manage half a million dollars for me.

[Buddy_Christ]

#1 - stop leasing the car. That's a waste unless you can use it as a tax writeoff.

#2 - stop renting an apartment. You can afford a downpayment on a house and have a pretty low mortgage payment, provided you're working. Buy a modest house in an area that is just starting to grow. My dad and his girlfriend bought a house 4 years ago in a good area and the value of that house has shot up a lot since they bought it. Can always sell it in a few years and make a profit, and the bonus is you aren't throwing money down the drain for an apartment.

#3 - KEEP WORKING.

#4 - With the rest - find a very good investment company. Put a sizeable chunk into an IRA with a decent return. Best to start planning for retirement as early as possible. Put the rest into something else with a decent return and keep rolling over the money you make.

Of course, I don't know shit about investing, but that's about what I'd do. I know I couldn't manage that money myself in a stock market (and stocks would probably be the last place I went) so I'd go to the pros for advice. I'd kill them if I lost money.

 

[pitbullstl]

We have discussed funds and the like, but remember, the guy has to live off the money as well. What good is 10% annually if you are not really keeping it because you spend it to live.

deterass said real estate, I went along those lines as well. Like 20K down on 5 different properties in an interest only loan. Hold for 4 years and flip. Somewhat risky, but then again this is South Florida and it can easily be done.

Perhaps a split of 250k/250k with one half going to real estate, the second half in a fund that is just going to grow and double in 10 years.

Rental properties suck. Land is easier to flip, and Central Florida is a much better location to do that.....ie: bubble isn't going to burst anytime soon. Take for example, we bought 146 lots in June, sold them the end of last month, up 26%.

 

[SoKlueles]

buy rental homes, condos, apartment buildings(nice ones) because there is always someone wanting to rent a place to live

 

[OMEGA]

buy Property and lease it...... this is the best way

 

[Buddy_Christ]

buy rental homes, condos, apartment buildings(nice ones) because there is always someone wanting to rent a place to live

I was thinking something like that too, but that can be a royal pain in the ass. I've heard if you get a good apartment building you will start to profit after a few years as opposed to just rental properties, but I dunno for certain.

 

[CENTURION44]

I.N.G. Direct is yeilding 6% on some COD...if you spread the money wisely you can yeild 10% easily...i have a savings account whick current yeilds 3.14 percent...you could live pretty nice off the intrest on that

 

[SoKlueles]

I was thinking something like that too, but that can be a royal pain in the ass. I've heard if you get a good apartment building you will start to profit after a few years as opposed to just rental properties, but I dunno for certain.

I know
I was thinking that one day....Thats why you would keep your present job until you get out of the black with the rental homes etc
And i was also thinking storage buildings...they arent that much to build and then once your in the green you will be set for life.....like i said earlier, there are always people out there looking to rent a place OR rent a storage building.
And when you get out of the black you can hire maintenance men to work and keep everything moving smoothly in the complex.

 

[Mr. dB]

We have discussed funds and the like, but remember, the guy has to live off the money as well.

A 25 year old wants to retire on $500K

 

[Hengst]

A 25 year old wants to retire on $500K

I was thinking the same...... can't be done, comfortably.

AAP - tell this kid to get a job - any job - that HE ENJOYS DOING. Something that could pay for his day to day expenses. As long as it's something he enjoys then it will not seem like 'work'. E.g. if he was a surfer, why not get a job in a surf shop? Something like that.

500K is not really enough to live on for another 50 years, but it is enough to give this kid an opportunity to do something he really likes to do. Afterall, what is a 25 year old retired kid going to spend his money on? Sex, drugs, partying, women, etc. seems like a waste to me.

 

[CENTURION44]

the last two post are def. from OLD DUDES...speaking way to responsibly