My father left me a little bit of money. What should I do with it.? (3 Viewers)

[Madmarsha]

Don't leave it on your table and let your dog eat it like those people did last week.

Now that's some solid financial advice.

 

[Madmarsha]

the future is plastics

The future is def. not having an affair with Mrs. Mel Brooks.

 

[sfidc3]

I agree with the poster who said get a good, trusted, well know financial advisor....or invest in mutual funds of some kind, I've done very well with that strategy, treat it like an annuity, invest set amounts monthly.....good luck

 

[SaintInBucLand]

Somebody will be along shortly to tell you to put it all in AMC and diamond hand it.

 

[sonicboom]

Not the best idea to ask people who don't know your financial situation, and your risk level, but there is a investment thread in EE. Also, if it's over 250k, a financial advisor might even give you time of day, with their cookie cutter allocations. Probably don't take advice from broke people, is probably a good place to start.

With that said....

 

[CoolBrees]

Put it in a short term CD while you are figuring out what to do; and then contact a financial advisor at your level of investment.

There are Fins for all types of income, risk and budgets.

Don't take advice from people that don't get paid to give it,

 

[Mr. Blue Sky]

Put it in a short term CD while you are figuring out what to do; and then contact a financial advisor at your level of investment.

Not pushing back on that advice- but i believe there are savings accounts now with banks like Ally bank and the like that are paying around 5% interest.. what would be the advantage of a short term CD as opposed to a high yield savings account ? Im speaking of 2024, not 2 or 3 yrs ago when interest rates were lower, or about 2026 or 2027 which might be the same case .

 

[CoolBrees]

Not pushing back on that advice- but i believe there are savings accounts now with banks like Ally bank and the like that are paying around 5% interest.. what would be the advantage of a short term CD as opposed to a high yield savings account ? Im speaking of 2024, not 2 or 3 yrs ago when interest rates were lower, or about 2026 or 2027 which might be the same case .

I was thinking very short term - like 90 day

ETA- just checked. A 90 day CD can earn average of 5.66, up to 6%

 

[CoolBrees]

A high savings with a 5% would accomplish the same thing absolutely. Its simply about putting it in a short term, no risk situation while the actual plan is formulated.

 

[Mr. Blue Sky]

A high savings with a 5% would accomplish the same thing absolutely. Its simply about putting it in a short term, no risk situation while the actual plan is formulated.

That’s what i was thinking.. i guess it’s a ‘six of one, half dozen of the other ‘ type thing.. ive never invested in CDs , i assume they are not complicated and are pretty straightforward.. but i love simplicity, and nothing is more simple than clicking and transferring money into a high yield savings account .. and watching it grow .

 

[bigdaddysaints]

Now that's some solid financial advice.

crazy as it sounds, it really happened. i think the dog ate 4 or 5 thousand dollars..

 

[Madmarsha]

crazy as it sounds, it really happened. i think the dog ate 4 or 5 thousand dollars..

Oh, I know. I read the story.

 

[guidomerkinsrules]

On a more serious note, long term investments are usually the best idea. Some options pay quarterly dividends, so you can get a "check" each quarter. Although, it's best to reinvest your dividends for the long term.

The next option is usually to get your housing or land situation sorted out. That doesn't mean buy up into something you won't be able to upkeep down the road.

It's hard to say without knowing more, but that info should probably be directed toward a financial advisor.

Remember, it's a once in a lifetime blessing, so it should serve you for a lifetime. Stay away from volatile investments and or flashy purchases like a new truck.

If you hold that the most frugal/economic idea is the best idea
Some do and good for them, but it’s not a moral imperative

 

[guidomerkinsrules]

crazy as it sounds, it really happened. i think the dog ate 4 or 5 thousand dollars..

Well…the dog ate some bils, but the family was able to … let’s call it …recover about $3700

 

[Mr. Blue Sky]

If you hold that the most frugal/economic idea is the best idea

Aye aye Cap‘n Contrarian …. But im guessing since the OP came here for our “expertise“ insofar as what to do with a smallish inheritance- he’s probably looking for a way to make it last and have some positive impact on his financial future.. im guessing he could have figured out the ‘8 ball and call girls‘ solution on his own, without our input .

Some do and good for them, but it’s not a moral imperative

I dont think anyone here would look down on the OP for blowing the money.. he might be 25 and looking to have a good time before fully “growing up”.. or maybe he’s 75 and wants to live it up before the Reaper comes a-calling .. hopefully there arent too many moralists here either way .


ETA disregard what i typed above, just went back and saw that he’s 48.. either way, still no judgement .