I have a good chunk of life insurance money coming to me. Ideas?

rob

Pay off your school and personal debt. Leave the small luxury items for another day. With the money you save in payments you can pay cash for them in a couple of months. Just cause you got it you don't have to spend it!

Take the remaining money, put $80,000 into a large cap stock mutual fund. The other $7,000 and put it into a savings account for an emergency!

You can always spend the money, but you can never get the 'gift' from your father ever again. It was his last wish for a good future for you! Don't disappoint him.

Soccerref

The stock market is very risky. If your life and job situation is settled, a house can be a good purchase. You could get an even lower rate by getting a 15 yr loan, and using your inheritance over time to meet the higher obligation (than of the 30 yr loan) while your salary catches up.

And yes, put some (12,000 to 24,000) in rotating 1 year CDs for a back-up plan / extra ongoing "payments" as per above.

{Otherwise, a college education or trade school??}

Paying off your debts first is wise, and no one should kick about you springing for a few small luxury items that you will enjoy and help you remember your father.

Watch out for gold digging women (especially if you are married !!!) But I am not kidding. Resist the temptation to be big man on campus by always treating others, or randomly giving away money. Don't gamble either. [beyond a few bucks.]

Hi Rob,

I'm pretty sure you already know what you're going to do with the money so I am not sure why you are advertising it to people you don't know. Also, Mad Men is wrong and life insurance proceeds are not subject to probate so I don't know why you are soliciting the advice of potentially less-than-credible resources. Your sister or Aunt Patti might be good sources of advice since they are pretty money savvy or perhaps you could listen to the financial advisor you have an appointment with on the 29th. Good luck to you!

The funds are going to be placed in an account to make sure all his bills were paid and legal obligations. Then you will get what is left over.

Yes, pay-off your bills first and save the rest.

Hey

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Hi,

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If you're new to investing, park it in the bank where it's safe while you decide. "Investing For Dummies" is a good starter book.