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What would you do if you won $100,000?

PowerQuest

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It is strange, but a slightly tweaked occurrence arrived in my life, and I never expected it. For perspective, I am in college, with supposedly two years left (but I'm thinking about taking a Master's degree), with no debts so far, and I have been controlling myself not to touch any of it for about four months now. Our family does not own a car nor a house (yet).

What would you do in this situation?
Easy, invest it.
 

corsica

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If you're not experienced enough you might end up losing that money to bad investments like crypto, risky stocks (weed, electric crap), NFTs...

If you're young (20s-30s), buy an apartment in a relative big city you know there's demand for housing but at the same time not that expensive. Rent such place to have extra income.
It doesn't matter if the economy is good or bad, you'll always have extra income. Do not use it as down payment unless it's at least 70%.


If you're +40yo, you might be able to keep the amount in cash in your savings account waiting for a good opportunity. Many economists say the economy will go even lower so you might be able to get assets for cheap in the future. Wait for the housing market to go lower and buy a house you like to live in.

Nothing is as safe as real estate. It can go lower but still gives you cash flow.
 

DoubleBarrel

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Start a local non-profit radio station that broadcasts information on developing Character and Personality.
 

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SW15

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2 chicks at the same time. I would think that could be accomplished with 100k.
Nice! You could get that done for 10 times less than Lawrence from Office Space. He needed a million dollars to do 2 chicks at the same time.


There are guys who are broke who can do 2 chicks at the same time.
 

Terra

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Some of them i course invested in maybe a house or some bussiness, or in future education of my children maybe
 

Divorced w 3

Don Juan
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It is strange, but a slightly tweaked occurrence arrived in my life, and I never expected it. For perspective, I am in college, with supposedly two years left (but I'm thinking about taking a Master's degree), with no debts so far, and I have been controlling myself not to touch any of it for about four months now. Our family does not own a car nor a house (yet).

What would you do in this situation?
First of all, 100k is awesome but it’s also not everything you think it is. That money, not treated properly, can and will evaporate quickly. Have an emergency fund 25k. Then especially now get that balance into the SPY etf until you understand money management better. The 25k in cash will help you feel better as the 75k flips around like a washed up fish on the sand of the beach. Im happy to chat if you have more questions.

qualification; manage about $1b of assets at a major bank.
 

Murk

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Speak to a financial advisor, several of them, compare and contrast advice. Then do some research yourself with all the information you have. Live as normal for as long as possible and don’t make any big decisions without sitting on it for a month. Due to location/country the advice is going to vary so don’t take advice from this thread.

Do not speak to friends, family or anyone else about the money. I had a similar situation when I started my business and came into more money than I’d ever seen. Feel free to pm me if needed.
 

DoubleBarrel

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@Murk, I noticed you Haha'ed my response. Everyone else here talks of ways how they would use the money to benefit themselves only, yet you scoff at the one guy who would use the money to benefit a multitude of others. Interesting.
 

2Rocky

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  1. Eliminate all debt
  2. Keep 6 months living expenses in an FDIC secured account that is liquid
  3. Put 15% of my income each month into a managed Retirement Investment account
  4. Invest in where I am living to pay my own mortgage rather than someone else's. Set a timeframe for how long before I sold it if I was younger. Ideally a duplex where I rent out half and live in half.
  5. Purchase long term care insurance for my parents
  6. Buy a car for cash.
 

Veréngárda

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Hire a financial advisor so that it doesn't all go away overnight.

Also possibly see if I can invest in something that'll let me live off of passive income for the foreseeable future.
 

jaygreenb

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Hire a financial advisor so that it doesn't all go away overnight.

Also possibly see if I can invest in something that'll let me live off of passive income for the foreseeable future.
Most financial advisors are just salesman looking to get their percentage fee. There are some good ones but most really are not that great. That fee compounded over a lifetime becomes a substantial amount of your return. With low cost index funds and ETF's you can really replicate what most do with a little bit of research. Will also add, nobody is going to care about your money like you do, so it should be a skill you try to acquire over your lifetime.

First of all, 100k is awesome but it’s also not everything you think it is. That money, not treated properly, can and will evaporate quickly. Have an emergency fund 25k. Then especially now get that balance into the SPY etf until you understand money management better. The 25k in cash will help you feel better as the 75k flips around like a washed up fish on the sand of the beach. Im happy to chat if you have more questions.

qualification; manage about $1b of assets at a major bank.
Only thing I would add to this, is dollar cost average in those funds over a set period of time. Would not rush into anything right now and taker a measured approach.
 

Divorced w 3

Don Juan
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Most financial advisors are just salesman looking to get their percentage fee. There are some good ones but most really are not that great. That fee compounded over a lifetime becomes a substantial amount of your return. With low cost index funds and ETF's you can really replicate what most do with a little bit of research. Will also add, nobody is going to care about your money like you do, so it should be a skill you try to acquire over your lifetime.


Only thing I would add to this, is dollar cost average in those funds over a set period of time. Would not rush into anything right now and taker a measured approach.
I’m a financial advisor :)
The fallacy of dollar cost averaging is disputed by empirical research
Well meaning post, only being tongue in cheek
 

jaygreenb

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I’m a financial advisor :)
The fallacy of dollar cost averaging is disputed by empirical research
Well meaning post, only being tongue in cheek
With what parameters? That does not apply to every period of time and there are a lot of variables. For example, going all in at the peak of the market a year ago wouldn't out perform scaling in over the past year.
 

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Divorced w 3

Don Juan
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With what parameters? That does not apply to every period of time and there are a lot of variables. For example, going all in at the peak of the market a year ago wouldn't out perform scaling in over the past year.
I have to check. It’s based on rolling averages over 70+ years I believe. It doesn’t matter when you put it in.
 

jaygreenb

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I have to check. It’s based on rolling averages over 70+ years I believe. It doesn’t matter when you put it in.
For the most part this is true, but there are periods in history where stocks did not reclaim their highs for 10yrs plus. In 1929, it took 25ys. Can't say that will happen for sure but I would personally take that in consideration and think there will be a lot of opportunities if you have cash to deploy. To each their own though
 

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For the most part this is true, but there are periods in history where stocks did not reclaim their highs for 10yrs plus. In 1929, it took 25ys. Can't say that will happen for sure but I would personally take that in consideration and think there will be a lot of opportunities if you have cash to deploy. To each their own though
It’s not the time to profitability it’s the performance vs Dca
 

jaygreenb

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It’s not the time to profitability it’s the performance vs Dca
Right, if you have a market in a downtrend for 1-2yrs. Breaking up those buys through that cycle down will outperform buying the peak. Your average cost basis will be lower
 

Divorced w 3

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Right, if you have a market in a downtrend for 1-2yrs. Breaking up those buys through that cycle down will outperform buying the peak. Your average cost basis will be lower
No, that’s not true. That’s what I am trying to tell you. On a relative basis, no matter what, lump sum wins
 
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