My dad just died and left me cash

[Fishersjohn48]

What I didn't take into account is if you are already loaded to the gills with money and you are just looking to blow a little pocket change in which case I have some great investment firearms that you would be interested in as well as some land that would make AWESOME condo property.....

 

[Libertarian01]

Joeyidgaf,

My condolences on your loss. I wish you and your family well through this difficult time.

I think my reaction would be to, for this very moment, put your money into a savings account where it will earn some small interest.

Next, take a DEEP breath and start thinking about your personal situation.

Write down all of your current debts and investments. This means anyone you owe money to for any reason and anything you could sell big, like a home.

Then set up a meeting with your accountant for his/her opinion. They may know something about your particular situation on the tax side that could be beneficial.

Next talk to a certified financial planner. He/she will want to go over the details of your situation and discuss your long term plans.

Finally, take another DEEP breath and think about what you have learned THEN make a decision.

By first putting the money into a simple savings account you will accomplish two (2) easy goals:

#1) Your money is already working for you!
#2) You have not painted yourself into a corner. The money is easily accessible and can be moved around as you later determine which course best fits your personal situation.

While I agree with what everyone else has suggested on paying off bills I would NOT do that until getting the advice of experts. The only reason I say this is because there may be something in your situation that would make another course a better solution for your situation.

Do NOT do anything for awhile that cannot be undone.

Kind Regards,

Doug

 

[Bapak2ja]

First and foremost I am sorry to hear of your father's passing. I can relate as I have recently lost both of my parents.

I agree with the most of the above.
1. Pay off debt.
2. Pay down mortage
3. Mutual funds but if it were me I would not invest all at once. The market is so up and down right now that you could have a big loss initially and have a long fight to gain it back. I would choose a couple funds that fit your risk tolerance make the minimum initial investment. put the remainder in CD's/money market and then dollar/cost average for the next couple of years. Set it up so that you make a predetermined purchase of shares every month. You buy more shares when the market is down and less when they are more expensive.
4. Roth IRA

HMMMMM I haven't mentioned firearms in this list.

Buy something that makes you happy and shoot the heck out of it but that shouldn't cost you all that much.

Real wisdom here. Real wisdom. If you invest well, in 20 years you will be able to retire if you want to do so. Dave Ramsey is a good financial guide.

I suggest you use US$3,500 just for fun and invest the rest. Assuming you are debt free and right side up on your mortgage.

 

[Fishersjohn48]

Joeyidgaf,

My condolences on your loss. I wish you and your family well through this difficult time.

I think my reaction would be to, for this very moment, put your money into a savings account where it will earn some small interest.

Next, take a DEEP breath and start thinking about your personal situation.

Write down all of your current debts and investments. This means anyone you owe money to for any reason and anything you could sell big, like a home.

Then set up a meeting with your accountant for his/her opinion. They may know something about your particular situation on the tax side that could be beneficial.

Next talk to a certified financial planner. He/she will want to go over the details of your situation and discuss your long term plans.

Finally, take another DEEP breath and think about what you have learned THEN make a decision.

By first putting the money into a simple savings account you will accomplish two (2) easy goals:

#1) Your money is already working for you!
#2) You have not painted yourself into a corner. The money is easily accessible and can be moved around as you later determine which course best fits your personal situation.

While I agree with what everyone else has suggested on paying off bills I would NOT do that until getting the advice of experts. The only reason I say this is because there may be something in your situation that would make another course a better solution for your situation.

Do NOT do anything for awhile that cannot be undone.

Kind Regards,

Doug

Good advice about a financial planner but shop long and hard for the right one. I have spent way too much money on "financial planners" only to find out that they were just trying to sell me insurance or that I was doing fine and there wasn't much else that I could do.

My rule of thumb for financial planners is that they better be in a darn good financial situation themselves. Find out what you are going to get for your efforts. Is continuing service included in the initial fee? Are there additional fees for reviews down the line? Do they match your tolerance for risk?

 

[Scutter01]

$23k sounds like a fortune right now, but when you're forty and trying to get out from under two cars, a mortgage, student loans, your kid's college debt and everything else, it ain't as much as you think it is. The other folks in this thread have the truth of it. Spend a little (not more than 5%-10%) to satisfy your desire to shop and then invest the remainder wisely. Your future self will never stop thanking your current self.

Of course, it's entirely possible that you're already in your 40's, 50's, whatever, and through all that already and just have some mad money to blow. If that's the case, go nuts!

 

[E5RANGER375]

its not a lot of money, but you should pay your bills, and get out of any car loan your in at the very least. I wouldnt buy a machine gun as an investment. if laws are changed like most of us want and the constitution allows, then your money will be gone overnight. if your a gun nut and feel stable financially, get your FFL and class 3. then you can buy machine guns to sell for what others pay for semi auto, and even keep a couple for yourself for life. 2-cents. sorry about your dad.
If you HAVE money to start with, its very easy to turn it into more money if you have half a brain. good luck!


or

you could build a miniature pyramid in your yard (this is indiana, and you would be considered normal still )

 

[Colt556]

So sorry for your loss. I lost my dad when I was very young and I never shared many of the experiences a father and son should share. Is that 23K before or after the government rapes you in taxes? Sorry I haven't read all the prior posts. If I had a pile of extra cash I buy some sweet Colts!


https://www.indianagunowners.com/forums/-handguns/109146-colt_wwi_1911_set.html

 

[valposhooter]

Buy gold as an investment. Buy guns because you like to shoot them or because they have some historical significance or value.

 

[Cemetery-man]

Debt - YES Guns - NO

I got out of debt last year thanks to a nice inheritance from a good friend. Best thing I ever did! I also wanted to go out and buy a bunch of expensive guns but luckily I resisted. It's hard but you'll be ever so glad you did.

Anyways you'd be amazed at how fast you money will accumulate after your debt is gone and before you know it, you can go and buy those guns.

 

[J D]

You've gotten some good advice so far. Although it appears to be a lot, 23K is not a lot of money and can be gone quickly. If you must, take 10% to play with, but get some advice to invest the rest. Investments like guns or any collectables can be risky at best. Guns could be legislated out of existance leaving you with nothing. Other items that have value are only as valuable as what someone is willing to pay.

My situation's much different. I'm in the middle of settling the estate from hell involving several properities and investments. I've found my best advice has come from a financial planner.

 

[Lucas156]

my debts are paid. I don't own anybody. I own my home.

he doesn't have anything to pay off guys

 

[Cemetery-man]

Oh, in that case..... BUY GOLD!!

 

[Bill of Rights]

As others have said, my condolences for your loss.

There is some wise advice that if you want to double your money, fold it in half and stuff it back in your pocket. Were this my situation, I would bank as close to all of it as I could.

Good luck to you and may you find solace and peace.

Blessings,
Bill

 

[Kirk Freeman]

No debts?

Maybe buy a gun you've always wanted. Talk to a CFP about a Roth for the rest.

 

[McKinney19D]

My grandfather bought a HK SP89 in 1991 for $2,000 and is now worth $5,000. So, it is possible to turn a gun around for a profit, but financial market investments would be better in the long run.

And 23k isn't a lot of money, that can be easily blown in 6 months on a variety of guns that you may lose 5% on, plus having to buy a gun locker and protecting them.

But, if I had 23k, I would buy 1 gun I always wanted, FA HK MP5, then invest the rest.

 

[Jerry D Young]

High end collectible Luger pistols, particularly carbine models, original snail drum magazines, mag loaders, original leather.

A World War II collector set:

Colt M1911
M1903 Springfield
M1 .30 Carbine
M1 Garand
Johnson M1941 rifle(repro semi auto or original)
M1A1 Thompson (repro semi auto or original full auto)
Browning BAR (repro semi auto or original full auto)
M3A1 Grease gun (repro semi auto or original full auto)
Ithaca M-37 shotgun
Browning M1919A4 Medium machine gun (repro semi auto or full auto)
Browning M2 heavy machine gun (repro semi auto or full auto)
M2 flamethrower (deactivated)
M1A1 Bazooka (deactivated)

All with appropriate accessories and accoutrements.

Some or all, plus there are many more, but these are the only ones I can think of off the top of my head.

 

[Ol' Wiley]

My opinion: Buying just gold is not good advice. Sure, it COULD continue going up, but it's just as likely to go down in the near future. Quit listening to the idiots on the commercials trying to take advantage of "all-time high prices." Of course they want to sell you gold at all-time highs; they bought it at half the price and now see it's time to close their position at your expense.

Below is the 40 year historical prices; notice prices don't always go up. You buy gold now, you're gambling on it going up-RISKY!
Sure, gold is a great hedge against inflation, but so are other investments.
Diversify. That's the best advice you will ever get. Plain and simple.
Good luck.

 

[TiminMishawaka]

I'm selling off my real estate to go back to school. For 23.5k, I'd sell you one of my houses that's in a good area, currently rented at 550 a month. But a new gun every two months forever and have a piece of real estate.

 

[MACHINEGUN]

Sorry to hear about your loss.. other than that.. spend it wisely and surely don't be bragging you have that much cash on hand.

 

[Oni7734]

I just inherited 23,500 bucks. I am going to buy guns. Why put it in the bank at 1%. I am not going to get stupid. I am not going to buy common guns. I am also willing to hold and not fire what I buy. What would you buy if 23k fell in your lap? Do I buy a Barrett? Uzi? Spas 12? HK? Let me know what you think?


Thanks for all the replies. my debts are paid. I don't own anybody. I own my home.
The money is free to spend.

Sorry for your loss...

1. Pay down any high interest debt, by high interest, I mean anything over 0%.
2. Make sure you have a safe
After that...
3. 1/4 buy silver.
4. 1/4 buy gold.
5. 1/2 have fun