I inherited over 100 grand...what would you do

I was in my early twenties with a paid for truck, single and money to burn, which side of the island do ya think I was on?

 

If we can make it work I would love to meet you. I am heading out the door to MI right now and will return on Saturday.

Send me an email at bill@farm2fleet.com and we can see if our schedules work out.

And thanks for the kind comments.

 

money smarts are usually learned early in life, luke has quite a lot to learn. and needs to learn it quickly.

what to do with the remainder of the 160 k is not the first thing worry about.

the first order of business would be find out why he was in debt 30k for a car and credit cards to begin with.

in order to persue the goal of being a o/o he first has to learn much better money management skills.


many people who come into a little money pay off all their bills and then very soon are in the same amount of debt because they didn't change their spending habits.

yeah it everyones dream to tell the boss to shove it, but honestly 160 k aint anywhere near enough money to be able to do that.

 

If you can get 12% you need to be on wall street!!!!!!!!

 

That you are asking this question in this forum tells a lot. You need to be having this discussion with a financial planner/advisor, perhaps with an accountant or banker that you know and trust. Get more than one opinion and avoid those who try to sell you their own investment products.

 

This just people behaving at their best or at their worst.So you ask a restaurant owner what would be his/her best day or worst day I bet they both will have an answer.Then ask a restaurant manager ( working for a boss ) they will have just about the same answers. You just got to know how to handle people and got to be ready in advance for what to do in case shhitt happens.In truckin if you wait until the car in front of you hit the brake light it may be too late to stop.But if you are looking much further ahead for brake lights you can stop a lot quicker even if the roads were icy that day. the Same thing goes for workers and owners.
Slip out the back, Jack
Make a new plan, Stan
You don't need to be coy, Roy
You just listen to me
Hop on the bus, Gus
You don't need to discuss much
Just drop off the key, Lee
And get yourself free

 

Isnt this song about leaving your lover?? LOL... I thought he wanted to buy a truck!

 

luke, don't take my comments as being a knock or a slight toward you. take them as straightforward advice. it like I tell my kids , the reason I can tell you not to do something is because what you are about screw up, I have already done it twice and screwed up.

I am now 56 years old , in 1990 I had been driving 11 years, but everything I owned on this earth could be put in 4 paper grocery bags.

I met my current wife and married her in 1990, she is a money managing genius. she has taught me to be that way also. in the past 23 years with my back and her brains I own a 90 acre parcel of land free and clear, own another 5 acre parcel and home I built myself that is paid for, have no car note, and debt other than 8,000 bucks on my kw, 1400 on my flatbed, 6 payments of 300 bucks on my apu. I have zero personal debt. also all my truck ,trl and apu are on a lease , where the entire payment is tax deductible. bit I own the trl truck abd apu at end of lease. helps greatly with taxes. my mother-in-law is a tax professional and that helps greatly, my wife is also the daughter of a owner operator, knows the biz and finds more loads off the load board than me and my coordinator at mercer,

what I am saying is it CAN be done, especially with a 160k nestegg. I did it the hard way. the advice I give may have a hard edge to it at times, but I give it from the standpoint of someone who was once 32 years old with everything I owned in 4 paper bags driving back home to ga in a 1969 Plymouth , hard to believe that was only 24 years ago.

I started over with nothing, you have a leg up, don't waste it. and get this, the first truck I ever bought was in 1990,a 1976 international transtar with a 290 cummins and 13 speed with no a/c or power steering , I paid 1250 dollars cash for it and drove it for 4 years all over the country, when she blew up and ruined the block in Monroe,mi I bought a 1986 freightliner classic for 12,000 tht was in late 1994 , by the way when I bought the first one and leased to Bennett motor I had 150 dollars left in this world. I had a philosophy I followed and still do, I work everyday like I am down to my last five dollars.