Grace

Playing it safe would — to me — suggest sinking it into the highest return savings account you can find and sit on it.

Playing it less safe? Biotech stocks. Sciencewise, there’s a lot of stuff going on in terms of organ cloning, implants, etc. Find a good investment fund and pick out as much biotech as you can. Nothing’s a sure bet, but that’s where I’d put money if I was looking to invest.

Of course, *I* don’t have your trust fund to decide about, either.

Holly Hoffman

Don’t touch it! At least until you’re 30, or you learn to become honest-to-god responsible with your money. Use it to buy a house out right, or save it for your own family’s use one day.

Chris

Buy an index fund and leave it for 30 years. Profit.

Alan

My vote is pay off all of your debt (if you have any), and then put the rest away for a house.

If you ever want a house, you’ve got a great start in saving up for it. You pay almost double for a house over the full life of a mortgage, and you pay significantly more interest than principle early on. You’re in a great position because you don’t have to pay for access to money, you can just pay cash for the house. Then you’ll free up something like 25% or more of your income to live really comfortably and start building a great amount of wealth.

Pierre

Invest wisely.
Regarding Grace’s advice; 9/10 drugs fail when they enter phase 1 or 2 clinical trials, so invest a smallish bit (10%?) in that sector. (That’s where I work).
Regarding Aaron and Alan’s advice; Exactly. Find a way to shuffle as much money/earnings into long-term yet stable investments.
I am 30, just started a 150k salary and am investing max for my 8 and 5 year old. Methinks they will be thankful as I enter the rest home.

Rick

The people who say “don’t touch it” are absolutely correct, but to a twentysomething with no real financial experience, the money can be a HUGE lure to do something stupid, so what’s really needed is a compromise. If you invest it all in a low-risk bond fund that pays interest on a monthly basis, you get money to spend while you figure out how to deal emotionally with the fact that you’re richer than you ever thought you would be at this age.

Dave

I say pay off debt (credit cards) and then put the rest somewhere where it is hard to access. I know CD’s aren’t the best earning solution, but it has helped me to have the money be difficult to access on a daily level. If its in a savings account it is too easy to withdraw when I “need” some quick cash.

Andrew Kasper

The solution is pretty obvious — pay off debts and invest in an index fund. Never touch it except for an emergency. I get the feeling she isn’t asking for the “right” thing to do with the money so much as a plan that she can live with.

Unless there’s some regular reward, I think simple “don’t touch it” plans will fail for her. My recommendation would be to pay off all debts, then invest everything in a dividend-paying stock like Coca-Cola (NYSE:KO). Every quarter, she’ll get a check in the mail that she can spend on whatever she wants. That check says, “This is your reward for not touching that money yet.” Meanwhile, the shares will continue to grow, and when she’s ready to have a kid/ buy a house/ send a kid to college/ provide long term care for her parents/ retire, she’ll have a nice nest egg that she can tap into.

Matt

I think the best plan is to pretend like you don’t have it. Even though you’ve got this safety net, you should still SAVE for your first house or car. This sum of money has given you a substantial head start on your savings, but looking at the long run, it’s not huge enough to be a bottomless guarantee of wealth, either.

Specifically, I would recommend: pay off any outstanding non-0% debt, put $10,000 in an emergency fund, put as much money as you can in a Roth IRA this year, and put the rest in a low-cost index fund — or put it in a savings account and feed it into an IRA over a period of several years.

And thank your aunt and uncle, for God’s sake.

Tyler

1. Pay off all debts
2. Travel overseas (if you’ve never been and are into that sort of thing. Life experiences are worth every penny and this is the perfect time.)
3. See a financial planner about investing/saving the money. Diversify into funds, bonds, cash, etc.
4. Act like you don’t have it. Eventually use it as down payment on a house, wedding, etc.
5. If you /need/ a car (since you’ll be starting out in the “real world”) use some for that, but be MODEST. This is not an opportunity to blow $30k on something stupid. Fulfill your needs and be done.

Tyler

I like how nobody said “sit down and figure out what your short, medium, and long-term goals are” before shotgunning a bunch of suggestions out there.

Dan

$140k isn’t as much as it used to be. £70k can last you frighteningly shortly in todays world, but it’s a good basis to sink into a solid investment.

Johnny Storm

@Tyler and @Ramit Sethi

3rd post, Jennifer, stated that she should sit down and go over her goals.

1st post, myself, stated that she should sit down with a financial planner and figure out what she wants to do with it.

Reading, it’s fundamental . . .
However, it seems comprehension, isn’t.

Rob

From personal experience: Pretend it doesn’t exist and talk to a financial advisor about how to invest it. I ended up letting my advisor figure out what to do with it and he’s done a phenomenal job at consistently outperforming the market so that I’m making significant gains even after capital gains tax and his commission. By not dipping into it, I learned to live on the cheap, save money, and handle credit cards–skills which all came in handy when I used half of my fund as a down payment on a house.

Moneymonk

Pretend that you don’t have it! don’t touch it until you become educated about money

Eliseo Perez

140K broken down….

Open an ING account, 1.75% Checking 3.0% Savings,
25K in Savings, 5K in Checking,

110K left, Pay down debt (given you have National average of 10K in debt, leaves you with

100K, Put This years allowable max of 5k into a ROTH IRA (use Primerica) they’re the best, ask for them to disburse the 5K into 5 different account, 1k a piece Usually Pioneer, or Van Kampen are good starts (aggressive, and Growth)

Then also some real estate Funds (right now they’re no good, but will be in 3-5 years) So you buy MORE shares, but end up getting more once the market bounces back AND IT WILL, it always does.

so this leaves you with 95k

Put 50K into a Hedge Fund Find someone that does Hedge funds, the return is ridiculous about 4-5% depending on the cut your broker will charge you. after that it leaves you with 45k, PUT ALL OF IT, into a CD, from WAMU, or ING Direct, they both are at almost 5% 1 year, and then when your done, with the one year take the profit from it, put it in savings, and then the rest put it back into another year of CD 5%.

also don’t forget to pay yourself, Every new year in the beginning of the new Tax year, put the maximum allowed into a Roth IRA, By the time your retired, or even at 55 years old you will have roughly 2.3 Million dollars in retirement money. PLUS all the money you made off your CD’s in your Savings account, AND the best thing you could do for yourself is, DON’T USE CREDIT CARDS its the worst thing you can do for yourself, but if i had your money this is EXACTLY what i would do with it. Email me at eliseo.perez@gmail.com if you need more details

Ben Casnocha

The “don’t touch it” and invest in index funds advice seems a bit too easy. When you’re young, spending that money in thoughtful ways to accumulate unique experiences (like the commenter who mentioned travel overseas) seems like an excellent investment. Sure, save some, don’t be frivolous, etc. But spending on smart things when young can help propel you on an even faster career track and financial success.

Mike

$140k is not a lot of money for a trust fund. That’s only generates about $6000 of income per year. If I were Christine, I would first change my mentality — she is not a trust fund baby. Then I would just forget the money exists and make my own living. When it’s time to settle down and buy a house, she can think about touching some of the money as a down payment for a house … or even better, just wait until retirement to use it. It will be worth millions by then. She can seriously just live life paycheck to paycheck (after building an emergency fund of course) and not contribute to retirement. That trust fund will generate enough income for her to retire by the time she’s 50 or so.

Average Jane

*sigh* Never in a million years did I think I’d be asked (as non-directly as it is) to *help* a trust fund baby. I get just over $700 (after taxes) for referring a candidate to my company and I am over the moon!

Barbara Saunders

When I saw the phrase “trust fund baby,” I thought millions, enough never to have to work again. It strikes me as significant that this writer used the phrase. $140K is enough to make a very significant – even life-changing – head start but only that: a head start.

My suggestions for consideration (not knowing her!):
1. (Have to get this out of the way) – finance a graduate degree. Many people go this far into debt for a degree that never pays back financially. IF a graduate degree is a dream, using this money to make that happen debt free would be a luxurious, but reasonable, way to “blow” the money.

2. Pay off debt, invest, and take advantage of the fact that you can do something you love that may not pay as much as you would like.

3. I would NOT suggest you use the money to make a plush start to a business that would better be bootstrapped. Too much cash can kill a business. However, it might be a great strategy to pay off debt, invest, and take advantage of that safety cushion to start your business rather than clamoring for a higher-paying job.

4. Do “blow” some of it but do it for memorable experiences. Trip around the world for $10K – great! $14,000 for an extra-fine, big screen TV – nah!

Jordan

Spend every dime!

ekrabs

The first thing I would want to know is its tax and fee implications, as well as its current investment structure. You’ll want to get in touch with your aunt and get your hands on as much detail about the trust as you can. Even if you don’t understand it right now, it’s OK. At least have it handy.

When you can, I’d look through the information and find out exactly what’s involved, cross-referencing it with the IRS website. Here’s a handy link to get you started:

http://www.irs.gov/businesses/small/article/0,,id=98830,00.html

If you still have questions, write it down and set up an appointment with a fee-based financial planner.

I don’t know the condition or reasoning of you or your aunt, but I’m… not entirely sure why this needs to be in a trust. If you’re feeling up to it, I’d move the money out of the trust and manage it on your own to avoid commission fees. It’s not hard. The invest it passively.

I also agree it’s not a lot of money in the grand scheme of things. Best thing you can do is to protect it… from yourself. At least that’s what I’d do. However, a graduate degree isn’t a bad investment if you must spend it.

The good thing is, I don’t think you have to make any sudden moves overnight. I would take it nice and slow, do it right, and all the while, go on living as if the money doesn’t exist.

Amy

I should also mention that I don’t have any debt except a mortgage… if I did, I’d probably throw any money towards that first.

Dave H

This might have been mentioned in the string, and I could be totally wrong, but from the way the e-mail reads it seems as if your aunt and uncle are still living. You didn’t say you received money , yet you recently “learned” of a trust.

You might want to research how they or their trustee have the trust built to transfer ownership.

No need getting worked up over money you can’t touch yet. Furthermore, they might have more contributions in mind. Which may well surpass any short term return in the market!

Plan your work and work your plan.

oakling

There’s a lot of talk here about “learn to save,” “learn how to change your ways with money,” “learn to set something aside,” “learn how to live within your means.” Nice and dandy, but in my experience, DOING something is very different from LEARNING to do it, and we’re not really doing anything different here than her parents did – “I won’t teach you how to get there, I’ll just toss you into the financial pool of adulthood and see if you swim. *calling out to thrashing child* Live within your means! Save some money! Bye!”

That is assuming of course that her parents are even telling her the latter.

The first, second, and third thoughts that came into my head were all the same: have a PRG! Don’t ask us, we don’t know what your situation or goals are, whether you have any debt or savings or any of that. Sit down with two people who have a pretty healthy relationship with money and talk to them. Get their help in making a spending plan that lets you live within your means, but in a healthy, fun, and abundant way. And in figuring out what all your options are with this money and in general.

A PRG, by the way, is a Pressure Relief Group. It’s one of the tools that people use in Debtors Anonymous, which would also not be a bad idea. Or: it was a GREAT idea for me. My parents bailed me out of credit cards too, and didn’t teach me anything about how to manage my money (I think they tried, they just didn’t know how to explain the “how” of any of it), and so I spent money as fast as I got it, faster if I could. I didn’t know how to figure out what to spend on groceries, what to budget for groceries, what to budget for anything.

I could pay my rent on time, but I couldn’t find any motivation to pay my bills on time, which put me in a total spiral as the bills would mount up, and then I’d get threats, and then I’d want to pay them but they would have piled up too high. I was underearning, too, because I didn’t know how much I reasonably needed to live on and I couldn’t imagine anyone wanting to give me more than like $10-$15 an hour. I was an expert at making just exactly enough to get by and creating crises to throw any smaller windfalls at – or, with bigger ones, just burning through them in bits and bobs without really noticing where it was all going. Hell, I inherited $10k one year and it was gone in a summer; some of that was to a deposit on my first apartment, some to live on for most of the summer, some god knows where, none to savings and none kept track of in any way.

Happily, I eventually got into twelve-step programs and found DA… I won’t say I didn’t put off working the steps or using any of the tools of that program for a couple of years, but every little bit I did paid off hugely. Now I have a much healthier relationship with money; I’m in the process of being approved to buy a house; I am paying all my bills on time and it’s actually easy; I’m paying off debts and opening a Roth IRA; and I’m getting wacky little miracles as a result like getting to visit Salt Lake City for free this summer. Oh yeah, and I have a thriving small business that is two months old!

If I were going to recommend a starting place for the 22-year-old who never learned how to manage money, has struggled with credit cards, and just got a windfall, that’d be it. Hell, it’s free. And they have some good questions and examples on their website that people can use to see if it would be helpful to them, like:

* A tendency to live on the edge: Living paycheck to paycheck; taking risks with health and car insurance coverage; writing checks hoping money will appear to cover them.

* Being unclear about your financial situation. Not knowing account balances, monthly expenses, loan interest rates, fees, fines, or contractual obligations
.
* Compulsive shopping: Being unable to pass up a “good deal”; making impulsive purchases; leaving price tags on clothes so they can be returned; not using items you’ve purchased.

* Poor saving habits. Not planning for taxes, retirement or other not-recurring but predictable items, and then feeling surprised when they come due; a “live for today, don’t worry about tomorrow” attitude.”

There’s that British saying, “take care of the pennies and the pounds will take care of themselves.” It’s been my experience that if I take care of all that underlying stuff, the dollars take care of themselves.

Christine

Hi all — I am the Christine the post is about. First off, thank you everyone for your comments. My original email to Ramit was a bit longer and more detailed, and I didn’t except it to become an open survey! Either way, all the advice is appreciated.

It seems there is a lot of speculation that because I am a 22 year old female I am going to go and spend it… defintiely never my intentions. I had my fun with a credit card, realized that was a bad idea, and am working to clean that up. (And also cut that sucker up!)

Spending any amount of this money is definitely not an interest of mine — any debt that I have acquired I am working to pay off, and not looking for an easy out through family money.

I also realize, as many have pointed out, that this is not a “huge” amount of money. I’m not looking for this to carry me through the rest of my life. I love the career I have chosen, and am very independent (no sugar daddys here!) I am interested in what that money could be doing instead of just sitting there. I know that I am fortunuate to get this “headstart” and would like to turn it into something that later in life will work out very well for me.

Thanks again for all the comments.

J

First, thing you need to do is not make the mistake of blogging your situation. Anytime, you receive alot of money or just money in general, be careful of free advice. As you can see from the blogs, everybody has their own opinion, and not everybody know’s what they are talking about.

Here is my insight. Shop around for a trusted lawyer who can set you up with an estate plan. Make sure you explain to the lawyer your situation. Then decide the best lawyer. Look up J Douglas Jennings to start with. Obviously ceck out other lawyers as well. From there, decide what you want to do.

Look up the definition of an estate plan, therefore, I do not need to go on and on about this.

Also, set-up a budget, and an emergency savings account. Be sure you have at least 3 to 6 months of your income or your expnses in the savings account. Sure, you can set one up with a nice interest rate. Go to http://www.bankrate.com or http://www.bestcashcow.com to check this out.

I have a 10 step plan for people who need to understand money more, e-mail me and I will e-mail you the basic sheet. jrudd@howmoneyreallyworks.com

I hope this helps you,
J

What's up

Give it to me, I need to buy some jeans.

Carl Oliver

Buy our school a new buildling, or at least a new weight room. The 200 pound senior boys treat gym class like its a trip to the dentist office.

Jared

If you really don’t know what to do with it and you want to protect it from yourself for awhile I suggest opening up a short term CD. You can’t touch it, and its a solid savings vehicle. If you don’t want to actively invest, look into CD laddering and make sure you have a full emergency fund.

Renato

I was incredibly shocked to see this post today. Precisely today. You see, I have been a somewhat shy reader of iwillteachyoutoberich.com, meaning that I read it every once in a while, because I have commitment issues, heheh. I’ve always thought that Ramit always makes a solid point about a lot of things, but have not been able to follow all of his finance advice, because financial instruments, and access to them where I live are quite different from those in the US and I don’t have a clue what an IRA is (other than “lads” with redhair and strong accents going boom boom or rat tat tat).

Well, years ago, my grandfather gave us our “inheritance” while he was still alive (he died later on). Three relatives (who are a pain you know where) and I became owners of some coffee growing land here in a Latin American country. We could never agree on anything, two of them were chaotic in every aspect of their lives and eventually I said the hell with it, let them do whatever they want, I don’t care. Given the choices they had made in their lives up to that point, they were hoping the “finca” would take care of them, but without any agricultural experience or even a nice mindset about it, they failed one time after another, and oppossed every sane idea that would come up. I, on the other hand, had never been in touch with them growing up, so I focused on going to college and making a life on my own. I never thought I’d even inherit anything, so I didn’t plan my life around the “moment, when I’d get it”. Prior to receiving it, my relatives were like birds of prey flying around my grandfather.

To make it short (er), today, my aunt told me that she had sold the infamous piece of land (she had our consent to do so). She wrote me a check for an amount similar to Christine’s, which given the circumstances, was a fair amount for never having to see my relative’s faces again. (Of course, that money, here is worth more. Not enough to Paris Hilton it all the way, but gets you a little more goodies than it would in the US ) I came home with a “what just happened?” feeling, not knowing what to do with it, and thought of e-mailing Ramit about some advice for a foreigner with little knowledge of American financial institutions, looking to replicate some of the advice on this site in another country. Also, before I came up with a stupid-fratboy idea that would ruin my grandfather’s “gift”. I thought there must be some cosmic thing involved when I saw this post’s title. It’s funny how the universe is wired.

Anyway, comments here are great so far. I’m looking forward to the follow up post, and once again: great work Ramit. If you have some investing advice for foreigners (in other countries, not illegal aliens or members of an eighties band) I would be more than eager to hear it. Thanks a lot.

Ken

Each person is different with many different habits, needs and skills. Michael Phelps and Tiger Woods need and use coaches. These people get paid to help the best get that way and stay that way. Free advice is worth what you pay for it. Find a financial advisor (not a stock or insurance jockey) you can trust and work with them to design a plan that works for you. Then when times get rough, they can help you stay focused on your goals.

Maurice Ravel

I received a nearly identical amount recently as a result of a relative’s passing. FWIW, I’m late twenties with zero debt. I basically leave it entirely alone and view it as a way to avoid feeling so pressured to save for retirement. I can focus solely on saving for a house, car, etc.

I have 50% of it invested in diversified mutual funds and 40% in money market funds. I slowly move it from the latter to the former to create dollar-cost-averaging during these recent crazy markets. I also have the final 10% in a few things I personally believe in, like an alternative energy ETF.

Law of 72 says this amount may be ~$1.0MM to $1.5MM in 30 years. I pretty much ignore that the sum exists and go on enjoying the basic stuff in life and have told none of my friends about it (beyond very vague references to “retirement savings”).

Bean Jones

If you don’t have a good track record when it comes to saving/spending money, I suggest contacting a Financial Planner and threshing out a plan where you can spend some money to invest in yourself (travel, continued education, etc) and to invest most of it towards your future retirement or other long term plans.

I’ve discovered that money I don’t see, is money I don’t spend so if you’re the same, this may be the best way for you to build a nest egg.

ekrabs

Hi Lena. There’s not enough information to give you decent advice, except that your mortgage interest rate is pretty low. I would set up a separate house fund that will allow you to pay off the house slowly. Doing so will not only allow you to take advantage of the low interest rate, but also take the tax deduction on your house, as well as build your credit. And if you do your homework, you can also find investments that will not only earn interest, but even grow the fund as well.

You may also want to make the house fund big enough to also pay for the house’s expenses in near perpetuity.

Great story, Mary! Very good advice too. Thanks for sharing!

Lena

Thank you ekrabs the idea of a house fund sounds sensible.

Nicci

i too am not very good with money. but the first thing is – - i wouldn’t tell a soul about it.
i would take some time learning about property prices and find an old residential area that is either very close to a good area (because the wealthy are will ensure that the slightly cheaper area doesn’t degrade tooo quickly, but often they make a plan to uplift tha bordering lower class areas – therby increasing the prices and value of their own properties aswell) or if the property price will allow; in a good area which is close to town. i would try find a 1 level (facebrick – cos u wont need to paint the outside) property with 1 but hopefully 2 bedrooms a small enclosed garden and a garage or safe parking area.
the property that i would look to invest in would cost no more (inclusive of transfer and bond registrations) than 4/5th’s of the money. then i’de paint it and rent it out to a responsible young couple/ married parents with a child / elderly (single level allows for more option – old/sickly people try stay away from houses with stairs, so do people with young children)
i would open an account for the property and all rent will be paid into the account. the spare money is to be place into the account aswell for things like a burts geyser, or new shower head or other things that might be requested or needed by your tennant.

i would allow the money to increase. Every year i would check what repairs need done and what trouble could possibly be avoided with a bit of attention or early care and i would take any left over money (keeping the ‘buffer ammount’ in the account) and pay of a lump sum on the bond. by doing this you would lower you interest and years of payment drastically – i would aim to pay the property off within 5-7 years.

when the bond is almost paid up – i would consider if there are better rates available at the time otherwise i would take a loan on the almost paid off house to fund the next property and do the same.

short – medium – long term

although there are some people that have said buy a car – keep in mind that a car costs you money – it doesn’t make you money. but if you still want to do it – look at a secondhand small, fuel efficient car and check that the parts are redily available and relatively inexpensive. ie: it’ll probably have to be an older model.

hope this helps. trust yourself – you will make the right decision for your future – i know this because you had the sense to ask this question instead of just going ahead and gambling on an uninformed whim.

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Diego Gonzalez

I would take the money all out of the bank, and go on a shopping spree all over Europe with it. Buy a Cartier watch, Bulgari jewelry, Tiffany DIamonds, Hermes scarves, then fly on a prIvate jet back to the states, and wear all you fancy clothes to a cocktail party to impress all your friends. Splurge on Champagne, fine wine, go to the spa, and live your life to the fullest. Wake up and wear expensive perfume, and Prada shoes, with couture quality clothes such as Yves Saint Laurent. Then and only then are you a REAL trust fund baby. Hope you have fun!

Diego Gonzalez Frausto

I know that. DUH. It was simply satire for what the noveau riche would do with an unexpected inheritance. First off, 140,000 is not considered what I would call “trust fund material”. For those of us who actually have a real trust fund, we don’t wish to let people know our net worth, because this is seem as bragging and people always assume you are lazy and never lifted a finger. Also we tend to be very discreet with our spending habits. Yes we do buy expensive things, but because we know quality, and not because we wish to impress. That is why I HATE over the top logos emblazoned on clothing, it’s why my mother won’t wear Dior anymore, because its only the new money Russians that that will buy this when in Paris. Anyways now that we have established that this 22 year old is NOT a trust fund baby. I would advise her to diversify, but take some risk. Someone that is a trust fund baby, will want their money very safe, and have a lower level of risk, because they are very rich already and their goal is to protect what they have. Hence most of my money is in bonds, stocks, and very stable companies. But trust me, when my grandfather had a small unexpected inheritance he risked it all, and now heads a multinational corporation. This is what Bill Gates did, what Steve Jobs did, what the founder of L’oreal did. They risked it all, and became wealthy. So different advice to you, If you have an idea then risk it. What’s the worst that can happen? You lose it all, then you are just where you started, big deal? Right?
Anyways good luck!

Harvey

http://www.porsche.com/usa/models/911/911-turbo-cabriolet/

And put the remaining $700 in a Roth IRA.

Alyssa

Honestly, I am your age and finishing up college too and drowning in credit card debt. However, my mistakes I won’t ask people to bail me out I will pay them off. If I were you I would put that money into a CD they come in various amount and for various time periods. For example if you put some money into a 6 month CD you cannot touch that money for 6 months. If you do want the money back you only get what you paid and i think the interest it has already made. If you keep the money there for 6 months then it wil earn more money. Talk to someone at a reputable bank and also ask how much money is protected by federal law and put that much into either a CD or a savings account that will give you more money back as interest grows. That’s my advice and good luck. Don’t just blow it. That much money is a gift. Cherish it and do as much as you can with it.

Vicki

Hey, $140K is not *that* much and it certainly doesn’t qualify you as a “trust fund baby”. My advice is to splurge it all on a new car, maybe a used Aston Martin DB9, or a new, top-of-the line Mercedes. Just spend it and enjoy being young!

Mary

These days, in view of the decline in the market, 140k could potentially grow into a much much larger figure if invested wisely. I will once again caution you, however, to be very selective about the financial advice you obtain about investing. I’ve been in the crazy trust fund world since the age of fifteen (my mother was my trustee til I was 25) and it took me a very long while to recognize the ridiculous amounts of money Merrill Lynch and others were making off of my “trust fund.” There is one thing to remember, whether you have 20 million + or $140,000, or even $10,000. Knowledge is power… and trust no one but yourself.