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James Heal
James Heal, Financial Advisor
Category: Finance
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Experience:  15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.
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We recently inherited 200,000 dollars and need some advice

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We recently inherited 200,000 dollars and need some advice as to what to do with it. What is the best way to invest it in order to make money on it? Also, should we pay off our home (78,000)? What is the best thing to do with this kind of money? Any advice will be helpful considering this is totally new to both my husband and myself. We have never had enough money to invest in anything. Thanks for you help.
Submitted: 5 years ago.
Category: Finance
Expert:  James Heal replied 5 years ago.

Thanks for the question.

 

Congratulations.

 

There are three ways to invest this type of money. I prefer the last one - investing in yourself.

 

1. Invest in real estate. Learn how to flip houses. Rehab foreclosed houses and then sell them for a profit.

 

2. Stock market. Learn how to invest and know the stocks on a say to day basis. If you know what you're doing, you can make a good deal of money, but also lose it all. It's very risky.

 

3. Start your own business. Do what you do best. You're money will grow quickly after year 2 if you have a profitable business and are good at what you do. Start a business related to something you've done in the past and that you're good at.

 

In your situation, i would reccomend not paying off the house at this time because the interest is tax deductible and the new money which you're going to invest should make money, which means more taxes. So, at this time don't payoff the house. You can always knock it out later.

 

Regards.

James Heal, Financial Advisor
Category: Finance
Satisfied Customers: 498
Experience: 15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.
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James Heal
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15 years expertise in all ares of personal finance, including credit cards, mortgages, real estate.