WSOP Windfall... What is a boy to do?!?! - Page 3

Hawklet · #21 06-20-2007, 08:12 PM

1. Stake 20 People in the Main Event
2. Watch them place 1st-20th.
3. ROBUSTO!

Hawklet · #22 06-20-2007, 08:13 PM

Yeah but seriously, I'd suggest putting it in a bank and not letting yourself touch it for a month (til the rush settles down).

CharlieDontSurf · #23 06-20-2007, 08:36 PM

Buy 200,000 lottery tickets

wpr101 · #24 06-20-2007, 08:36 PM

How long are u looking to invest the money for?

Index funds would probably be your best option if you are not familiar with the stock market.

Howard Treesong · #25 06-20-2007, 08:43 PM

Jurollo,

How old are you? Minimizing taxes is often a terrific financial strategy; I have no idea what your tax situation is and am certainly no expert, but if you can take a deduct for a 401(k) or IRA contribution, try to do it. Planning for the long haul early is huge.

You'll probably think this advice is old-timey and rather dweeby; perhaps so.

In any event, congrats on your showing.

Jurollo · #26 06-20-2007, 08:50 PM

Isn't there a maximum you can put in a 401k?

Jurollo · #27 06-20-2007, 08:53 PM

Also I am 23.

nyc999 · #28 06-20-2007, 08:55 PM

[ QUOTE ]
Isn't there a maximum you can put in a 401k?

[/ QUOTE ]

I believe this is only through work, and the max is around 15K per year. You could open an IRA, but the max yearly contribution is far less than you have.

Jurollo · #29 06-20-2007, 09:14 PM

[ QUOTE ]
[ QUOTE ]
Isn't there a maximum you can put in a 401k?

[/ QUOTE ]

I believe this is only through work, and the max is around 15K per year. You could open an IRA, but the max yearly contribution is far less than you have.

[/ QUOTE ]
Can you defer taxes with IRAs? I guess I should talk to a pro, just sucks because I feel like I might get advice that is good for them and maybe not good for me?

firstyearclay · #30 06-20-2007, 09:30 PM

Put at least 10% into Forex. Diversify the rest in medium to low risk stocks/funds.

fyc