I am a single mum of a 1 yr old, getting no financial support from the 'so called father'.?

Question

I have recentley recieved $30k from victims compensation- I want to make sure my baby has a positive future - what should i do with the money?? I wanted to buy a house, but because i care for my baby fulltime, no banks will give me a loan for a house unless I work...and I hate the thought of putting him in daycare - HELP!!

Answer 1

start a daycare center for yourself buy into another day care center..partners? use your experience as a mother to help other mothers and give them a Respite from their wards. Good Luck

Answer 2

Take the majority of it - 20K or so, and put it into a college savings account with a reputable bank.

Nothing you can do with the money now will come close to the difference that having money to go to a good school and get a decent education will have later in your childs life.

Next - get a job, regardless of what your situation is - you might have to put him into daycare for a little while (or find someone who can take care of them) - at least for a part time job to get started. Your childs well being needs to be your #1 priority, and while you might feel strongly about being there for your child, you also need to remember that you are responsible for making sure that the childs needs are taken care of - financially.

Take the remaining 10K and split it into two piles--use the first to find a lawyer, and get that deadbeat motherf**ker paying some child support. If there are any doubts as to the paternity - get DNA tests done. Hopefully you won't have to spend the whole 5K getting that straightened out - but if you need it, it's there. If you have money left over, maybe use it to pay off some outstanding debts.

The final 5K, along with a part time job and income from the child support payments should be enough to secure a first-time home buyers loan (assuming you haven't had one of those before). You can use part of the 5K as a downpayment, and the rest to cover any additional expenses to get moved in and set up.

Good luck.

Answer 3

$30K is not enough for your child's or your future. I would consult with a good broker from a large, well respected brokerage firm. It can be invested in a balanced portfolio based on a risk and needs analysis. You are not an expert so find one.

You also need to focus on what you are going to do to bring income into the household. There are things an at-home Mom can do. There is actually a question in this forum looking for the best opportunity. I suggest you track that question's answers.

Buying a house is nice, but it is a luxury for many. I would suggest focusing on financial stability and providing a nurturing environment for your child as a better (and more attainable)priority. If you do this, other opportunities will present themselves.

Answer 4

First off is necessary spend some of that money on an attorney to get child support from the "father". If you have family stay with them while you get some training for a good job that will pay you well. 30k seems like a lot of money but it will run out soon enough. you need to look at the long term that this child will be your responsibility til he's an adult. good luck to you.

Answer 5

Some people say that setting an example as a wage-earner is more important than the trauma of daycare for the kid.

Answer 6

if you really wanted what is best for the baby you would work, you cant count on getting money like this to support yourself, give the kid a future by working and saving some money

Answer 7

A HOUSE IS A PERFECT INVESTMENT BOT DAYCARE IS EXPENSIVE YOU CONT PUT THAT MONEY IN A Y2K PLAN O A TR-US FUND

Answer 8

ask Dave Ramsey. Go to www.daveramsey.com

Answer 9

what is a mum?