My husband is currently filing for divorce. I will be a single mother of 3 kids. I have no savings, no investments, no car and only $2,000 to my name (until I start getting child and spousal support). I'll be checking into going to college as well. What should I invest in first....where and how do I start?
2006-06-28 07:44:34 · 6 answers · asked by ophee 2 in Business & Finance ➔ Investing
Don't worry about investing until you have a stable financial situation. You should have a cash reserve equal to 3 to 6 months' expenses. Once you've got that, think about investing. Here are some good things to start with, in order of importance:
Pay off any high-interest debt (e.g. credit cards)
Contribute maximum allowed to 401k and/or Roth IRA
529 college savings plan for your children
Low cost mutual funds; I like index funds from Vanguard and Fidelity
2006-06-28 08:24:52 · answer #1 · answered by rainfingers 4 · 0⤊ 0⤋
Get your own attorney ASAP.
Decrease your spending and increase your savings until the divorce is final and you know what your future financial situation will be (i.e. assets have been divied up, alimony and child support are set, etc.). Do not tie your money up for more than say a month until the matter is settled.
2006-06-29 16:53:37 · answer #2 · answered by frugernity 6 · 0⤊ 0⤋
Get a lawyer immediately. You pay them, they will do most of the work for you. They will tell you what you need to do. I have been divorced twice.
2006-06-28 14:48:42 · answer #3 · answered by tbug 1 · 0⤊ 0⤋
I suggest you to invest in your Education.
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2006-06-30 04:32:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
get a lawyer
2006-06-28 14:50:28 · answer #5 · answered by LVJoeD 2 · 0⤊ 0⤋
lawyer is first, credit second
2006-06-28 14:56:36 · answer #6 · answered by cmac 3 · 0⤊ 0⤋