How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask James Heal Your Own Question
James Heal
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.
Type Your Finance Question Here...
James Heal is online now
A new question is answered every 9 seconds

We recently inherited 200,000 dollars and need some advice

Resolved Question:

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: 7 years ago.
Category: Finance
Expert:  James Heal replied 7 years ago.

Thanks for the question.




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.



James Heal and other Finance Specialists are ready to help you

Related Finance Questions