My grandparents recently passed away and left $25,000 (Canadian) to each of their five granddaughters. I don t get it until I m 19 (this upcoming December) but I d like to have a plan of what to do with at least some of it. I m only 18 so I don t have any credit card debt, etc. I haven t started uni yet, but I m
My grandparents recently passed away and left $25,000 (Canadian) to each of their five granddaughters. I don t get it until I m 19 (this upcoming December) but I d like to have a plan of what to do with at least some of it. I m only 18 so I don t have any credit card debt, etc. I haven t started uni yet, but I m very fortunate (and grateful) and that will be paid for by the remaining money my grandparents left to my dad and his two brothers.
I d like to take my mum on a trip to Mexico or Cuba for sure so that s around $3000.
I was thinking of buying a nicer car, (I currently have a 1993 Mazda 323 which I love), but then my insurance would go up and I don t want that haha.
I was thinking of investing some of it, but I have no idea how much I should.
I m not going to spend it all, I d like to keep $15,000-20,000 in savings for the future.
Any ideas? Nothing too crazy since I m still young.
Erin: Go on that trip to Mexico and hold the rest. Do NOT buy a car or any disposable junk. In a decade you will thank yourself.
This is not the best time to be investing though. Many think the markets will crash soon. Keep it in cash until things become a little clearer. Buy a CD from your bank if you can find a decent rate. A financial advisor is a good idea.
If you do spend it, invest in yourself: either travel and/or go to school. No amount of money when you are old can pay for great life experiences and knowledge.
How about maintaining the status quo. You already have everything running sweetly – that $25k needn't change things (well… other than the fact that you suddenly have money in the bank). If you take a step back, you'll see that it's not a lot of money (but it is a lot of money to you), so you have to be careful that you don't just fritter it away. If you're considering investing, go see an Independent Financial Advisor (IFA). With luck, you might find that family or friends have found someone they trust and who can guide you in planning where you can deposit your money to make it grow (hopefully).
IFAs charge a small percentage, but you have to balance spending a small amount against potentially losing your entire legacy by investing in something you were told about by somebody down the pub. DO SOME RESEARCH INTO THE BEST IFA IN YOUR OWN LOCAL AREA.
(This is just my tuppence worth of advice)
IF your going to invest it, I'd only use a few thousand at first. You dont wanna invest 10k on FB for example and have it shoot down. Do your research first beofre investing, hey maybe even get a broker.
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When you get the money, the bank will offer you a card, (probably with a limit)
if i where you i wouldn't waste it on **** like other teenagers, i would save it in a savings account or something for when i REALLY need it
Put it into the bank until you really, really want something or need something.
I could use $5,000 of that money.