binarysleep

1. Are you certain that you are getting the full amount? Many settlements are structured over a long term.

2. As many have suggested you REALLY need to save most of this. Definitely spend some of it, but save most.

3. Find a "flat rate" financial counselor. They will help you determine how much to spend, and where to invest the rest.

4. If you have medical bills, DO NOT PAY THE FULL AMMOUNT!! AND do not tell them you are about to get a large settlement. How much you settle for is none of their business. Call them and tell them you want to negotiate your bill. Almost every healthcare practice bills much more than what they would be happy with. They will work with you if they are afraid of not getting anything.

One strategy would be to only spend the money you saved in negotiation... For example, If you get them to settle for 15K on a 25K bill, you now can spend the 10K on whatever you want and invest the entire 60K. This also forces you to have more respect for the money, because you earned it through negotiation.

importjake00

iTrader: (8)

Thanks for all the replys guys. Keep them coming.

tdz16

Not knocking any of the responses thus far, but this is a smart member right here. There is a lot more to a settlement than just being handed a check.

My stepmother (NYPD) smashed her wrists to pieces when she went through the windshield of her squad car 10 years ago. She was sideswiped by a guy causing a diversion for a bank robbery. She got I think $50k in the settlement because her hands were recovering great. Now 10 years later she can't move her left hand and her right hand hurts 95% of the time. I don't know how bad your injury was, but consider future financial needs from the injury too.

My best advice would be to buy something like a nice 2g eclipse for $10k and invest the other $50k. By the time you are ready to buy a house you will have a mortgage payment smaller than a car payment. If someone can maintain a mortgage with you (mom and dad) for a couple of years then buying a house would probably get you the best return right now. Prices are in the cellar.

Good luck and keep us posted on what you do.

~Tom

redteam22003

iTrader: (13)

I am not even sure if the OP really is in college or just talking out of his as*

If you're a smart person you'll take "binarysleep" advices other wise just pissed it away on a Evo 9 then mod it then selling for 1/2 of what you got it for

bevolucion

iTrader: (6)

buy an evo 20k, don't spend no more. 20k on a house down payment, save it if your sticking to college. The rest put it on a frozen savings for 10yrs. youll never know what you'll need in ten years. Or just buy a 10k car instead of the Evo. I love Evos I have one, but just think smart.

importjake00

iTrader: (8)

Your ignorant as ****. I'm not someone to just SAY im in college. You truley are an idiot.

OTHERWISE.

Its not a structured, i am getting a check, and for those of you to wondering the injuries, i had neck surgrey, and about to have back, but thats all covered by my insurance.

But back on topic, I just want your opinions to get an evo or not.

THANKS.

tdz16

I'd say "NOT", if you want a cut and dry answer. And referencing my previous post, I didn't realize you already had a 98 GSX. So, yeah, I'd just make that reliable/fun and enjoy that. Then you will REALLY enjoy your invested money later in life. Just my $.02.

Are you sure that any future surgery, say 10 years down the road, will be covered as well? As long as that is documented, then your good to go.

Good luck man, you have my best wishes.

~Tom

importjake00

iTrader: (8)

Thanks for your opinoin. Deff considering just makin mine a monster, but theres somthing about an evo i cant get enough of..

gixxer6

Alright I'm going to try to keep this short. Buy an evo if you know you want it and are going to keep it for a while. I bought mine and I love it but I would leave it stock if you dont want spend a lot of money because I started modding and can't stop. Btw I'm 18 and I put a lot of money into savings for things later down the road, like a house and other cars etc. and I recommend you do the same with whatever you dont spend on the car.

Grenad3

dude good call...

i think we've established that buying a evo if you want one wouldn't be a bad idea... invest more than half of that money though after the evo would be a very very very good idea

redteam22003

iTrader: (13)

wow, name calling....more and more most likely not in college or just started

Look, whos the bigger idiot...someone thats gonna **** away money on a car that you arent gonna keep past the 5 year mark or someone thats gonna used money to make money

silver9mr

iTrader: (8)

got my first evo at 18 now 21 and loving it ever since

evo150

iTrader: (51)

i personally would invest all of the money untill you graduate college.

lemmonhead

Very good advice!!!!!!!!!!!!
i agree 100%
even a CD will pay about $1,000/year.
thats enough to pay for mods on a car every year easy!!!!!!

8unso's evo

buy the evo and then invest the rest coz ur gonna need it coz evo coz alot to have specially if you want it to go faster