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: ) | Just received an out-of-court settlement for $250k,... what's the smartest investment I could make? |
I'm a 52 year old divorced mother of a teenager. Currently earning 30k/yr... I have $25,000 in my retirement acct., and about $8,000 set aside for my daughter's education. I don't like taking risks with my newfound money. So far, I put most of it in $10,000, 5 yr CD's earning 4.5% - no penalty for one withdraw. Any suggestions?
Additional Details
I'm pretty much debt free-- my very modest home is paid off and credit card debt is very low. |
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bigdogthepirate
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Interest rates are going to go up over the next 5 years, and with 250k you should be able to get a 5% one-year rate in a CD.
Don't let any one person know you have this much extra money. They will try to take it from you.
5 yrs is a long time to tie up money, ever. If you insist upon 5 yr CDs, then put 20% of the total into 5 different ones, and set them up so that they expire one per year. So, today, you'd get a 1-yr, 2-yr, ..., 5-yr CD. Renew the 1-yr as a 5-yr, then the 2-yr as a 5-yr. In 5 years, you'll be loaded up.
They say you should diversify. That still doesn't mean you need to go crazy here. You could buy a $35k plot of rural land, some tax-free muni bonds, and maybe some "safe stocks" like public utilities. A professional should help, but beware they may try to just get you to buy what they are selling for some kind of commission.
If your daughter is a teen, and college is coming, put all that money into CDs or (if you are sure she will finish what she starts) tuition credits. The rest of it should be put towards your retirement. At 52, you want to start decreasing your risk, so don't put it all in dot-bomb stocks. Talk to several professionals about your options. Don't let them push you to a hasty decision.
Also, revisit your investments every 3-4 months. If something is doing well, sell some of it off and buy something that is in the crapper. That sounds like a bad idea, but if you do it over time, you're always selling high and buying low, which is what you want to do!
Good luck! And congrats on the money. |
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dredude52
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Unified Theory of Everything Financial
Revealed in Dilbert and the Way of the Weasels
By Scott Adams
1.Make a will
2.Pay off your credit cards
3.Get term life insurance if you have a family to support
4.Fund your 401k to the maximum
5.Fund your IRA to the maximum
6.Buy a house if you want to live in a house and can afford it
7.Put six months worth of expenses in a money-market account
8.Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
9.If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio
Check the bottom line: A portfolio with an asset allocation of 70% in Vanguard's Total Stock Market Index (VTSMX) is doing just fine, performing remarkably close to the S&P 500 index. Moreover, that simple two-fund portfolio is perfect for the vast majority of America's 95 million investors who are passive much as Adam's Dilbert character.
The truth is, most investors have little or no interest in Wall Street's casino action; all the time-consuming research, the sophisticated stock-picking tricks, the costly trading necessary to play in a market drowning in 10,000 stocks, 18,000 funds and more than 100,000 bonds. Most investors have jobs and kids as their top priority. Moreover, Dilbert's simple two-fund portfolio compares favorably with our other lazy portfolios. |
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cplemen
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Definitely do not buy land or real estate that you'd rent out. It is way too much hassle, and at this point in your life, it's too risky to get into now. CD's and other safe investments (bond funds) are the way to go. Do some research and find the highest yielding savings accounts or money markets. Protect your cash! Also, there are about a hundred ways for your daughter to pay for college, so don't sacrifice a large chunk of your nest egg to send her to college. It sounds cold, I know, but you deserve to live as comfortably as possible. Your daughter will be fine. |
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Tom
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I recently invested in something called a "Managed Separate Account". This basically means that you allow a registered investment advisor to make decision about where to invest your money. The one that I know of is not a financial planner as those guys do not have access to the greatest products/information. The organization has been in business since March 1999 and has returned over 18% per year every year since 1999. There may be better investments out there, but they are very hard to find. Their approach is conservative with a focus on value investing. The securities that I now own are mostly household names. This is a long term investment strategy, but the returns are rock solid. They can be found at www.mrm-horizon.com |
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Just_gone
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Pay off credit cards or high interest loans. Other than that, I believe that you have done well. |
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hoosiergal0946
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First, find yourself a reputable investment firm - not your neighbor's golfing buddy or your sister-in-law's cousins boyfriend. Talk to them about mutual funds - our company's 401k adviser has us in them and they are doing great. Because the money is spread out over several funds (both stock and bond) the risk is less. CD's are OK, but they don't earn all that much. Sounds like you have good sense so I think you'll do fine. |
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Jessica D
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start ur own business. |
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john n
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we need some of that money for raising awareness for Afro-Caribbean organ transplantation just 10% of the money will g a long way, and your investment will be the love and happiness that will have been generated from the venture
knightsekurity@yahoo.co.uk |
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Max B
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Good question. I would look for professional help. The fee you'll get charged for this advice will pay off. You need to find a financial advisor. Word of mouth referrals are the best. Ask you friends and family if they work with someone they would recommend. |
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Shaken Not Stirred
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Pay off any high interest credit cards or loans before you do any investing. |
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badcloud56
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why not purchase real estate and then rent it out? |
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Carp
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I bet you would get better than 4.5% in a regular savings account or bonds.
Pay off all high interest debt and as much principal on your mortgage if you have one.
IIf you have any notes at a rate higher than 4.5% than you are just losing money |
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JustPeachy !!!
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Buy Land. No matter what the future of the Economy is, it will go up in value. |
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strtat2
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real estate |
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blondee
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I'm like you, I'm not a risk taker either. But $8000 is not nearly enough for your daughter's education, so put about $30,000 more in her education fund. The interest will accrue and that will build her a nice college fund (haven't you checked into the cost of education lately? You'll faint). Putting it in ladder cd's is a good idea, that way one will roll over every year. Put more in your retirement account too. And set aside a little for some fun, like a good trip or something. Enjoy it. |
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ourfuturein123
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Go to www.bankrates.com and see if you can put it in a savings acct with a good interest rate. |
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