What would you do with $50, 000?

Question

Hi! I’ve just received some amazing news that a relative of mine is giving myself and all my cousins 18+ $50, 000 as a ‘head start’ in life. 
I’m feeling very overwhelmed and grateful at the moment. My only question is...what do I do with it? Do I invest in stocks? Just put it away in a savings account I can’t touch? Enjoy it? (< to an extent...don’t blow it)
I’m 20 years old, studying psychology at university and working casually at a cafe. I live at home but I’m self sufficient in everything that I do. 
I want to maximise this opportunity and find a way to GROW this instead of diminishing it. It’s a large amount of money for someone my age, I have NO IDEA what to do with myself 😧
Also not really sure where to post this...sorry

Accepted Answer

The best thing you can do is book an appointment.ent with a financial advisor. They will be able to look over your entire financial situation and let you know what your available options are.

Answer

I’d pay for school with it, and invest the rest. Talk to a financial advisor. Good luck!

Answer

id save it and invest part of it in real estate

Answer

I wouldn't invest yet until you learn more about like stock investments. 
I personally would make sure my bills are caught up and even paid ahead by a couple months. I would give my parents some if I were not paying rent for being greatcul to live under their roof while in school. I would put quiet a bit up in savings so when I move out, I would be able to secure housing easier than most.

Answer

Pay off debt

Answer

I would take 3-6 months of living expenses and put in an account you don’t touch unless it is a legit emergency. Pay off debt if you have any. Speak with a financial advisor. You are never too young to start investing and planning for the future. Depending on where you live, you could even look at using part as a down payment on a house. Be careful with that though because a lot of places are over priced right now. Last, you could take a very small amount like 500-1000 and splurge a little on something.

Answer

Speak to a financial advisor!! RSPs or mutual funds. Even universal life insurance with a savings fund attached.

Answer

Real estate! Stocks are risky if you don’t know what you’re doin

Answer

Pay off all your debt. Don’t accrue new debt. Save as much as possible. Invest in your retirement funds.

Answer

I would pay off any debt and invest the rest. Talk to a financial advisor!

What would you do with $50, 000?

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