I was wondering what would be the best option for that amount of money. I know that once you get to that level of savings a lot more doors open but I am just not privy to where those doors are. Does anyone have any suggestions?
The answer to your question probably depends on your knowledge and comfort level with investing. You are correct that more options open up with more money. Many types of investments have minimum entry amounts which can limit your options. What you don't want to do is stick this amount in a low interest savings or chequing account. Many banks will offer a premium account with a higher interest rate if you keep a minimum balance (say $5000). If you aren't expecting to use this money immediately you might try mutual funds or a brokerage house and investing in individual stocks. It depends on when you will want to access your money and how much risk you are willing to take.
I would suggest you invest half, and put the rest in a savings account. So even if your investment doesn't you still have something to fall back on.Whatever you do. Do not blow it. If you use it right that ten thousand can change your entire life.
