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Started By
Message
Where to put $$$$
Posted on 2/28/11 at 10:46 am
Posted on 2/28/11 at 10:46 am
Briefly, I consider my myself financially informed but would like a few opinions.
Mrs. Cptigger has some savings that is just sitting in a bank, about 20k. She has a desire to put that into a CD. I find CD's boring and since we are young I'm trying to convince her to take more risk with the idea of getting a better return. simply put, where should I put this $$? Will not need it for years fwiw.
Thanks in advance.
Mrs. Cptigger has some savings that is just sitting in a bank, about 20k. She has a desire to put that into a CD. I find CD's boring and since we are young I'm trying to convince her to take more risk with the idea of getting a better return. simply put, where should I put this $$? Will not need it for years fwiw.
Thanks in advance.
4
Posted on 2/28/11 at 10:53 am to cptigger
Roth or pay down any non-mortgage debt
Posted on 2/28/11 at 11:02 am to cptigger
IRAQI DINAR
Posted on 2/28/11 at 11:11 am to cptigger
Do you already have retirement accounts and a "rainy day" fund?
A little more info on where else your money already is would help us give you a better answer.
A little more info on where else your money already is would help us give you a better answer.
Posted on 2/28/11 at 11:21 am to Chris Farley
We both have 401k's. I have $$ invested in stocks, funds etc, we have a joint savings account which is our rainy day fund. i have a Roth.
This is her money that she had prior to marriage. The correct answer to my own question is to pay down her student debt b/c it has the highest interest rate out of anything we have. have a mortgage, car note with low rate(1.5%) and that is about it.
Basically this is "her" money and for the sake of this discussion using it to pay down debt is not an option.
any of that help?
This is her money that she had prior to marriage. The correct answer to my own question is to pay down her student debt b/c it has the highest interest rate out of anything we have. have a mortgage, car note with low rate(1.5%) and that is about it.
Basically this is "her" money and for the sake of this discussion using it to pay down debt is not an option.
any of that help?
Posted on 2/28/11 at 3:53 pm to cptigger
Yes, it helps.
If you won't need the money for a few years why not pay student loans? If it is "her" money, she should pay "her" student loans. Are you saying that she brought some money into the marriage and some debt but is asking to split the debt with you but keep "her" money to herself?
If it really isn't an option, maybe open a Roth for her or maybe put it in an index fund. Of course this poses much more risk than a CD, so you will need to see how much risk she is comfortable taking. You could possibly split it half in each. The big thing is finding your wifes risk tolerance, and if it is her money it will be up to her.
If you won't need the money for a few years why not pay student loans? If it is "her" money, she should pay "her" student loans. Are you saying that she brought some money into the marriage and some debt but is asking to split the debt with you but keep "her" money to herself?
If it really isn't an option, maybe open a Roth for her or maybe put it in an index fund. Of course this poses much more risk than a CD, so you will need to see how much risk she is comfortable taking. You could possibly split it half in each. The big thing is finding your wifes risk tolerance, and if it is her money it will be up to her.
Posted on 2/28/11 at 4:05 pm to Chris Farley
Call me crazy, but if you don't need the money, I would make a 20,000 payment on the principal on my mortgage.
Posted on 2/28/11 at 4:22 pm to Kirk Herbstreit
quote:
Call me crazy, but if you don't need the money, I would make a 20,000 payment on the principal on my mortgage.
Not at these interest rates. I would be grabbing all the leverage I could.
Posted on 2/28/11 at 4:40 pm to cptigger
Move her money over into a joint acount and maker "her" money "our" money. Haha, I would just pay those student loans off. She could start her own Roth though.
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