Set aside the tax money.
Set aside the rest of it for 2 years.
(a nice weekend trip with a friend for $1,000. would be okay too!)
Buy a house
are you in USA? then you need to pay tax on the winnings, so it really isn't $25K, let's say it is $18K after tax withheld
then 1) open a discount broker account at fidelity or schwab or tdameritrade, 2) put the $18K in the account, 3)invest half in a CD for one year, invest the other half in a couple stocks like agrium, verizon, gilead and trade on the upticks.
Many people or most people lose large sum of money to try to get more money with it, in something such as investment or managing firm.
I recommend you keep them for more than one year at a Bank.
Meanwhile, you should do study/learn some business administration or investment, etc.
and then, if you think you can do something good, you can try it.
You should have time to think how to use the money, and the way and skill and KNOWLEDGE.
If you act something soon, you are sure to lose most of the money.
It takes a long time to increse money, while it takes a moment time to lose large amount of money, only to come back or fall into poorer life than before.
Keep it more than one year. and decide what you can do.
It's not a huge amount. It's a very nice windfall, but really not so big that you could invest it in anything that would give you a decent payout.
I'd split it 50/50. Take $12.5K to your bank and ask about setting up a stock portfolio. Banks have people who can invest your money in buying stocks that are a relatively safe investment. You'll earn dividends on your investment over time. It won't make you a millionaire but it will earn you more than just putting it in a savings account.
As for the other $12.5K, pay off any immediate debts you might have and spend the rest on hookers and blow. Or a really good vacation to somewhere you never imagined you might be able to visit. Or both.
It's not a life-changing amount of money, so the best you can do is to put some aside as an investment and go wild with the rest.
I have a great invention idea that I would be more than glad to add you to the inventor list and we can go 50/50 on the idea, then when we make enough off of that, we can open up a nightclub, here in Chicago. I've done the patent search, the idea is patentable, and I'm getting quotes of $5,700 to get this idea off the ground and ready for patenting. Imagine, 5 years from now, if you decide to go through with this and we get sh*t done, we'll both be chillin with babes in South Beach and reminiscing about this day, when you asked the Y!A community for advice. Hell, even make it a movie! Anything is possible....
The soundest investment is an S&P Index Fund with Fidelity or Vanguard. These funds do better than managed funds 80 percent of the time and have very low expenses. If you research a bit at the Motley Fool website you can learn more about why this works so well.
BANK it, - Until You have a GOOD "Plan" for what You want to DO with It. Because Nothing evaporates FASTER- than $$$ that's looking for Something to be Wasted On !! :o
Take five grand and blow it. :) Take another five and open an IRA with an Registered Investment Advisor. (Use an RIA, not a broker; they have a fiduciary responsibility whereas brokers do not). Take the other fifteen and buy three CD's at the bank, a one year, a two year and a three year. Every year when a CD matures put it in your IRA. (There's a $5500 annual deductible cap) Enjoy being a millionaire in about 30-35 years.
I am 24 years old, and I have recently won a take 5 ticket grand top prize, besides the shock of winning, at this moment I have no clue what I can do with this money. How can I make more money out of this amount? Any advise or ideas would be greatly appreciated, my mind is in shock and blank.
