- April 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Adjusting to New Financial Situation After Mother’s Passing
My mother recently passed away, and as a result, I received a substantial sum of money from her life insurance policy. This influx of funds has significantly changed my financial situation, as I have never had such a large amount of money in my bank account before. Seeing six figures in my account is both exciting and overwhelming, and I am now faced with the challenge of figuring out how to manage and invest this windfall.
### Exploring Investment Options and Seeking Guidance
Given my lack of experience with managing significant sums of money, I am unsure about the best way to invest a portion of the funds. I have heard about various investment options such as High Interest Savings accounts, purchasing land, or investing in cryptocurrency, but I lack the knowledge and expertise to make an informed decision. I am open to exploring different investment avenues but would greatly appreciate some advice and guidance on the matter.
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Follow the prime directive. Pay off high interest debt, set aside a 6 month emergency fund, invest the rest, ideally in retirement accounts but brokerage account works too.
Read the windfall part of the wiki. Don’t make any big decisions for a while. There is nothing wrong with having it sit in a high yield savings account while you figure it out.
I’m poor so i don’t have good advice but I’m really sorry to hear about your loss. Hope you’re doing ok.
First of all sorry for your loss !
Maybe this advice will help you:
1) transfer the money on a savings account that yields proper interest to be able to…
2) take your time – take your time to mourn , to deal with the situation and to heal
3) then take your time 6 months (my recommendation) to learn fundamentals about investing/ finance and decide for a strategy that fits your goals and needs
4) since you said that your lifestyle doesn’t require a lot of money and you are really young so investing for 15-30 years+ is possible you are probably good with a passive investment strategy e.g. All World ETF
…but there are many possibilities. Therefore take your time to learn about finances (podcasts, books, videos …) combine that maybe with financial advise from experts (not banks!) and you are good to go
Again sorry for your loss and I hope I could help you !
Edit: and invest into yourself human capital is your biggest leverage at young age!
Crypto is not for those investing for the first time. Put it into a high yield savings account for a while and take some time to deal with all the feelings. The best financial decisions are almost never made on the spur of the moment.
My condolences on your loss.
While you think about your options first put it into a savings account like Wealthfront that has interest payments. Pretty much everyone should have one of these so it doesn’t hurt to get one right away. Then consider putting in a vanguard account for index funds of the s&p500.
Definitely don’t buy crypto because it’s super volatile so not really a great investment for most people who aren’t connecting to the crypto scene. (If you were connect already your friends are all rich crypto people so go ask them for advice 🙂
Also don’t buy land unless you follow the real estate market every day for fun. The key is you need a strong personal connection why one thing is better to invest in than another. So don’t invest in a restaurant unless you’re a chef and don’t buy houses to flip them if you aren’t a general contractor / fix-it person who does house improvements every day.
There is no hurry. There is no deadline. Take your time to grieve, learn about investing and make a plan.
Parking the $ in a money market, CD or high yield savings account is all OK for now. You should be getting 4.5% interest or better.
Very sorry for your loss. It was 6 months for me to fint my new normal.
Read the wiki, read it again. Take some time to learn about personal finance. Leave it alone until you get an idea of what you want to do with it…no rush. But don’t buy land or crypto.
It’s easy to think this is all the money in the world and start spending little bits here and there and in a few years it’s all gone. In taking your time you learn to spend/save/invest conciously.
In general a hysa, high yield savings account is likely a good next step as you will get solid interest but still be able to move it to other places if you like. Just check for any potential penalties and the like.
Learning this stuff is not complicated, though does take some learning. What you learn will benefit you in many ways.
Condolences for your loss.
Sorry for your loss. Put it in a high yield savings account as soon as feasible and then give it some time. Grieve. Process. When ready, follow the prime directive as posted elsewhere. Financial advisors are not the way to go but if you do so make sure they’re held to fiduciary obligation and not just a salesperson for their products to get commissions.
Open a High Yield Savings account with Ally Bank, Capital One, Discover, etc. earn something on the money but take your time. Educate yourself and don’t invest in anything you don’t understand.
My suggestion (eventually):
Take six months for emergency fund in HYSA
Put the rest in a broad index fund like VTI.
Forget about the money and in 20 years be a millionaire
You do not have six figures.
You’ve got the bones of an engine you can build to make money for the rest of your life and allow you to retire early.
Don’t tell the world. Don’t spend it frivolously. Don’t spend it at all, invest it wisely.
For now – high yield savings. Then learn some strategies from this sub.
Before anything else do not tell anyone about this. Really. Pay off debt, put an emergency fund into a HISA and invest the rest in very conservative ETFs in a tax shelter account.
Go talk to Fidelity. They can help you make a plan. Compound interest is your new best friend.
Put it all in a high yield savings account or something similar that gains interest and just forget about it and keep living your normal lifestyle and I say in about 5 years can buy an income property and still have money left in the account
Just wait a while and do nothing.
I would not waste money on an advisor. Invest the money and do not squander it. That will be a huge help one day for a house. Do not buy cars go on trips etc.
Stay away from crypto.
My advice would be to put it into a mixture of things like bonds, all world etf, maybe even keep some cash for a while in a fixed interest saving account until you’ve had some time to adjust to your position.
Don’t do crypto. I’m begging you.
Six month emergency fund. A HYSA or money market. Some place where you really have to think to get to it.
The rest in diversified investments.
Oh, and do something nice for you. A decent car or a trip or both. You deserve that.
Pay off your debt then invest the rest… real estate is a wonderful investment
Put it in a HYSA (American Express is very easy to do imo). A Fidelity FXAIX fund is also something to consider for long term investing.
Don’t do Crypto or buy land. Don’t tell anyone. You don’t need to fund someone’s dumb dream.
I’m sorry for your loss at a young age. Maybe go on a trip with some of the money.
I’m assuming you have a job. I would start by opening an IRA on Vanguard.com. Put in $13,500 (if you can do it before April 15.) Invest it in a “target date” fund for the year you turn 65, probably around 2065 or 2070. That is a simple, set and forget investment. You can do that all online.
Set aside $5,000 in a high interest savings account. Sofi or Ally are good options. You can also do that all online. Name the account “Emergency fund.”
You might open a second bucket/ or savings account for the rest of the money at the same bank. Then, I’d wait. Think about what you want. Given your situation, the only investment in “land” I’d make is to buy a house you want to live in for 7+ years.
Plan a trip or an adventure that you want to take in honor of your mom. Plan to spend maybe $3,000-$5,000.
Is there anything you’d want to do to increase your income longterm? School, trade school? That would also be a good investment of this money.
From there the question is, is it $100k 6 figures or $200 or $300 or more?
I would do some research and find a good mutual fund (or three) to put some of it in (maybe 1/4). The rest I would put in an HYSA and use it to max my Roth.
This is, of course, assuming that I have no debt and am not saving for a large purchase such as a house.
I would also take a personal finance class just to learn or review the basics
I would *not* tell anyone about it, because it a constant that you will soon receive pressure for “great investment opportunities” which will bleed you dry, even if the original intent is actually even honest
Do not be crazy risky — and do not spend it — find a respectable financial advisor and ask questions about buffered ETFs – and learn before you jump into anything crazy — do not invest in an annuity at your age please
So sorry about your mom.
Get a HYSA right away until you figure out what to do with it. I would suggest you talk to the bank where you open the account and ask them if they have a financial advisor who can help you. Go with a big bank.
Open a Vanguard account and put it all in VTSAX. It will grow or buy a house?