I'm expecting about 1.3M in inheritance within the next year and I want to buy a house/apt with it but not spend all of it. I dont really want to spend more than 800,000. I currently live in brooklyn, born and raised (im 20) and i was thinking of moving somewhere a little slower paced. i;d like to live in a small city area, but still relaxed. any suggestions? also suggestions keeping it on the east coast!
Personal Finance - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
cape cod, i know its not a city, but damn is it laid back (and very nice) there. But if you're not of the gay/bi type you might want to stay away from province town (p-town)
2 :
Funny 1.3 mil is what just showed up when the retirement calculator poped up. Right on the money. I would take 25% , buy a home in cash, and use the interest for home living expenses(like property taxes and maintenance). 1Million is just not that much. Call Charles Schwab or Fidelity Investments. They have no fees for opening accounts. You can buy mutual funds or cd's paying 5% interest. I would open a Roth IRA with them.
3 :
Do you work or go to school? You should live around your work or school. I don't think you should retire with a 1.3 million in inheritance. 1.3 million isn't just enough at such a period we live in. In order to not work and still have a good life, you should have at least a 2 million dollar with a house with paid off mortgage. There is 7% inflation every year. I'll be inheriting 15 million dollar in the future (if my parents don't screw it up), but I don't plan on retiring because I don't want to be left behind. I suggest you live in Bergen County in New Jersey. Its near the city and yet its quite quiet there. You can find a modest home with 700K-800K in that area.
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