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Old 5th November 2019, 09:23 AM   #1
wasapi
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Inheriting a small amount of money. Best approach?

In a few days I am to receive $10,000 from my friend who passed a few months ago. It is tempting to just blow it on things I want, and it would be gone soon enough.

It seems too small to invest in anything profit bearing, and will only receive a small interest if put in a savings account.

Any advise on what to do so the money isn't squandered or stuck in limbo at the bank? Thanks
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Old 5th November 2019, 09:45 AM   #2
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It's not too small to invest. Open a Vanguard account, invest it in an index fund, and leave it alone to grow.
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Old 5th November 2019, 09:46 AM   #3
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Originally Posted by wasapi View Post
Any advise on what to do so the money isn't squandered or stuck in limbo at the bank? Thanks
Give it to me. I promise to make good use of it.
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Old 5th November 2019, 09:59 AM   #4
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Invest half in a Vanguard fund. Take the other half to the nearest casino and run a Martingale strategy until you either double it or lose it all.
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Old 5th November 2019, 10:07 AM   #5
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Originally Posted by theprestige View Post
Invest half in a Vanguard fund. Take the other half to the nearest casino and run a Martingale strategy until you either double it or lose it all.
Poker is one of my favorite things in the world, and I am good. My Uncle was a professional Poker player who supported a family of 6 quite well. And, with Reno and Vegas not that far away, it has crossed my mind and it has been fun to think about.
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Old 5th November 2019, 10:45 AM   #6
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Originally Posted by wasapi View Post
Poker is one of my favorite things in the world, and I am good. My Uncle was a professional Poker player who supported a family of 6 quite well. And, with Reno and Vegas not that far away, it has crossed my mind and it has been fun to think about.
Don't do it! You'll waste all of my money!
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Old 5th November 2019, 10:54 AM   #7
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Nvm
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Old 5th November 2019, 10:56 AM   #8
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Originally Posted by wasapi View Post
Poker is one of my favorite things in the world, and I am good. My Uncle was a professional Poker player who supported a family of 6 quite well. And, with Reno and Vegas not that far away, it has crossed my mind and it has been fun to think about.
No! Bad! Money isn't meant to be fun! Invest!

It frequently surprises people that someone with as frivolous personality as mine is so unrelentingly sensible about money. It's because I'm unrelentingly sensible about money that I'm free to be frivolous.
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Old 5th November 2019, 11:03 AM   #9
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Buy a congressman
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Old 5th November 2019, 11:13 AM   #10
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My remaining grandparents died off in the last couple of years, leaving money to my mother. She in turn gifted some of it to me and my sister. My sister spent hers on practical items she needed, and perhaps a few well-deserved luxuries. Having no immediate needs that weren't already being met I invested my share. Now I have that money plus the money it made. It's like magic! I literally do nothing and it just accumulates. Yeah, $10k in free money is nice. You know what's even nicer? $12k. $15k. $20k. $30k. Let it grow! Trade a bird in the hand now for a flock of gold plated birds and a handsome poolboy in the future! Oh, look! The birds ripped his Speedo right off! He needs to be comforted by somebody with lots of money. God, I love finance! So practical.
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Old 5th November 2019, 11:15 AM   #11
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Blow it on some things you want, and don't feel guilty about it. Your friend would probably like that.

(Depends on your current financial situation, though.)
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Old 5th November 2019, 11:19 AM   #12
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Any debts you need to pay off? Car loan, for example? That should be the first thing.

Then take a little vacation and invest the rest.
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Old 5th November 2019, 11:20 AM   #13
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Check with your tax person about the tax implications first. Was the money in an IRA of some sort? If so, you may be able to roll it over to an inheritance IRA. Not much fun but I'm with Tragic Monkey on this one.
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Old 5th November 2019, 11:25 AM   #14
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I'd invest it in quarters. As long as people need to do laundry, quarters will be valuable, which favors a quarter-heavy portfolio. I think quarters could be worth as much thirty cents by this time next year.

Maybe short pennies. Those things are worthless, but people will give you $0.01 for them.
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Old 5th November 2019, 01:07 PM   #15
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I've watched some videos by a guy who would DEFINITELY invest in quarters. And pennies, nickels, dimes, and half-dollars. He buys large boxes of coin rolls from banks and sorts through them for those with more than face value. He gets excited finding wheat pennies.
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Old 5th November 2019, 01:59 PM   #16
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Originally Posted by The Great Zaganza View Post
Buy a congressman
Not enough! But one could buy a school board member instead.
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Old 5th November 2019, 02:18 PM   #17
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Originally Posted by Trebuchet View Post
Any debts you need to pay off? Car loan, for example? That should be the first thing.

Then take a little vacation and invest the rest.
No. My house is paid for. I need to have about $2,000 for dental work. I don't have a car, and have considered using some of the money for a used one. Everything here is mostly within walking distant, and I have been lucky being able to often borrow a neighbors car, and contribute some money towards her insurance. But freedom would be nice.

I do think checking with Vanguard is probably the wisest choice. I am so tempted to buy some new clothes, have some deep tissue messages, get my hair done, buy a bunch of new books, - something. Yet I am realizing more and more how difficult it is to be so cavalier about my finances. I am aware my income is in the poverty level. $900 a month (though no mortgage), and have lived on that for years.

So, I question myself. Could it be possible I am acting like a responsible adult? It hasn't happened much in the past.
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Old 5th November 2019, 03:11 PM   #18
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Invest it in a kickstarter, as per this instructional video. (NSFW language)
https://youtu.be/ZPXOvNKdvUw

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Old 5th November 2019, 05:11 PM   #19
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Whatever will allow you to look back in a year and not want to kick yourself.
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Old 5th November 2019, 07:40 PM   #20
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Originally Posted by alfaniner View Post
Blow it on some things you want, and don't feel guilty about it. Your friend would probably like that.

(Depends on your current financial situation, though.)
This^

And given you are retired, there is not a big reason to invest it except in short term investments and those don't have great rates right now.
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Old 5th November 2019, 07:42 PM   #21
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Originally Posted by wasapi View Post
No. My house is paid for. I need to have about $2,000 for dental work. I don't have a car, and have considered using some of the money for a used one. Everything here is mostly within walking distant, and I have been lucky being able to often borrow a neighbors car, and contribute some money towards her insurance. But freedom would be nice.

I do think checking with Vanguard is probably the wisest choice. I am so tempted to buy some new clothes, have some deep tissue messages, get my hair done, buy a bunch of new books, - something. Yet I am realizing more and more how difficult it is to be so cavalier about my finances. I am aware my income is in the poverty level. $900 a month (though no mortgage), and have lived on that for years.

So, I question myself. Could it be possible I am acting like a responsible adult? It hasn't happened much in the past.
When are you going to cash that Vanguard account in? That makes a huge difference in your planning.
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Old 5th November 2019, 07:44 PM   #22
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Originally Posted by mumblethrax View Post
I'd invest it in quarters. As long as people need to do laundry, quarters will be valuable, which favors a quarter-heavy portfolio. I think quarters could be worth as much thirty cents by this time next year.

Maybe short pennies. Those things are worthless, but people will give you $0.01 for them.


If you buy old pennies they have more copper in them than they are worth. Instant profit.
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Old 5th November 2019, 07:45 PM   #23
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Originally Posted by RoboTimbo View Post
Check with your tax person about the tax implications first. Was the money in an IRA of some sort? If so, you may be able to roll it over to an inheritance IRA. Not much fun but I'm with Tragic Monkey on this one.
I'd be surprised it you can roll over anyone else's IRA. Maybe a spouse could???

But an inheritance is already a tax free income.
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Old 5th November 2019, 07:51 PM   #24
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Originally Posted by Skeptic Ginger View Post


If you buy old pennies they have more copper in them than they are worth. Instant profit.
Actually, it is illegal for a US resident to melt US coinage and sell the result for the value of its metal. See: https://www.thebalance.com/the-coppe...ne-cent-809218

I, as a Canadian, can't legally melt Canadian coins. However, I do have a bag or two that I can switch with you.
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Old 5th November 2019, 08:11 PM   #25
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Originally Posted by wasapi View Post
In a few days I am to receive $10,000 from my friend who passed a few months ago. It is tempting to just blow it on things I want, and it would be gone soon enough.

It seems too small to invest in anything profit bearing, and will only receive a small interest if put in a savings account.

Any advise on what to do so the money isn't squandered or stuck in limbo at the bank? Thanks
I recommend spending a small amount at a squirrely massage parlor.
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Old 6th November 2019, 05:45 AM   #26
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Originally Posted by Skeptic Ginger View Post
I'd be surprised it you can roll over anyone else's IRA. Maybe a spouse could???
What did you find when you googled the term before you posted?

Quote:
But an inheritance is already a tax free income.
Which is why I didn't mention inheritance tax. Do you know what tax she could be subject to?

wasapi, was the source of the money from a qualified retirement plan?
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Old 6th November 2019, 05:48 AM   #27
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Anyway, to be serious: depends on your age. If you're nowhere near retirement, investing that money can make some solid returns over a couple of decades.
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Old 6th November 2019, 11:02 AM   #28
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Originally Posted by Skeptic Ginger View Post
When are you going to cash that Vanguard account in? That makes a huge difference in your planning.
I guess. I had to throw $10,000 into a Vanguard account for tax reasons in August. It is separate from my other investments so it is easy to look up. It has gained $600 in value over that short amount of time. Not a big deal to me, but may be a big deal to someone living on $900/month.

*Results not typical, your result may vary, there is a risk that you could lose your investment, I'm not very good at typing boilerplate and don't want to take the time to do a decent copy pasta job.
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Old 6th November 2019, 11:15 AM   #29
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Originally Posted by Senex View Post
I recommend spending a small amount at a squirrely massage parlor.
Is that a place where one gives squirrels massages or one where one is massaged by squirrels?
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Old 6th November 2019, 01:12 PM   #30
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Old 6th November 2019, 01:17 PM   #31
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If you can make money playing poker, and you like playing poker, you should probably do that. It's not everyone who can make a profit at a hobby they enjoy.

This strategy has another advantage as well: It keeps your cash liquid, out of savings "jail", where you can get to it quickly when you need it. But unlike most liquidity plays, it also puts your cash to work for you.

Me? I suck at poker. My buddy is good at poker, but not good enough to quit his day job.
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Old 6th November 2019, 01:33 PM   #32
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Originally Posted by The Great Zaganza View Post
Buy a congressman
I don't think $10,000 is enough for even a down payment on a congressman.
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Old 6th November 2019, 01:41 PM   #33
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Originally Posted by Skeptic Ginger View Post
I'd be surprised it you can roll over anyone else's IRA. Maybe a spouse could???

But an inheritance is already a tax free income.
There are 6 states that tax inheritances. Specifically, Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.

But a rollover? Yeah, not a thing.

I'd open a Roth IRA and toss it in there on an indexed fund. Since it doesn't sound like he needs the deductions off his income, and it's easier to deal with later.
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Old 6th November 2019, 01:44 PM   #34
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Originally Posted by theprestige View Post
If you can make money playing poker, and you like playing poker, you should probably do that. It's not everyone who can make a profit at a hobby they enjoy.

This strategy has another advantage as well: It keeps your cash liquid, out of savings "jail", where you can get to it quickly when you need it. But unlike most liquidity plays, it also puts your cash to work for you.

Me? I suck at poker. My buddy is good at poker, but not good enough to quit his day job.
My observation is that playing poker as a means of supporting oneself is a grind that may be more disheartening than having to worry about cover sheets on your TPS reports.
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Old 6th November 2019, 01:58 PM   #35
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Originally Posted by Dr. Keith View Post
My observation is that playing poker as a means of supporting oneself is a grind that may be more disheartening than having to worry about cover sheets on your TPS reports.
It's my buddy's lifelong dream to make a living playing poker. I have another buddy whose dream was to be an actor. All three of us have lucrative careers in IT.
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Old 6th November 2019, 02:11 PM   #36
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Originally Posted by Leftus View Post
There are 6 states that tax inheritances. Specifically, Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.
Yes, but I know in New Jersey at least it is handled at the estate level. That is to say, the estate might owe a tax based on the size of the estate, but after the inheritance tax is paid by the estate, the money flows to the heirs tax-free.
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Old 6th November 2019, 02:37 PM   #37
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Originally Posted by Leftus View Post
But a rollover? Yeah, not a thing.
https://www.schwab.com/ira/inherited...thdrawal-rules

Doesn't look like you bothered to google the term either.
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Old 6th November 2019, 03:43 PM   #38
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Originally Posted by theprestige View Post
It's my buddy's lifelong dream to make a living playing poker. I have another buddy whose dream was to be an actor. All three of us have lucrative careers in IT.
I'm sure he knows far more about the game than I ever will, but every time I've met someone who was a professional poker player or former professional they talk about the grind of it. You have to play 12+ hours a day with the ability to turn your focus on and off like a light switch.

Turning a hobby into a living can often do less for one's earnings than it damages one's hobby.
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Old 6th November 2019, 05:54 PM   #39
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Originally Posted by Dr. Keith View Post
I'm sure he knows far more about the game than I ever will, but every time I've met someone who was a professional poker player or former professional they talk about the grind of it. You have to play 12+ hours a day with the ability to turn your focus on and off like a light switch.

Turning a hobby into a living can often do less for one's earnings than it damages one's hobby.
It is very hard to make much money at poker unless you have four things going for you:

1. You are young.
2. You have excellent math skills.
3. You are good are reading people's emotions even when they are trying to hide them (and similarly good at concealing your own emotions).
4. You have an excellent and disciplined memory.

I was able to get by for awhile on #2 and I am okay at #3, but I'm not young and am not getting any younger. The memory is good but I've never been disciplined enough to memorize the opponents' hand ranges.

And the variance can be devastating. Most players cannot make a regular income playing tournament poker because the time in between big cashes can be quite long. A lot of the more famous names in poker have declared bankruptcy--a few years after their big win.

Cash games offer a more reliable income source, but even here it's not easy. Pro players struggle to win more than about 55% of their sessions. The problem here is that the rake is inexorable.

I make money playing poker, but most of the money I make that way is from running bar poker tournaments.
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Old 6th November 2019, 06:39 PM   #40
Orphia Nay
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Will you have enough income to be able to retire or keep your lifestyle if you are already retired?

Work back from there to see what you need to start using your money on now.
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