Rambling thoughts,Futures,Invest --- etc

[MattyBwrx]

Hi there as I turn older I cant help but think of my future im only 20 soon to be 21. I just got my associates of applied science in information technology. Im done with school im not motivated enough to really want to go back. My father died when I was young leaving behind a trust fund for me about 208K for when I turn 25. I have a stable job looking to buy a house in a year and planing to not touch any of that money at all. So my question to you is how do I turn that 208k into more money (500k would be nice lol) invest, save, or buy a ferrari j/k. Just need some input from you older guys. I know I dont post much but lately this issues has been really bothering me.

 

[WildCowboy]

Turning $200k into $500k isn't all that hard. It's doing it quickly that's the trick. And the faster you want to do it, the riskier the investments you have to make.

Saving for retirement is a good idea, particularly if you have an employer-matching program. Sock as much as you can away for retirement. Mutual funds are usually a good way to go if you want to get into stocks, particularly index funds. They have low fees and track the major indices. They won't double overnight, but if the stock market as a whole is doing well, you'll do well.

 

[Sun Baked]

Personally, I'd use the money to pay off a house -- and throw away any and all "tap your equity" or "flipping for fun and profit" advertisements.

All depends on where you live, but zero mortgage payments will either improve your lifestyle. Or give you more money to play with on riskier investments.

Losing a month or two worth of paychecks is vastly better than losing a significant portion of the trust fund.

 

[SamIchi]

I'm not old (although older than you) and not all that experienced, but I think after investing most of that money, you should find a passion in life. Money doesn't mean much if your career isn't satisfying.