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[Tominator]

If he has got any brains he will invest it with as little tax liability as possible and go on with his life as if he did not have it. That might solve your problem as well.

 

[Ameesh]

what i think your friend should do is this:


use the almost all the money he got and get a bunch of roomates maybe like 4 or 5, use say 40k for a downpayment on a house maybe for like 120K House ( im sure he could find a 5 bedroom house for that much right?) have the roomates pay all the bills and rent, with him putting that much down, the morgatge will be really low because he is putting soo much down (close to 30%) the people who rent will be paying really low rent cause they will split the low morgatge payment in 5 ways ,and they will be happy because they will have a low rent in a nice house with their own bedroom in a nice part of town. Plus your friend will build equity the whole time! win win deal. (your friend could factor in all the property taxe and and comunity fees if there are any)

 

[BigToque]

<< If he has got any brains he will invest it with as little tax liability as possible and go on with his life as if he did not have it. That might solve your problem as well. >>



This is what I've been trying to do all day...

 

[Ameesh]

<<

<< He should immediately contact a Certified Financial Planner and try to sheild it from the taxes which might be a high as 40%! He needs professional advice! >>



You can get taxed on insurance money? holy geez...

maybe I should let him get taxed... I mean if he loses half of the money he wont be able to afford to move out and my problem will be solved >>



you wouldnt be a very good friend then would you, you just lost him 20 large

 

[notfred]

Around here, CARS cost more than $35k!

 

[Descartes]

<< $40,000 mortgage (enough to keep him out of the sh!tholes) >>



I live in Tulsa, Oklahoma and that would barely be enough to even get you *in* the sh1tholes! You might get lucky and get a place sans prostitutes in the front yard, but that's pushing it a bit. There are absolute ghetto houses selling for $60k, and halfway decent homes going for no less than $100k. Of course, if one wants a decent home for cheap that's not in the ghetto, find a suburb. Around here, you can get a decent home in the suburbs for half the price as in the city.



<< Around here, CARS cost more than $35k! >>



Around here, they're... the same price! I don't think the MSRP for automobiles is relative to the local economy like houses

 

[BigToque]

<< you wouldnt be a very good friend then would you, you just lost him 20 large >>



Would I? What about when he files for bankruptcy because he can't afford to live anymore? Maybe I'm saving him 20,000.

 

[Jfur]

<<

<< $40,000 mortgage (enough to keep him out of the sh!tholes) >>



I live in Tulsa, Oklahoma and that would barely be enough to even get you *in* the sh1tholes! You might get lucky and get a place sans prostitutes in the front yard, but that's pushing it a bit. There are absolute ghetto houses selling for $60k, and halfway decent homes going for no less than $100k. Of course, if one wants a decent home for cheap that's not in the ghetto, find a suburb. Around here, you can get a decent home in the suburbs for half the price as in the city.



<< Around here, CARS cost more than $35k! >>



Around here, they're... the same price! I don't think the MSRP for automobiles is relative to the local economy like houses >>



We have never climbed out of the recession and are getting way worse and average house (i.e. 1000 sq, termite ridden shack) costs over 300k

 

[thedarkwolf]

I am pretty much doing what your friend wants to. About 4 months ago I bought a $42k small house thats actually pretty nice and in a decent area. Its only a 2br but I have a large yard for my dogs and a garage. I pay $371 a month for the mortgage, if I rented it it would cost around $550, and I my insurance is a piddly $300ish a year and my mortgage includes my taxes. If I rented a place for $371 all I could get would be some crappy apartment and I couldn't have my dogs. Also since I bought my house when I am done going to school I can resale it and even if for some reason I can't get $42k back out of it atleast I still won't be out as much money as I would have been if I had been paying rent for 5+ years.

Oh and being a homeowner impresses the chicks

 

[MrCodeDude]

I'd pay off my college loans. I'd have the money put into an account that you he wouldn't be able to touch until he was 22 (when he gets out of college). Then he get's financial aid and can pay off all his college expenses. Then perhaps he can think about getting an apartment.
-- mrcodedude