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/biz/ - Business & Finance

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10939984 No.10939984 [Reply] [Original]

Hey /biz/ I need some advice. My grandparents died and left me about ~$300k in a T. Rowe Price mutual fund. Most of the account’s funds are “Bond funds/domestic taxable”
I want to use this money to buy a house with cash. What’s the best way to do this with getting butt fucked by taxes as little as possible?
I work in insurance and don’t really know all that much about mutual funds. I’ve done some research online but I want to see you guys have any insight.
>inb4 invest in Link or any other shitcoin
No thanks

>> No.10940048

>>10939984
buy LINK you fucking retard not a house right before the properpy market collapses

>> No.10940058

>>10939984
>I want to use that money to buy a house with cash
Jesus christ you're dumb.

>> No.10940099

>>10940058
Not OP, but what a helpful comment. Nonetheless, if you're alluding to the part of the sentence where OP refers to using cash, then I wholeheartedly support the sentiment behind this comment.

>> No.10940125

>>10940099
Well if not cash what do you recommend? I don’t want to get a mortgage and have to pay (((interest))) and even if the housing market does collapse, I don’t care all that much because I just want a place to live as a I pursue my dream of living a financially independent NEET life

>> No.10940142
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10940142

DYOR

>> No.10940144

>>10940125
>>10940099
Odds are he is one of those "ONLY RENT" fucks.

>> No.10940198

>>10939984
>have money for the first time
>how can i spend it all
...
>later
>why do i never have monies

try investing instead OP. you can spend 4% of your savings in perpetuity, inflation adjusted. look up the 4% draw down rule

that means your 300k can pay a $1k/mo mortgage while keeping $300k in the bank. so you get a house and you have safety funds still

don't be a sperg and give all your monies away

>> No.10940299

>>10940198
Thank you, that’s actually some good advice and why I made this thread.

>> No.10940405

Just wait for a crash and buy stocks or real estate depending on what crashes
Or just buy a house cash now and spend some % of ur salary gambling on crypto who cares
If concerned about taxes call an accountant, biz dosent really know shit

But desu just wait for a crash and then load up

>> No.10940753

>>10939984
Cash out. You don't have to pay capital gains, because they don't use the price your parents bought that stock at. But you should hold onto the stocks for at least a year, so that you can get a lower tax rate on the profits. [2]

If you're looking to be a NEET, you won't be able to do it on 300k, but it'll help you out a lot. I support your plan to buy your own house. Most young people are poor because of high housing prices. But spend a maximum of 100k on your house, and move to a nice quiet suburb. Then you're going to want to get whatever job you can, just to raise revenue. Next you're going to want to take your more or less 200k and use that as collateral for the mortgage on a few rental properties. Remember that rental property is only good if you do it on a mortgage, instead of buying the houses outright. That's because the rent pays off the mortgage, meaning you gain equity on the house for free. (you're losing money and your net worth increases every month by the entire amount paid on rent) Buying the house outright is just kind of silly. A job is important because it'll help you pay for a few missing months here or there. If you don't feel comfortable working with tenants then you can find a property management company to take care of everything. Once you build up a decent emergency fund, and have a few properties under your belt you can switch to part-time work. You won't retire comfortably until you can sustain 50k per year cash income, or have a 2 million net worth.

[1] https://finance.zacks.com/inherited-stock-become-taxable-6489.html

[2] https://budgeting.thenest.com/tax-breaks-buying-house-stock-gains-22870.html

>> No.10940799

>>10940753
I forgot to mention that your remaining 200k is still going to be earning you money, which is going to help a lot. Probably 650 a month, but could be anywhere from 500-1000 really.

>> No.10940884

>>10940753
>>10940799
Thank you kind anon

>> No.10940961

>>10939984
Go all in shitcoins and build a business on them.
Don't be risk averse , you are going to end up like your grandparents. Dead, with a risk averse pussy stealing your fortune.

>> No.10941054

>>10939984
>I work in insurance and don’t really know all that much about mutual funds
Now's your chance to learn about becoming a financial advisor. How about you read and learn and go someplace in life instead of flailing around crying for help like a turtle on its back

>> No.10941056

>>10940961
* looking to invest in an ATH market to rent seek from his own generation like a goddamn leech
The whole thing will topple upon you