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#1
11-14-2007, 03:11 PM
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I has a monies... what I do wif?
I'm just going to describe my situation and general plans and see if there's anything anyone thinks I should know, wants to call me an idiot about or etc.
I inherited about 130k pounds or 275k dollars. It's in mutual funds in England right now, controlled by some trust company. It's not in my name yet or something, but supposedly will be in January. I believe it just earned about 10% for the year and they're asking me (well, asking my mom, technically) what I want to do with the money. I'm not sure about that exactly, but I'll probably have them send it to my account, because I'm short on money right now and will need money next year. I'm just finishing up my last year of college and living with my parents, transcribing audio tapes occasionally for money. After I graduate in May I want to buy a cheapish house (in one shot, no mortgage) and live with my friend for a year or two while taking some time to study poker and other things I'm interested in. Then, regardless if poker goes well for me I want to either go to graduate school in cognitive science or go into some sort of non-profit work. Sorry if this is all irrelevant information. But yeah, I also had the idea, because I've been finding some cheap (under 50k) duplexes and triplexes in the town I want to move to, of buying houses and renting them out. Smart? Obviously it depends, but I mean, potentially smart? And how would I go about researching the merits of such a purchase, besides looking at the places and getting them inspected? Also would welcome any general advice, because I don't know much about BFI. 
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#2
11-14-2007, 03:44 PM
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Re: I has a monies... what I do wif?
Go go gadget paragraphs!
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#4
11-14-2007, 04:07 PM
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Re: I has a monies... what I do wif?
You shouldn't spend any of this money on living expenses. If you need money, get a job. Very few people are as fortunate as you are to have this kind of money fall in their lap.
It would be helpful if you mentioned exactly what mutual fund the money was in. I would recommend just placing it into a Global index fund and forgetting about it for the next 20-30 years. Then you'll be rich when you retire.
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#8
11-14-2007, 07:13 PM
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Re: I has a monies... what I do wif?
[ QUOTE ]
You shouldn't spend any of this money on living expenses. If you need money, get a job. [/ QUOTE ] What about buying a house (to live in)? Seems cheaper than doing rent or mortgage?
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#9
11-14-2007, 07:39 PM
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Re: I has a monies... what I do wif?
[ QUOTE ]
[ QUOTE ] You shouldn't spend any of this money on living expenses. If you need money, get a job. [/ QUOTE ] What about buying a house (to live in)? Seems cheaper than doing rent or mortgage? [/ QUOTE ] Cheaper?
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