I just inherited $5000. and am 50 years old and female. What is the most logical thing to do with it? please give me details.
2006-06-12 11:44:02 · 13 answers · asked by mooms04 1 in Business & Finance ➔ Personal Finance
First, pay off any and all of your debts leftover from it. Second, treat yourself to something nice. If you don't want to and/or have many leftover after that, third, you can put that money into a high-interest bearing CD for 2 or 3 years yielding 4 or 5%. I would normally suggest a mutual fund with moderate risk (60% stocks/40% bonds) but the way the markets are right now, it may be a mistake. If you want a promising return, put the money into a IRA and either invest in mutual funds or individual stocks. Some good mutual funds right now are probably International Stocks/Bonds, US Bonds, Money Market Funds, and Balanced funds (containing bonds and equities).
2006-06-12 12:32:39 · answer #1 · answered by xls8000 2 · 0⤊ 0⤋
First of all throw the logic out the window. Do something that you wanted to do for a long time, but remember, DO NOT GIVE IT TO SOMEONE ELSE. (ex: children, brothers, any other family members.) It was meant for you, so do something for yourself. Get a new hairdo, buy some new clothes, get your self a new computer, buy a new bed for the bedroom, and new bed cloths,do a make over. Take a trip to some where in style. If its to a theater, go by limosine instead of taxi, go for supper, have a good glass of wine but do something that you will enjoy. When you get to the resturant and they ask are you joining someone, say NO this is for me. Be selfish for once in your life. Good Luck, and enjoy.
2006-06-12 18:55:47 · answer #2 · answered by twentyeight7 6 · 0⤊ 0⤋
If you have any outstanding loans or credit card debt pay as much as you can now. Mostly likely the interest on your debt is much higher than any saving you can get from the savings account or a CD. Also, don't forget to treat yourself with some of it, I'd say $1000.
2006-06-12 19:19:38 · answer #3 · answered by futbolist_1 2 · 0⤊ 0⤋
With only that amount and at your age, just put it in a money market account. Interest rates have been going up. Maybe a 3 month CD. That's all. No big deal.
2006-06-12 18:53:11 · answer #4 · answered by Irish 7 · 0⤊ 0⤋
You have spent 50 years of your life probably working. I saw you take the $ you were not expecting and treat yourself and maybe another to a wonderful, relaxing vacation. Do something for YOU.
2006-06-12 19:00:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have everything else (car, house, computer, etc) you can invest in stock market for retirement. I would do eye lid lift if I had spare $5000.
Take care.
2006-06-14 13:47:28 · answer #6 · answered by janis 1 · 0⤊ 0⤋
give 10% to friends or charity
save 50%
enjoy the other 40 % - make yourself some gifts !
2006-06-12 19:04:26 · answer #7 · answered by carlos 5 · 0⤊ 0⤋
ME! Send it directly to me. Mail to: Boffo c/o Ringling Brothers Circus, Gibsontown FL 33046
2006-06-12 19:37:22 · answer #8 · answered by ? 6 · 0⤊ 0⤋
Pay a 10% tithe ($500) to your local church. Then buy shares on the NYSE (stock exchange).
2006-06-12 18:53:48 · answer #9 · answered by Franklin_PACENESYS 1 · 0⤊ 0⤋
Put it in a bank CD for a little while. Get more out of it first.
2006-06-12 18:51:45 · answer #10 · answered by EXCAPE 2 · 0⤊ 0⤋