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Custom User Title
Join Date: Nov 2003
Location: Barrie, Ontario Canada
Posts: 2,954
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$50,000 question
A coworker of mine called me tonight. His grandmother died which is always sad. He was left $50,000 as an inheritance. He's in his mid 20's just bought a house recently and has a decent job. He is looking for options and has come up with 3 fairly logical options.
1. put towards retirement savings 2. pay off student load 3. buy rental property (Calgary house prices are up 60% comp. to last year) I offered my opinion but I know that I am fairly conservative. What do you think??? |
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10-12-2006, 05:35 PM
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Registered
Join Date: Mar 2003
Posts: 10,318
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Retirement or pay off more of his house - maybe set it in a simple interest bearing account that the monthly mortgage just gets taken out of ...
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“IN MY EXPERIENCE, SUSAN, WITHIN THEIR HEADS TOO MANY HUMANS SPEND A LOT OF TIME IN THE MIDDLE OF WARS THAT HAPPENED CENTURIES AGO.” |
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10-12-2006, 06:16 PM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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Of the things he said, I would rate them 2, 1, and a very distant 3.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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10-12-2006, 06:30 PM
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Blockchain Tech Inventor
Join Date: Jan 1999
Location: US fn A!
Posts: 1,542
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What is the interest rate on the student loan?
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A Mean Green Lifted 1972 C10 Long live the king! |
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10-12-2006, 06:33 PM
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Registered
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what part of crack and whores doesn't he understand?
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10-12-2006, 06:38 PM
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Banned
Join Date: Mar 2005
Location: Travelers Rest, South Carolina
Posts: 8,795
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Quote:
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10-12-2006, 06:42 PM
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entertaining the idea
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Donate it to me....a good accountant can make it tax deductible
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There are some who call me... 'Tim'. a well set-up 1983 Guards Red 944 |
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10-12-2006, 06:45 PM
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Registered
Join Date: Jun 2005
Location: Hamburg & Vancouver
Posts: 7,693
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#3 .....if he has any sense.
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_____________________ These are my principles. If you don't like them, I have others.—Groucho Marx |
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10-12-2006, 07:16 PM
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Free minder
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A mid70s 911 RSR should be a good investment.
Aurel
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1978 SC Targa, DC15 cams, 9.3:1 cr, backdated heat, sport exhaust https://1978sctarga.car.blog/ 2014 Cayenne platinum edition 2008 Benz C300 (wife’s) 2010 Honda Civic LX (daughter’s) |
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10-12-2006, 07:27 PM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,506
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Quote:
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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10-12-2006, 10:18 PM
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Unregistered
Join Date: Aug 2000
Location: a wretched hive of scum and villainy
Posts: 55,652
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Pay off the student load.
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10-13-2006, 07:19 AM
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Monkey+Football
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Treat it like found money, pretend it never materialized and invest it somewhere for retirement.
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<Insert witty comment> 85 Targa Wong Chip Fabspeed M&K Bilsteins and a bunch of other stuff. |
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10-13-2006, 07:33 AM
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Registered
Join Date: Oct 2005
Location: houston, tx
Posts: 7,261
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2 women at a time
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the unexamined life is not worth living, unless you are reading posts by goofballs-Socrates 88 coupe |
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10-13-2006, 08:09 AM
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Registered
Join Date: Feb 2004
Location: Ridgefield CT
Posts: 1,290
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Quote:
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'08 RX350 (Hers) '84 911 Carrera '83 911SC Cabrio '06 Miata |
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10-13-2006, 09:26 AM
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Join Date: Dec 2005
Posts: 1,284
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Buy the rental property, use income to pay off student loan and get more tax deductions.
better yet, buy distressed property and flip it...take extra income and do it again and again and again....then buy 997GT3 DISCLAIMER: Flipping properties does require some work!
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Have you ever felt suffocated while watching the Oxygen Channel? People with excuses fail. As soon as I OK my actions with an excuse, I cease bettering myself. 88 Carrera |
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10-13-2006, 09:52 AM
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Dog-faced pony soldier
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Get rid of the debt first. Then he'll be able to purchase investment property at a far better rate and increase his margin of return.
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A car, a 911, a motorbike and a few surfboards Black Cars Matter |
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10-13-2006, 10:22 AM
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1979 Porsche 911SC 3.0
1983 Porsche 944 2.5L
