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If you were about to inherit $250,000, what would?
you do with it? I'm set to inherit around $250 K before the year ends.
I'm in my early 40's.
My 401K is on target for a comfortable retirement. (not lavish, but comfortable)
'Have 3 kids with in-state college tuition already paid for. Have other savings plans to pay for their room and board and other fees. One of my kids is a stellar student with scholarship money headed her way.
I plan to pay off the remainder of my mortgage and car loans (about $70,000).
WITH THE EXTRA, what would YOU do? I will be talking with my financial advisor when I get a final sum.
Invest in your IRA's, 401K's and work with your financial advisor?
OR,
(my husband and I enjoy fixing up houses)
Buying smaller properties (maybe 2), fixing up and renting out?
What would YOU do?
5 Answers
- rpf5Lv 78 years agoFavourite answer
Keep the information top secret. It will protect you. Be suspecious of anyone who is in a hurry for you to spend it.
Paying off debt is an excellent idea. As it saves you from paying interest on what you owe & improves your credit.
If you can't decide what to do. Park it in a CD for the short term & think about it. There really is no rush to spend it. Take your time with this. No rule says you have to decide this right now. Good Luck.
- ?Lv 78 years ago
You're in Malasya, but if in the US, I would call schwab or fidelity.
I would ask for some relatively safe investments (after paying off the mortgage).
Financial advisors can be dangerous. They make money from you. Don't trust them fully.
Some will con you into life insurance, annuities, and expensive mutual funds.
How about roth accounts? $5,000 for you and $5,000 for hubby yearly?
- gcbtradingLv 78 years ago
Mortgage money is so cheap, it's practically free. Don't plow it into equity. If you want to buy and renovate, put as little down as possible over the longest term. Rather use the liquid capital to get a better-than-planned property, and for renovation costs.
You can't get money cheaper than current mortgage rates, it is effectively cheaper than using your own money.
- 8 years ago
finish off all your debt. there will be zero money coming in once you retire, and you can never be sure what the future holds, even with a plan. make things easier on yourself, and finish your debt. ESPECIALLY with that high of a number.
