Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
Member Login

Site Notices
Posted: 1/3/2004 2:00:01 PM EDT
she just sold her house and moved into an apartment (needed someplace with fewer stairs)

she's got $50,000 from the house in hand

she wants to use this $50K to pay rent on her apartment for the rest of her life (she's 86)

should she just stick it in a savings account, or is there something better to do with it?
Link Posted: 1/3/2004 2:01:53 PM EDT
Short the dollar.
Link Posted: 1/3/2004 2:03:15 PM EDT
she could buy usn's all a new gun, lol, bank it
Link Posted: 1/3/2004 2:03:29 PM EDT
[Last Edit: 1/3/2004 2:04:49 PM EDT by Red_Beard]
Short the dollar.
View Quote


she doesn't like risk
Link Posted: 1/3/2004 2:04:11 PM EDT
i should see if she'll get it all in $20 bills so i can take a picture to make this thread better
Link Posted: 1/3/2004 2:05:39 PM EDT
I would say buy a smaller house so she doesn't have to waste that 50grand on rent, plus you get a house passed down in the long run.
Link Posted: 1/3/2004 2:06:53 PM EDT
a nice grandmother would buy you an M-60.  full auto of course.  






she'd still have enough left to pay rent for a while.  then you can sell the 60 later on and make her a little profit.

Link Posted: 1/3/2004 2:08:42 PM EDT
Put it in a saving's account so it becomes inheritance one day?
Link Posted: 1/3/2004 2:11:03 PM EDT
Originally Posted By Red_Beard:
she just sold her house and moved into an apartment (needed someplace with fewer stairs)

she's got $50,000 from the house in hand

she wants to use this $50K to pay rent on her apartment for the rest of her life (she's 86)

should she just stick it in a savings account, or is there something better to do with it?
View Quote


Shoebox[8D]
Link Posted: 1/3/2004 2:13:13 PM EDT
[b]Red Beard[/b]'s grandma ought to put two year's worth of rent into a savings account, pay rent with it for those two years, and put the rest into a two-year CD (to get a higher interest rate).
Link Posted: 1/3/2004 2:14:37 PM EDT
Cash it out. Put it in mason jars and bury them in the back yard.  Be sure to do it on a moonless night, lest someone see you and know where X marks the spot.
Link Posted: 1/3/2004 2:16:22 PM EDT
money market account.
Link Posted: 1/3/2004 2:16:32 PM EDT
Easy.

She should spend it on man-whores and blow!
Link Posted: 1/3/2004 2:18:12 PM EDT
Originally Posted By Red_Beard:
Short the dollar.
View Quote


she doesn't like risk
View Quote


what does this mean?
Link Posted: 1/3/2004 2:18:24 PM EDT
i tried talking her into "gold coins buried in the back yard" too


she didn't like that idea


Link Posted: 1/3/2004 2:19:37 PM EDT
Originally Posted By inferno715:
Originally Posted By Red_Beard:
Short the dollar.
View Quote


she doesn't like risk
View Quote


what does this mean?
View Quote



use it to bet that the value of the dollar will fall

Link Posted: 1/3/2004 2:21:14 PM EDT
a couple m16's
Link Posted: 1/3/2004 2:25:59 PM EDT
Link Posted: 1/3/2004 2:47:45 PM EDT
Enough jokes.

Have her contact a Certified Financial Planner.  He will probably invest it in bonds if she is risk adverse.

She will be fixed up for life if she only needs it for rent.
Link Posted: 1/3/2004 3:07:54 PM EDT
[Last Edit: 1/3/2004 3:08:27 PM EDT by cmjohnson]
Paying rent is throwing your money away.  Making payments to own a place is called EQUITY.

You get your equity back, and with any luck, you make more,  when you sell the place.

Renters never get anything back except maybe the deposit.

Grandma's money can be kept in the family if it's not wasted on renting some place, and goes to buying a place instead.

Grandma, would you rather give 50K to your kids and grandkids,  or to some stinking landlord?

BUY, DON'T RENT!

But of course, buy some place that isn't likely to lose value.  

CJ
Link Posted: 1/3/2004 3:12:59 PM EDT
In all seriousness...

My grandparents have a simliar problem.
Your Grandma needs to decide if she wants to spend it or pass it down as inheritance.

Like CAMPYBOB said, if she has to go into a nursing home the 50K will be spent fast.

My grandparents have been trying to give away their savings as fast as possible to family. It looks like my grandpa will have to go into a nursing home this year because my grandma can no longer take care of him (alzheimer's). The nursing home will eat up her savings at the tune of 36K a year.
Top Top