love to talk about how to play with 200k.

[El Diablo]

Ming,

I don't know if J was staked or sold pieces or swapped or whatever other financial arrangement, but it was posted here that the final 3 chopped for 400k each.

[Anacardo]

Sing in a rock & roll band.

[AZK]

What is your financial situation? Do you have any debt? Credit card/school/otherwise? Give us some background. What are your living expenses? Where do you live/what do you do now? Do you own/rent? Where do you live, etc?

[NickMPK]

1.) Pay your taxes
2.) Pay off any credit card debt
3.) Consult a financial advisor....even people at your bank will do this for free

I would still advise buying property if you are now renting. Even if it doesn't appreciate before you move, it's better than throwing money away every month on rent.

[limon]

[ QUOTE ]
Hey all,
So I just got 3rd in event 25 of the WSOP and have a rather large (for me) influx of money, we'll say 200k after some purchases. Right now I have it sitting in a Jumbo MMA making 5%. Is that the best place for it? Are there any secrets I should know about? Real estate doesn't seem like a great place to sink money right now so I am looking for alternatives.

[/ QUOTE ]

if you dont own a home/condo BUY NOW. also purchase 50k brk.b and 50k vanguard sp500 index fund and fuggetaboutit. use the rest to have fun!

[Kneel B4 Zod]

congrats man

[ QUOTE ]
if you dont own a home/condo BUY NOW.

[/ QUOTE ]

and don't listen to blanket advice like this.

[NicksDad1970]

The paying off debts makes a lot of sense. But depending on your situation I don't know that buying a condo or a house makes sense.

The housing market is dead right now. If you go buy a 125k condo way off the strip in Vegas there's nothing saying you will be able to sell it with ease for the same price 2 or 3 years from now. (You never know when you might need to sell)

Now if you did some research and found a decent duplex that's for sale and been occupied for a while you could buy one of those and keep the renters. There are also companies out there that will do everything involving the renters for a %.

I'm also one of those people that's had a house on the market for 9 months so I'm a little bitter towards the market right now.

Either way good luck and maybe a month from now you'll be asking us how you should invest your 2 million. [img]/images/graemlins/smile.gif[/img]