Lottery and investments?

Question

my cousin won the lottery (powerball) and was featured on the news the other week and called to tell me he was giving me $400,000. I live in Ohio and want to quit my job in 5months. I am only 24 but i would like to live off the interest and invest. I do not have any bad spending habits, kids, or debt. Anyone know whats the best thing to invest in?

Answer 1

I think that you may want to keep 2 thousand of it and invest it into stocks, like google, or sony or micro soft (these well always compete for one another year in and out for the best game system) but you should go with google, because it is growing more and more everyday. But put the rest in the bank and let the interest take it. If you were to put $398,000 in the bank with an interest rate of 5% you will get around $19900, a year. thats alot of money for just sitting there. hope it helps.

Answer 2

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Answer 3

The first thing you should spend money on is a financial advisor. And don't just go for any old joe blow, make sure these financial advisors actually have money themselves, so ask questions. You wouldn't buy a house off a real estate agent that doesn't own their own house so do the same with a financial advisor. Also remember that $400000 is alot of money especially if you lose it, so sometimes investing backfires and it would have been better to just have the money in a savings. By the way your cousin has just thrown off $400,000 my guess is that the first thing you will use your investment on in the next few years is to get your cousin out of a financial mess