Anybody out there become a financial advisor after their time in service? I need a little advice on how to handle a very small inheritance. Pay off some credit? Invest in mutual fund/stock market? Buy new boat!!! No seriously, I have my own opinions, but would like a sane/rational voice to back me up/provide alternatives. PM please if willing to weigh in on the situation. Thanks!
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You could call USAA.
Most people would say you will always have debt. If your current debt is manageable, then continue to pay it. Maybe consolidate into one payment and use some of the inheritance to drop that over all debt down a bit.....But you are always better off having money in the bank and invest. Market is booming right now and now is the time to invest.....
If you want a pig, flip a jig!!!
Ok, not a financial adviser, but here goes: make sure you have some money available for unforseen's, a rainy day fund of 3-6 months of income. Then pay down credit starting with the highest interest first. I'm a firm believer in striving to get debt free, no, I'm not there, but working on it. Depending on age and income level, then think about putting as much as possible toward retirement. I'm not knowledgable enough about the market to give advice, but I know it's best to get in at the low and sell at the high, the low was 7 ish years ago, it's high now.
I got an inheritance once, I bought land. Rarely goes down, and they don't make any more of it.
Matt
\'96 202 Champ \"Old Blue\"
+1 on using USAA. They have a windfall planning capability that's in place precisely for things like you're dealing with. Other banking/financial planning firms have similar capabilities if you're not a USAA member.
To Fish Hound's point, putting this money into something that's liquid (easily accessible) is smart. It's working for you and you can get at it in a pinch.
https://kasasa.com
If you are keeping some of it fluid I'd keep it in one of these banks. Seems like the limit on payback is down to 15K now. When we opened ours about 6 years ago it was paying about 3.5% on the first 25,000. I couldn't find that kind of return on a checking account anywhere at that time. It was about 2.25% this month and like I said the max payout amount is down.
Mr. Fishhound sounds like he is a Financial Peace follower. It works! If you are going to mess with the market...well good luck on that one.
Originally Posted by n2ratfishin
https://kasasa.com
If you are keeping some of it fluid I'd keep it in one of these banks. Seems like the limit on payback is down to 15K now. When we opened ours about 6 years ago it was paying about 3.5% on the first 25,000. I couldn't find that kind of return on a checking account anywhere at that time. It was about 2.25% this month and like I said the max payout amount is down.
Mr. Fishhound sounds like he is a Financial Peace follower. It works! If you are going to mess with the market...well good luck on that one.
I used to listen to Dave on his radio show. I'm not all in w beans and rice, but I try.I just hate long term bills hanging over my head. I make as many principal only payments as I can when I can. I got ahead during my enlistment by being deployed a fair amount, and never over-spent, always lived within or below my means.
Matt
\'96 202 Champ \"Old Blue\"
As a former service memeber, daytrader as well.... I would say contact USAA as well.
Call Dave Ramsey !
You are a retired veteran and have access to every support center nationwide. Those places do everything from resume writing, financial planning to budget for baby classes. It's all there and free to you forever.
I'm posting a link to locations in Alabama, you can walk in and a qualified financial planner will go over your options and explain everything in depth, as to how to get the most from your money:
http://al.ng.mil/ALABAMA/Resources/SFSS/Pages/FAC.aspx
Phone numbers by city are at the bottom if you scroll down their page.
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