What would you do with $20,000?

[platedlizard]

This isn't a 'what would you do if you won the lottery' type question. I actually deposited the money in my account this morning. Twenty Thousand US Dollars. Part of my share of Grandma's estate. There's going to be a similar check at the end of this year, and a couple more Big Checks next year as well. More money then I have ever had. I would prefer to have my grandma, of course, but the money is suuure nice.

I have no fucking clue what to do with it.

I'm going to pay off my credit card, of course, but unlike a lot of people my credit card bill isn't spiraling out of control (at least, not anymore). I'm going to move out to a nice appartment that allows pets (a necessity, I have nine birds, a hamster, two lizards, a 55 gallon planted freshwater fishtank, with an iquana possibly on the way. Also, I want a dog). I want a new wardrobe and computer, iPod, etc, but all of that won't cost me more then five or six thousand, and that's if I go all out. I have a fairly good car that's paid off. I just bought a nice cage for the cockatiels.

That's all, though.

One option is go back to school. Or get certified as a dog trainer with a nationally recognized program (which costs a couple thousand dollars). I kinda want to go to Moorpark Animal Training College but the housing prices there are incredible (seriously, $700/month for a studio!) and I think I would blow through even that amount of cash there pretty quick.

Any ideas?

Comments

[misora.livejournal.com]

Contact a financial advisor in your area for investment. Not necessarily in the stock market (which is sometimes still depressed, but for now isn't really doing much); instead try some conservative bonds or moneymarket accounts...whatever will garner you the most interest on your money. It's not like a retirement fund; your money will be available to you whenever you need it. Take out only what you'd need to get the things you want for right now (clothes, ipod, some cash for apartment, school program), and invest the rest.

You could attend the animal training college if you were working to supplement the cash you already have. Plus, you could always get a roommate to cheapen your rent significantly (although I don't know very many people who'd want to live with that many animals, but you never know! You might luck out and find someone who's cool with it).

[platedlizard.livejournal.com]

Yeah, I'm definitely going to get a financal advisor since they would be able to help me with this. I don't want to be like most lottery winners and be broke in a few years because I spent it all.

According to the college's own website people in the program don't really have enough time to work outside. Students have to care for the animals am and pm, work at the zoo (for free, mind you) on the weekends, plus attend courses. I've talked to people who have gone there, and they said that while it's worth it, it's also very gruelling. If I go I might take the animal science course first for the first year as that isn't as intessive and would let me become a resedent. The good news is that there are several PetSmarts in the area, and I would not have a problem transfering. I don't think I would a Pet Trainer over there, though. Any job would be strictly part-time.

[zurizip.livejournal.com]

School is always good. That way you can support yourself after said money...evenutally runs out. Or just be happier at your job. Theoretically anyway.
My dad once put 200$ in a savings account then left it for ever and ever (26 years) - it's now 7,000$. Dad suggests putting some into a retierment account. 'She'll be set' - quote.
Maybe a good, hybid car?

[platedlizard.livejournal.com]

The car I have it pretty good, so I don't want to trade it in. At least part of it is going into a retirement account definitely. With my genes I WILL live to be at least 80, probably longer. I think I'll get my certification at a dog trainer, I'm 'PetSmart certified', but that doesn't mean anything outside of PetSmart. Then maybe I'll go back to college. I quite because I wasn't taking it seriously enough and wasting money going.

[mscongeniality.livejournal.com]

Set aside the amount that you will need to pay in income taxes next year now so that you're not hit with a huge shock when the time comes.

Beyond that, definitely listen to misora_no_miko on the advisor front.

[platedlizard.livejournal.com]

Good point.Grandpa, the Trustee, is having an accountant working on taxes. Most of this is going to be stuck in my savings account, certianly, and I think I will open another one for long-term savings. The teller at the bank sugested that when I get the second check I should upgrade my account so I can get better interst rates.

[oyster-district.livejournal.com]

Depending on what your new financial advisor says, I would consider going condo, instead of apartment. Apartments are not investments; the rent just goes into the ether. With a condo, you can re-sell and make back some of that money. However, you'd be entering into a mortgage situation, and if you're not ready, that can be a big burden. And Misora's right. You should definitely invest.

[platedlizard.livejournal.com]

I hadn't considered a condo. There aren't many in my immediate area, mostly appartments or houses. There's always Portland, though, or maybe I haven't been looking. Thanks!

[oyster-district.livejournal.com]

Again, ask your financial advisor about it (because I've certainly never had 20K to play with) but I do know that real estate is one of the more sound investments. Getting a good mortgage can depend a lot on your credit rating and so on, and it does mean getting locked into a certain residential area for a while. With your pets, maybe a house would be a good idea for you. (The house v. condo debate continues to rage, in some circles.) I would look into real estate properties nearby wherever you would like to spend more time--if it's near a school programme or whatever. Keep in mind that you may be moving out in the next four years, so buying a "fixer-upper" probably isn't a good idea unless you have the time and money to put in the work. You can also try to move into a building which allows people to buy their apartments after a time, or a co-op. I just think that with this kind of money, you could put a nice down payment on a property, and really establish some good credit and home equity for yourself. The investment will last longer than a car, boat, electronic device, or what have you. However, I still concur with Misora that you should put together an investment portfolio, or at the very least a high-yield savings account. This is the chance to make your "rainy day" stash, so go for it.