[xmjm924x]

I'm 18. I have a $150k inheritance sitting in the bank (50 in a CD, 50 in money market, 50 in a checking). I'm most likely moving to Vegas. I have the opportunity of a lifetime and I don't want to blow it. So what should I do with the money? I will be needing to support 2-3 adults (including myself). I have only a high-school diploma and a couple completed college courses. My father gets 800/mo from Social Security. My 26 year-old brother has basically the same amount of education that I have.

So here's a couple possible (or not) choices I have some up with so far to be able to merely eek out an existence and get by.

Choice 1- I buy two $70k houses and rent one out for 800/mo (living in the other one). That would be a total of $1,600/mo (with my Dad's Social Security) to support 2-3 adults. Probably not gonna due. Might not even be able to find a tenant in the first place.

Choice 2- I attempt to find a good deal on a home that I can outright buy and try to flip for a profit. This probably wouldn't work considering the situation in Vegas (at least from what I've read).

Choice 3- I engage in a nice safe (not) high-stakes bet around superbowl time. If I win, I live the good life until the next superbowl comes around. If I loose, well...I guess I just mosey my poor ass right off the top of the Stratosphere along with the rest of my family.

I really don't know what to do. I Need massive help. What would you do if you were me? Choice 3 was supposed to be humorous btw. sickly humorous.

[aqualung8705]

Why do you want to move to Vegas? Do you have family here? Are you or your brother going to be attending UNLV, CSN, or any of the private colleges here? If your answer is "because it'd be cool", don't. Yes, taking care of family can mature you, but at 18 (or even twice that) this place will chew you up and spit you out. Give it a few years. Get a job, rent either a house or apartment where you are, and let that investment money grow. Sure, there are some great buys to be had right now, but there's no investment as great as maturity.

Don't rush things. Vegas will still be here in a few years, despite what the D&G's say. In any case, best of luck in what ever course you decide to pursue.

[Kaiminani]

If I were you I would stay wherever you are. Put your money in the bank in CDs with staggered maturity dates so you maximize interest but always have some cash getting free'd back up every 3 or 6 months. Invest in yourself and go to community college for what remains of your first two years, then transfer to a state university for the remaining courses to complete a four year degree.

Make sure you study something useful - don't major in art history or psychology (but it is important to take a handful of courses in stuff like that because it helps to give you a better perspective on life). By going to CC and then state you can get a degree that is just as good as 95% of the other degrees out there for much less money. Consider sending your brother to school too. By the time you guys graduate, the economy will be back on its feet.

According to the most recent census, people with a high school degree earn roughly $1.2million over their lifetime. Those with a 4 year degree earn nearly twice that at $2.1million. So you can see how investing roughly $30K for tuition, books and living expenses to gain $900K is one of the best investments you can make.

Also, open a Roth IRA and max it out each year - worst case you need that cash for an emergency you can withdraw it at any time without penalty. Here's some info on Roth IRAs - note it is wikipedia so don't trust it 100%, make sure to verify any points you find important: Roth IRA - Wikipedia, the free encyclopedia

[jjameson922]

My advice to you would be to stay wherever you are. Moving to LV with $150,000 could chew you up in no time. At this point in your life, the $150K is all you have for a lifetime plus for some reason you have two dependents to support. Are your Dad and brother totally unable to support themselves or contribute anything? As things look in your life at the moment, you have a lifetime stretching before you and only one thing you can count on; $150,000. I would continue living as you are and use that money to invest in yourself. If you are not interested in going to school to get a 4 yr. degree, invest in a 2 year program in something medical. Medically related jobs are always available, should always be available, and will provide for you nicely the rest of your life. Otherwise, you will spend a lifetime hoping to find menial work and never do any better than the nest egg you currently have. Ten years from now, with an education under your belt and a career, you can strike out for LV and have many, many choices.

[horseplayer]

1. Don't tell anyone how much you have in the bank.

[007 license to sell]

Originally Posted by xmjm924x

I'm 18. I have a $150k inheritance sitting in the bank (50 in a CD, 50 in money market, 50 in a checking). I'm most likely moving to Vegas. I have the opportunity of a lifetime and I don't want to blow it. So what should I do with the money? I will be needing to support 2-3 adults (including myself). I have only a high-school diploma and a couple completed college courses. My father gets 800/mo from Social Security. My 26 year-old brother has basically the same amount of education that I have.

So here's a couple possible (or not) choices I have some up with so far to be able to merely eek out an existence and get by.

Choice 1- I buy two $70k houses and rent one out for 800/mo (living in the other one). That would be a total of $1,600/mo (with my Dad's Social Security) to support 2-3 adults. Probably not gonna due. Might not even be able to find a tenant in the first place.

Choice 2- I attempt to find a good deal on a home that I can outright buy and try to flip for a profit. This probably wouldn't work considering the situation in Vegas (at least from what I've read).

Choice 3- I engage in a nice safe (not) high-stakes bet around superbowl time. If I win, I live the good life until the next superbowl comes around. If I loose, well...I guess I just mosey my poor ass right off the top of the Stratosphere along with the rest of my family.

I really don't know what to do. I Need massive help. What would you do if you were me? Choice 3 was supposed to be humorous btw. sickly humorous.

I live in Las Vegas and it's a great place to live,however with the economy the way it is, you should hang on to your money. It sounds like you should find a sound financial advisor to help you place your money in a safe a place as you can. Right now Vegas has an unemployment rate of 10.5% and housing is at 1998 pricing levels. There is allot of great buys on homes but $150,000 isn't allot of money it may seem like it to you but it can go fast.

If you were to purchase two homes rent one you will have to have money in reserves to maintain both homes, plus you will have to have home insurance on both homes and the rental you need a different kind of home insurance. You should by a home warranty so if any thing breaks at either of the homes like appliances, water heaters, furnaces ect it will only be a deductable.

Also if you purchase a rental you will have to make sure you can rent it in the community that you have it in you will need to ck with the HOA yes there is HOA's (Home owners association )in most of Vegas and that's a monthly fee and depending where you live depends on the price.

If you rent you should keep the utilities in your name in Nevada if the utilities aren't paid the utility company can put a lein on your home.
If the HOA's aren't paid the HOA can put a lien on your home and even foreclose on it. YOU need to really think this over that kind of money will go fast. Good luck,

[skisickie]

you could bet it all on red or the lucky # you have
you would live better with $300,000



here is some serious advice, go to school. Education is what makes you successful and evens the playing field.