Comments on: Help a trust fund baby: “What should I do with my inheritance?” http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Tue, 16 Mar 2010 17:35:08 -0700 http://wordpress.org/?v=abc hourly 1 By: Mickey http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-103987 Mickey Wed, 22 Jul 2009 20:20:58 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-103987 Travel through Europe and Latin America. Be generous and self-actualize! Travel through Europe and Latin America. Be generous and self-actualize!

]]> By: Mary http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-98670 Mary Mon, 18 May 2009 12:21:01 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-98670 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. 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.

]]> By: anonymous http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-98649 anonymous Mon, 18 May 2009 03:37:28 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-98649 alright, first of all 140k is not alot of money for a trust-fund, I know people, myself included, that will get over 2 million when they turn 21. save this for a nice car, or some cushion in this recession if you can't find a job alright, first of all 140k is not alot of money for a trust-fund, I know people, myself included, that will get over 2 million when they turn 21. save this for a nice car, or some cushion in this recession if you can’t find a job

]]> By: Vicki http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-98018 Vicki Tue, 12 May 2009 13:33:15 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-98018 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! 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!

]]> By: derek http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-87479 derek Sat, 24 Jan 2009 17:14:43 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-87479 Gold is always a good way to preserve wealth. Keep enough cash on hand for medical and emergency expenses. As for some of it, redistribute the money in the education system to help give someone in an underpriveledged school district the tools she or he needs to come out with the brain power to contribute to society. The more people who drag on society the worse all of our lives are. If the masses are more educated and more prosperous, we are all better off. Gold is always a good way to preserve wealth. Keep enough cash on hand for medical and emergency expenses.

As for some of it, redistribute the money in the education system to help give someone in an underpriveledged school district the tools she or he needs to come out with the brain power to contribute to society. The more people who drag on society the worse all of our lives are. If the masses are more educated and more prosperous, we are all better off.

]]> By: Alyssa http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-87157 Alyssa Wed, 21 Jan 2009 22:09:12 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-87157 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. 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.

]]> By: Kyle http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-79139 Kyle Tue, 04 Nov 2008 22:58:54 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-79139 Give it away. To a relative, to charity. Earn your way to $140K. Give it away. To a relative, to charity.

Earn your way to $140K.

]]> By: Harvey http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-75807 Harvey Wed, 01 Oct 2008 23:29:15 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-75807 http://www.porsche.com/usa/models/911/911-turbo-cabriolet/ And put the remaining $700 in a Roth IRA. http://www.porsche.com/usa/models/911/911-turbo-cabriolet/

And put the remaining $700 in a Roth IRA.

]]> By: Victoria http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-73310 Victoria Fri, 12 Sep 2008 17:35:57 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-73310 Pay off all of your debts, buy a home with a rental property that will offset the expenses of the house then DON'T TOUCH IT! Pay off all of your debts, buy a home with a rental property that will offset the expenses of the house then DON’T TOUCH IT!

]]> By: Diego Gonzalez Frausto http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance/comment-page-2/#comment-73222 Diego Gonzalez Frausto Thu, 11 Sep 2008 17:46:21 +0000 http://www.iwillteachyoutoberich.com/blog/help-a-trust-fund-baby-what-should-i-do-with-my-inheritance#comment-73222 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! 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!

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