If you came into a large sum of money like 10 million dollars what would you do?
Answers: Take out what I immediately needed then invest the rest in something that I can not withdraw from. Then live off the interest best I could, reinvesting anything I didn't use. Let your money make money for you.
after screaming and crying i would probably pay all of my debts and my mom's debt
take the whole family and a big vacation, then open up my dream business and invest the rest
This question is asked a lot and the answer is easy: invest it and live off the annual percentage. At say 10% that means a nifty $1 million per year paycheck! Even at 5% you are living pretty nice with a $500,000 payday each year.
Depending on your age, you can also begin to draw some of that principal out along with the interest, so as not to die with $10 million left unspent!
You get the idea.
save it for college.. lol i know im such a loser but it would get you a nice room and a lot of stuff.
You could also spend it on a really nice new house or a couple fun vacations
or a new car
did you really get 10 million dollars? or is this like a poll?
Step #1. Open a mauritius bank account and figure a way to transfer it there. Otherwise Tax will take most of it.
Step #2. invest it.
The very First thing i would do is have a PARTY!
After the big hangover and all of my relatives and everyone that wants the money you will have strange people asking for your money. Move into a home where no one knows where you are. Except immediate family.
Then make investments in realestate for the long term investments. Ex: Apartment building/s.
Money market
Cd`s
A little in the stock market
And open up a grogery store.
Assuming that you actually got a lump sum after taxes that equalled $10 million, I would recommend investing it equally in about 10 of the best performing mutual funds (based on average annual returns for longer than 5 years) in the market, try to diversify the funds to only one fund in any one type of investment category (small cap, mid cap, large cap, aggressive growth, income, international, etc).
Then, assuming you could achieve a market average of about 8-10% return on your investment per year, you would then have about $1 million a year for the rest of your life to live off of without losing any of the initial $10 million. Of course, you cant forget about the taxes you will pay on the $1 million, so really you would have only about $750,000, but that is nothing to sneeze at.
Good luck, hope you win the $10 million and hope you take my advice! Too many folks spend their inheritance or lottery winnings and have nothing left after only a few years and wonder what happened.
My husband can't work due to cancer. He will be 62 surrounded by June. What should he do?
Which would be better for benefits such as medical and income --- retirement or disability. I know you can retire at 62 but don't know when medical benefits start / I need some proposal for us.Answers: More information is needed to answer your question in connection with your income options. Medicare begin at age 65.
Do you work? If so, add him to your medical insurance.
When be the diagnosis? Was he working when diagnosed? If he was working, his employer may hold had a group disability plan surrounded by place and you may be able to directory a claim.
What state do you live in? He may qualify for state disability.
You'll have need of to contact Social Security to analyze your husband's payment option. If you file and are approved for Social Security disability benefits, payments set off SIX months after the date of disability. I don't know how long it will take to receive retirement benefits.
Here's some information for contacting the Social Security Department.
"Social Security have a toll-free number that operates from 7 a.m. to 7 p.m., Monday through Friday: 1-8OO-772-1213. If you own a touch-tone phone, recorded information and services are available 24 hours a daylight, including weekends and holidays. People who are deaf or hard of audible range may call our toll-free TTY number, 1-8OO-325-0778, between 7 a.m. and 7 p.m. on Monday through Friday. Please own your Social Security number handy when you call us."
Talk to a advisor/professional on this. Does he hold a pension set up if so ask them what would be best. This is a tough examine.
Would a credit score of 750 get me the best mortgage rate?
Answers: To be honest, the current accepted truth in the US is that a higher credit score will automatically get you a better rate.
Unfortunately it's not all true. It goes more the other way, a lower credit score will get you a higher rate.
750 is a great score. Your rate would not, at most banks, be any different than someone with an 800 or 850.
Anything over 720 is not subject to the new underwriting guidelines from the Federal Reserve. Which primarily cover points, not rate.
The best way to get the best rate for a mortgage in your current situation(not changing any factors) is to shop around. And shop smart. Before allowing anyone to pull your credit report, get a quote from several people. Let them know what you think your score is(I say what you think because it changes with time and with which CRA the Mortgage Originator uses)
You could goto a broker. My first stop would be the bank you actually bank with. The reasons: you have a relationship with them. They will do their best to give you their best deal. In addition, having a mortgage with the bank where you bank is going to build your relationship with them and in not so many words, they will treat you much nicer in the future in regards to any other situation you have(You have a mortgage with me and accidentally overdraft, I'm going to waive it quicker, if you have a mortgage with me, I can see you have good credit history and am going to be more willing to let other things slide. Plus, your rate's still going to be competitive. Plus, when you have a question on something with your mortgage you can stop by your local bank instead of calling india, that's worth a whole percentage point to some)
If you still want to shop, find a reputable mortgage broker. Again, do not let anyone pull your credit until you sure of what you want to do. When you decide what you want to do, have all of your sources pull your credit(apply with them) at once. You have a small window of time in which all real estate applications you submit count as one against your credit score(each inquire against your credit could lower your score, multiple inquires in the same time frame count as one hit even if by different companies)
To sum up, with your credit score, your local bank will probably get your the best mortgage(look at everything not just rate, this is 30 years of your life) but either way if you're just looking at rate, you'll have to shop around still. Your score is worth as much as someone with an 800 especially during the december/january months.
there are 32 different factors that affect your interest rate. The best way to find out what kind of rate you would get is to talk to a mortgage professional.
some other factors that determine your rate are the following:
1. down Payment... the more you put down, the better your rate.
2. Income: creditors divide your total monthly bills (including your possible mortgage) by your monthly gross income. the lower the percentage, the better the rate.
3. Can you prove your income? Many people in business for themselves can't show on paper what they really make.
4. Assets in the bank... do you have 2 - 6 months reserves? If you don't, you may have to qualify for a different program.
Feel free to contact me if you'd like to know what you could qualify for.
750 is a very good score, but the BEST mortgage rate would be for someone with credit score 800 and above. But you should be getting a good interest (low) rate with that score. If you can wait till your score go up to 780 and above, do it.