120,000k What to invest in?

[RedruM]

hey guys, my dad just recieved $120,000 from his aunt who passed away which is awesome yet very sad. This was about 2 months ago. He got the money recently and he drives a taxi for a living and we dont own a home. We live in SoCal and i was wondering if you guys have any ideas on what to put the money into? (no, i will not buy a M5 with the money, lol) if u guys got a idea on a business that makes good money in your opinion i would love to hear it. I mean my dad makes like 3,000 a month so nothing big like buy a subway or whatever. Just simple, straight answers on whats making alot of money now and what to look into. We are stuck this is a great oppertunity to buy a business or double the money somehow. The stock market is horrible now, so i would hold off on that 1 for now.

thank you.

[DHCrocks]

PROPERTY.....

invest it in land.

[GLuXuRy]

ya i was gonna say a house

[S2020]

seeing as this is in the "other car" section, I say a GT3.

[hai109]

He can try openning his own taxi service...What are his skills? Put some of the money in a high yield CD account for now untill you decide...NOt all of it...Some of it...6 month term...Open up something that he's good at and remember to save most of it because it's going to be tough the first year...

[kraqcommando]

invest in drugs, you can take that ethier way legal and illegal both are very profitable

[badtziscool]

Easy way, if you want to play stocks, is get some large cap dividen paying stocks. I can't think of any off the top of my head. Would have to do research. That would be a good way to have an extra "source" of income.

I'm not sure if money left to a person in the case of debt would be considered income. Do you have to pay taxes on it? If you did, you could recooperate some of the losses by putting it into a tax deferred account such as a traditional ira or 401k (which I don't think is provided for your dad. I could be mistaken).

You could put it in a high yield savings account or bond, but if you're thinking long term, then IRAs are the way to go. How old is your dad? The younger he is, the more this way makes sense.

Finally, you can always open up your own business. That's probably the way to go if you're looking at big returns. It just depends on how hard you're willing to work and if you have a bit of luck on your side.

[Tweaksalot]

call me. . . and ill help you buy a house with it. . . and take the other 60k and invest it

[thommyboy0885]

Bad time for stocks right now with all the turmoil in the middle east. He might want to think about a taxi/limo/corporate limo service for himself. More money to be made and he wont be stepping to far out of his career field at this point.
Unfortunately 120k wont get you anything in California... atleast the parts you would want to live in. Anyway, the housing market is overpriced and should be going down over the next 4-6 months(in California). If you move somewhere like Texas, you can get a nice house easily for that amount. But thats a big step.
CD or money market account through ING direct is the best bet for short term until you figure it out. Good luck.

[jawjaw]

Property is a safe bet but so could mutual funds if you chose wisely.

[Ca$hio]

Seriously RedRum,

Please talk to a professinal investment firm like Edward Jones. Don't depend on the internet for a decision like this. Good luck.

[JOKER]

Real Estate
Flip houses best business investment you ever make.

[Garnet Canuck]

Originally Posted by jawjaw

Property is a safe bet but so could mutual funds if you chose wisely.

+1.

Since you currently do not own a home, I would think that this makes the most sense. You could invest half as a downpayment for a new home and invest the other half in something like mutual funds. Good luck!

[HXS]

Originally Posted by RedruM

we dont own a home. We live in SoCal .

get a house...
some places in socal (porter ranch, for one) are cooling off...

[akachi]

Originally Posted by Ca$hio

Seriously RedRum,

Please talk to a professinal investment firm like Edward Jones. Don't depend on the internet for a decision like this. Good luck.

yeah they'll give u more options and they'll explain it thoroughly