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Candy | I am getting an inheritance of $190,000. Should I put it toward my mortgage or invest? And invest where? |
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Jeanne R
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Hi Candy,
I am sorry for your loss but congrats on your inheritance. Not knowing your exact situation, it is hard to give you an exact answer, but I will try. It would help to know your age, whether you have children, your marital status, etc. By the way, if the inheritance is yours alone, it is your sole and separate property so put it into an account with your name on it alone. Do not put it into a joint account because if you do then it is no longer your sole and separate property. It becomes jointly owed by you and whoever else has their name on the account. Plus then you have given a "gift" of 1/2 the money so you will then probably owe a gift tax on the half that you gave to the other account holder.
1. If you have any other debts besides your mortgage, pay them off.
2. If you do not have an emergency fund of 3-6 months of your expenses, then put that amount aside in a risk free CD or in laddered CD's so that you can access the money in an emergency.
3. If you do not have one, open a Roth IRA and contribute the maximum of $5,000. Keep doing that every year and if you are 15 or more years from retirement then invest in good growth stock mutual funds with, at least, a proven 10 year track record. If your are less than 15 years from retirement, look into non-traded REITs (Real estate Investment Trusts). They still pay good (6% or more ) dividends [from the rental income] and you get the appreciation of the real estate over time. I know that my REITS are still paying and appreciating while my stock market investments have gone down, so they a good "contrarian" investment even though they pay whether the market goes up or down.
4. It is hard to say whether you should put the rest towards your mortgage because you don't say how much you owe on your mortgage or whether you have a fixed rate or adjustable rate loan. If the rate is fixed, then you can sit on that for awhile but if it is an adjustable rate loan, then you need to refinance as soon as possible. Having that extra money will enable you to do that.
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Derek (Steelers, SB champs)
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Yea, I'd pay off the mortgage and excess goes into retirement account. |
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Robbie
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Pay off the mortgage, especially at the moment. All investments are shakey. |
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eternal student
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If you have a prime mortgage obtained some years ago, I wouldn't pay off the mortgage. You have already locked in a low rate.
I would invest the amount for the long term. Where to invest depends on your age. If you are young, I would invest it in a low cost balanced fund. Choose a balanced fund that invests in US stocks, international stocks, as well as bonds. This way you will be well diversified.
On the other hand, if you have an adjustable rate mortgage, then I would consider using some of the inheritance money as a down payment to refinance into a fixed rate mortgage. |
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Alex K
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Haha, i love all the "there is no good investment" shenanigans out there. it is too funny. how about look deeper, you might find out that your wrong. its funny how a 16 year old can return 40% in the stock market this year. funny what some percerverance and intelligence does. i say 100k for your mortgage, 90k for investments. you are doing your mortgage issuer a favor, yourself a favor, and the economy a favor. |
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Barry R
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I would put 70% towards the mortgage and 30% in the stock market. If you are looking for investment ideas, you might want to check out http://www.top10traders.com - the site is free - you can see what investors are buying and selling. good luck. |
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couchcashdotcom
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Bury it in a coffee can in the back yard, then send me your address. |
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linds
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Like the others have said it depends on how much you are paying on your mortgage. If you do invest it buy the entire index in an etf through a discount brokerage. That way you are diversified and not paying outrageous commission fees |
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Politically Correct
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Interesting question. Well I disagree with the other posters. I say do not pay off your mortgage unless the mortgage is a very high coupon adjustable one.
I happen to think we are headed for inflation not deflation but I could be wrong. A lot depends on whether the Fed overshoots in this stabilisation (inflationary) and if Hussein raises taxes (deepening the downturn). Both could happen as it did in the 1970s.
If we are headed for inflation then of course your fixed rate mortgage will be a thing of beauty and a joy for ever and you will want to keep your inheritance in gold or some other asset that is inflation proof. Cash is pretty inflation proof as it can always be put to work once rates shoot up.
If we are headed for a depression you will want to put it into juicy bonds - there are some great ones from rock solid companies out there right now yielding 12%.
Either one of these options would be preferable to paying off a fixed rate or capped adjustable mortgage that is tax deductible. |
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Serviteur
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Pay off your mortgage. This is the safest investment you can make at this time. |
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ALA K
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keep them at home not in any bank.wait with any investments,it is not the right time. |
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Blueville
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I can teach you how to invest your money and get 12% daily, no really.So this is what I will tell you to do, invest in a company called Megalido. They pay 12% daily on your invest for 12 days, after 12 days you entire investment is paid back to you and you can re-invest again. This is really simple and I am a living testimony that this program works and I have quit my job after a little while in the program. You can invest anywhere from $6 to $6000, you do the maths my friend. Click on this link and see more for yourself http://tinyurl.com/6gq9qg
PS: I can introduce you to 20 people that use this program and we have all been paid over and over again and we all have proof of payment. So if you have any more questions, get with me on Skype, my Skype ID is blueville69.
Good luck. |
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thomas p
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Pay off a substantial portion of your mortgage balance. Then wait for the changes in the federal tax policy in 2009. Investing environment will not change overnight. So, I would not invest in the stock market at this time. You should watch the media in early, 2009. If the business press continues to give all Obama decisions the label, "brilliant", then I think it is will be safe to look at the stock market as a reasonable investment possibility. But, I think I would consider mutual funds split between stocks and bonds. |
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Clark Kent
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Put most in the mortgage but hold out some for emergencies with about $10,000 in a money market account and the rest in CDs. If the bear market ends, you might look into some index-type ETFs |
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