I just won a large sum of money...where to put it?

Question

I won $10,000. Where is the best place to put it so I can have a nest egg? I am 29 by the way.

Answer 1

mutual funds.

Answer 2

Fidelity or Charles Schwab and open an IRA.  Consultations are free.

Answer 3

open an IRA with half the money (since you can only contribute $5000/yr.) and put some towards bills. Also open a Certificate of Deposit (CD) so your money can make money.  

Answer 4

Get cash and put the $100's in a hidden place.....

Do w/e you want with it then.

Answer 5

I agree with everyone that said put it in an IRA just make sure it is a Roth IRA if you qualify also do it on your own.. Your better off getting the knowledge yourself than paying a broker or financial planner. Watch out for 12b-1 fees and high expense fees if you choose a fund... I would open my account up at scottrade no annual fees. Fidelity, T-Rowe, and Vanguard are the largest companies. I have mine through Franklin Templeton and it seems to do well. Also don't dollar cost average it just put it in.. Statistically you do better that way.

Answer 6

My pocket :D Ill keep it safe for you :D

Answer 7

This is a really good time to get into investing.  Everything is dirt cheap.

Open an account at Schwab or eTrade - both are inexpensive.  Trust me, Fidelity is overpriced.  They're going for a different tax bracket.  Don't invest the money yet, they have some kind of money market thing they'll put it in until you buy something.  Money markets are doing better than the stock market as a whole right now.  The main thing is to get it out of your checking account, right?  :-)

Go to the motley fool site and read some of their stuff about indicators.  You'll probably want a mutual fund, because they're less risky than individual stocks.

After that, read everything on the site.  

Look around the house at brands you use and check their stock prices.  Compare your favorite jean company against your brother's favorite jean company, that sort of thing.  Read the news about companies you want to invest in.  Look at the history of the company.

Before you actually buy, find out how much you can put in an IRA.  You put pretax money there and you don't have to pay taxes on it until you're retired and in a lower tax bracket.  Put the max in a IRA.

Answer 8

In my bank account