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Posted on 1/16/16 at 5:38 am to NatalbanyTigerFan
Safest way would be to put it in 5 year jumbo CD's; best rates are around 2.45% right now and should be climbing a little eventually with the fed raising the bank rate. It's not great but it is a safe investment.
Posted on 1/16/16 at 8:31 am to Golfer
Very sorry to hear of your loss. I know that is not easy.
If I were in your shoes, here is my thought process:
If no specific need...medical, etc (not want) in life
If no high interest debt...
If rainy day fund is place...
If no retirement savings gap to fill...
If want to have your Dad's fingerprints on your or your kids future...
529 for kids education (assuming kids) - although do not over-fund this
OR
Buy something with long-term value to you (land or other asset)
OR
Put aside for family experiences (eg, Dad paying for some vacations for your family)
But, as stated above, stay away from the tempting stupid stuff that you will forget in no time.
Good luck.
If I were in your shoes, here is my thought process:
If no specific need...medical, etc (not want) in life
If no high interest debt...
If rainy day fund is place...
If no retirement savings gap to fill...
If want to have your Dad's fingerprints on your or your kids future...
529 for kids education (assuming kids) - although do not over-fund this
OR
Buy something with long-term value to you (land or other asset)
OR
Put aside for family experiences (eg, Dad paying for some vacations for your family)
But, as stated above, stay away from the tempting stupid stuff that you will forget in no time.
Good luck.
Posted on 1/16/16 at 9:32 am to BayouSizzle
Put it in high grade lending club notes.
This will give you a 7-12% interest rate while you figure out what you should do and will feed it back slowly to you so that you will maintain liquidity if you find something you want.
This will give you a 7-12% interest rate while you figure out what you should do and will feed it back slowly to you so that you will maintain liquidity if you find something you want.
Posted on 1/16/16 at 9:55 am to NatalbanyTigerFan
Talk to a local real estate investor and either become a hard money lender or use that $85,000 as a down payment on a multi family property.
Posted on 1/16/16 at 10:37 pm to I Love Bama
quote:
Please educate yourself before you say something so foolish.
LINK
LINK
Makes me sad for my peers <35 years old
Posted on 1/17/16 at 6:11 pm to theoldwiseone33
quote:
Talk to a local real estate investor and either become a hard money lender or use that $85,000 as a down payment on a multi family property.
^^^^^^^^^^^^^^^^^^^^^^^^^
THIS!
Posted on 1/18/16 at 11:24 am to TheSwineAssault
quote:
Talk to a local real estate investor and either become a hard money lender or use that $85,000 as a down payment on a multi family property.
Agree - You would probably be able to buy a home or duplex for that amount that you could get a better return on than a CD or mutual fund. Risk is low since you can always sell the house. Worst case that value goes down a little, but if you do some research before you buy it shouldn't be a problem. Hire a property manager to reduce your headache.
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