Best way to spend money
By coolsid2007
@coolsid2007 (1030)
India
3 responses
@Stringbean (1273)
• United States
14 Feb 07
If I didn't have bills to pay and this money was truly extra money, I would pay down payments of about $20,000 each on 5 different houses.
Then, I would rent the houses out and let them continue to pay for themselves with the rent money. I would learn everything I could about how to be an effective landlord.
Then I would continue at my regular job until I was old enough to retire. By then, some of my 5 houses would be paid for and I would be earning extra income from them each month, in addition to social security and be able to taking care of myself very well for the rest of my life.
2 people like this
@coolsid2007 (1030)
• India
15 Feb 07
I am not sure if that is the best thing to do... i mean i wouldnt risk my entire funds entirely in one sector ... wht if the interest rates get hiked or even if a rent earned is not regular enough or the amount is not good enough... there are many things involved in it ... believe me i work in a mortgage company and people should think twice before having multiple mortgages/loans on multiple houses that they own
@coolsid2007 (1030)
• India
15 Feb 07
thats a great view or a way according to manage finances you enjoy with what you are been given, you invest it for future security and also at the same time you make it grow...
i would actually invest around $10,000-15,000 in stock market NYSE, and keep circulating the money that i get from there and invest $30000-35000 in a bank, and buy a brand new car for $15,000-$20,000 and remaining amount i.e, $25,000-30,000 i would use to change some furnitures and keep some cash on hand just to have some liquidity of cash on hand
