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Started By
Message
My newly acquired wealth. Now what?
Posted on 1/14/16 at 10:52 pm
Posted on 1/14/16 at 10:52 pm
I inheireted a little over $85k dollars today.
No idea what to do with it so far.
The thought of investing it somewhere and potentially losing it, scares the crap out of me.
What is the safest way to keep this money and have it draw a little interest?
No idea what to do with it so far.
The thought of investing it somewhere and potentially losing it, scares the crap out of me.
What is the safest way to keep this money and have it draw a little interest?
9
Posted on 1/14/16 at 11:58 pm to NatalbanyTigerFan
Any outstanding debts?
When will you need this money?
When will you need this money?
Posted on 1/15/16 at 12:02 am to NatalbanyTigerFan
CDs
Posted on 1/15/16 at 12:04 am to NatalbanyTigerFan
I thought you were going to pretend to be colt David
Posted on 1/15/16 at 5:45 am to That's BS
quote:
Any outstanding debts?
When will you need this money?
No outstanding debts
Close to a year from now
Posted on 1/15/16 at 6:12 am to NatalbanyTigerFan
How old are you?
Posted on 1/15/16 at 6:34 am to NatalbanyTigerFan
quote:
No outstanding debts
Close to a year from now
Might as well just hold onto it then
Posted on 1/15/16 at 6:43 am to NatalbanyTigerFan
quote:
Close to a year from now
Without getting into your business too much, what for? I received a $92k reenlistment bonus when I was 24, and not investing that entire amount is one of my biggest financial regrets. I still put a good chunk of it away, but nothing I bought at the time was something I needed.
Posted on 1/15/16 at 6:57 am to DisplacedBuckeye
quote:
I received a $92k reenlistment bonus when I was 24
DAMN. Is that normal
Posted on 1/15/16 at 7:05 am to I Love Bama
I'm 45
My dad left this to me when he passed away on thanksgiving morning
My dad left this to me when he passed away on thanksgiving morning
Posted on 1/15/16 at 7:09 am to I Love Bama
quote:
DAMN. Is that normal
Nope, but not all that unique for some MOSs. It was $67k and they had a $25k kicker if you agreed to stay at a deploying unit for 2 years.
Posted on 1/15/16 at 7:20 am to NatalbanyTigerFan
If you really need it in a year and are that risk averse, put it in a money market account. Just understand that you're only going to get ~$500 in interest before taxes.
Posted on 1/15/16 at 7:22 am to NatalbanyTigerFan
quote:
I'm 45
My dad left this to me when he passed away on thanksgiving morning
Hate to hear that man. You'll get some good advice here. Just don't spend it on stupid shite.
Posted on 1/15/16 at 7:28 am to I Love Bama
If you need it in a year, you don't have to do anything with it. It's ok to just keep it in a checking/savings account.
Posted on 1/15/16 at 7:42 am to NatalbanyTigerFan
quote:
What is the safest way to keep this money and have it draw a little interest?
Either a CD or high interest savings, but you are only talking about 1-2%
Posted on 1/15/16 at 7:53 am to NatalbanyTigerFan
quote:
The thought of investing it somewhere and potentially losing it, scares the crap out of me.
You're 45 years old and losing $85k scares you? At 45 years old you should have atleast 1 million in assets of which that 85k is only 8.5% of.
Posted on 1/15/16 at 7:59 am to OleWarSkuleAlum
Posted on 1/15/16 at 8:06 am to OleWarSkuleAlum
quote:
At 45 years old you should have atleast 1 million in assets of which that 85k is only 8.5% of.
What world do you live in? Yeah, that would be great, but that is very few and far in between.
Not talking about "Assets", but by age 45, you should have about 3 times your salary saved/invested. That is according to Fidelity's calculator that puts on you path to retire semi comfortably.
Posted on 1/15/16 at 8:27 am to NatalbanyTigerFan
quote:
No outstanding debts
Close to a year from now
A pertinent question to ask yourself here is if you will truly need this money in a year from now. If so, then that's great you should keep it in CDs or a savings account.
If you decide you don't absolutely have to have it, this money could do you a lot of good for the long term. Stocks are getting cheaper by the day right now.
Posted on 1/15/16 at 8:33 am to I Love Bama
Just ignore him. He's terrible at trolling.
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