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What Should I Do With Large Monetary Gifts? Invest? Etc
Posted on 11/17/13 at 2:10 pm
Posted on 11/17/13 at 2:10 pm
My parents have informed my siblings and I that they will begin dispersing our inheritance based on advice of their lawyer to avoid inheritance taxes etc.
Not sure what the gift limit is nowadays but I'm assuming it's around $10k or so. They will be sending checks for the maximum every year until death and then we can expect more.
What is the best way to save/invest this money?
I have a car that has $3k left until paid off and a mortgage with a really low interest rate. No credit card debt.
I have a 401k with my company.
Also currently have about $20k in savings acct and $5k in checking.
I know I need to save more for retirement but don't want to be too aggressive. I want a safe investment/s with little risk.
What should I do?
Not sure what the gift limit is nowadays but I'm assuming it's around $10k or so. They will be sending checks for the maximum every year until death and then we can expect more.
What is the best way to save/invest this money?
I have a car that has $3k left until paid off and a mortgage with a really low interest rate. No credit card debt.
I have a 401k with my company.
Also currently have about $20k in savings acct and $5k in checking.
I know I need to save more for retirement but don't want to be too aggressive. I want a safe investment/s with little risk.
What should I do?
4
Posted on 11/17/13 at 2:24 pm to SirSaintly
Well you'll be pleasantly surprised that the limit for 2013 is 28k, not $10k.
I would max out your 401k, pay off the car, put some of the rest in mutual funds (vanguard is well liked on this board), and live a little higher on the hog with the rest... You can't take it with you in the end.
I would max out your 401k, pay off the car, put some of the rest in mutual funds (vanguard is well liked on this board), and live a little higher on the hog with the rest... You can't take it with you in the end.
Posted on 11/17/13 at 2:25 pm to SirSaintly
quote:
$20k in savings acct
That's doing nothing, get it in something useful.
quote:
I want a safe investment/s with little risk.
Why?
Posted on 11/17/13 at 2:33 pm to SirSaintly
quote:
I want a safe investment/s with little risk.
don't expect great returns then. I am not saying you cannot get them but do not think that is the norm without some risk.
It also depends what you define as "safe".
Posted on 11/17/13 at 2:39 pm to SirSaintly
quote:
I have a car that has $3k left until paid off and a mortgage with a really low interest rate. No credit card debt.
pay off car ASAP.
keep house note. With a low rate and IF you have a long way to go to pay it off don't sweat it. I paid one my houses off early but it was mainly because of a higher interest rate and I did not owe a ton on it.
You will get better returns investing. Milk that house note.
At least put into 401k what your employer matches if any.
Max out a roth ira.
quote:
Also currently have about $20k in savings acct and $5k in checking.
is that your emergency fund? your savings? If you have a ton of money elsewhere i do not have a problem with 20k. But I would stash no more than that. Would 10k be enough for you? if so invest the other 10k. Tell us more about your situation.
Posted on 11/17/13 at 3:31 pm to Fat Bastard
I'm not looking to make huge returns. I am very conservative fiscally and while I would like some return I'm not willing to risk huge losses either. I'm trying to be financially responsible now that I'm older. I inherited a rather large sum from my grandmother when I was a teenager and let's just say I had a great time and enjoyed life but didn't save much of it. The $20k in savings is an emergency fund for whatever life may throw at me.
My employer doesnt match 401k but contributes 3%whether I do or not.
My employer doesnt match 401k but contributes 3%whether I do or not.
Posted on 11/17/13 at 3:39 pm to SirSaintly
You do realize that as long as you invest in a mutual fund as opposed to specific stock, the only factor that risk plays is that there are periods where you will want to ride it out.
As long as you don't actually sell in downturns, you come out ahead.
It is incredibly foolish to be conservative with investments you don't plan to touch for 10+ years.
Have a conservatively allocated fund with a year's worth of expenses, but be more aggressive with the rest.
As long as you don't actually sell in downturns, you come out ahead.
It is incredibly foolish to be conservative with investments you don't plan to touch for 10+ years.
Have a conservatively allocated fund with a year's worth of expenses, but be more aggressive with the rest.
Posted on 11/17/13 at 3:42 pm to Volvagia
On a related note:
Why aren't you looking for high returns?
The key to wealth is making your money work for you.
You are being given a huge opportunity to be given lots of deposible income to do this with.
And your ideal is to sit on it?
Why aren't you looking for high returns?
The key to wealth is making your money work for you.
You are being given a huge opportunity to be given lots of deposible income to do this with.
And your ideal is to sit on it?
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