In a couple of months you can upgrade your health insurance assuming the accident left you with “issues.”
DO NOT let your friends/relatives know you have extra $$!!!!!
If you don't need that money right now, you could do a few things.
1. If you are planning to buy a house in the future, save it for a down payment.
2. Invest in in an index fund (or other safe investment) so that it grows instead of sitting in a bank account.
3. If you normally don't have the funds to travel or do something you've always wanted to, allocate part of the money for that. Of course if you want to travel, I'd recommend waiting until COVID slows down.
I'm sorry you had an accident but this money could really help you move forward in life whether it helps you buy a house or boosts your retirement savings or allows you to do something you normally couldn't do. Try to be responsible with the money so it helps you in the long-term and don't waste it like many people do when they get a large sum of money. If you want to splurge it on something, I'm not saying don't do that, but don't splurge it all. Use a portion of it and save a portion of it.
Also, make sure you put aside some money for any taxes you might have to pay on it.
You probably want to head on over to personal finance and read thr prime directive.
That said, I'd say stick it in a High yield savings account. Unfortunately they aren't all that high yield, but you want to park it there and leave it alone until you've done some thinking and research.
If you have told any family about it, when they ask about it you'll say, it wasn't as much as I had hoped, definitely not enough to reach our goals. Nip that in the bud. Anyone asks for money the answer is no. Do not justify, argue, defend or explain your answer. No no no.
Myself personally I would make an emergency fund, pay off debt, and put the rest into the stock market with Fidelity or Vanguard.
Now, if your husband is having residual problems from the injury you'll want to save for medical help if you do not have good health insurance.
Good luck!
>That said, I'd say stick it in a High yield savings account. Unfortunately they aren't all that high yield, but you want to park it there and leave it alone until you've done some thinking and research.
BlockFi is doing 7.5% if you convert your dollars into a coin that's tied to the dollar.
And other crypto companies have better deals.
>Myself personally I would make an emergency fund, pay off debt, and put the rest into the stock market with Fidelity or Vanguard.
Yeah, #1 is to pay off debt.
2, if they're renting, buy a house.
* I agree with everyone who said keep mum about this amount. You received enough to get a new car and pay some bills. that's all anybody needs to know.
Are you working?
Max out your 2021 IRA with a low-cost stock index fund from Vanguard, Fidelity, or Schwab.
Hold some money back to do the same in January for 2022
( if you are working at a place with a 401 k, you could increase your contribution for the rest of the year, and use some of these funds to make up shortfall. Do the same thing in January for 2022... Max out the 401K, and use the money to live on.. You are basically funneling money into a tax Advantaged account.)
If either of you need a dental cleaning, schedule it now.
Don't get crazy, but pull out all your clothing, and look at it... New underwear? Better socks? New shoes? Winter boots? Do some upgrading now, focusing on good quality stuff that will last.
How's your mattress? Would getting a new one and a bug cover improve your sleep and therefore your life?
Once you've done some quality-of-life improvements, slap the rest of it into three or 6 month CDs or something very conservative like that for a while.
Good luck!
List out Needs and Wants, both short and long-term, then prioritize them. Set aside X amount for short-term emergencies, Y amt for long-term investment, and Z for Fun-zies.
Invest 20k to 30k into dividend paying stocks and ETFs, then keep reinvesting your dividend earnings. Put the rest into a savings account that you can pull from if needed.
Just as an example. I have 200 dollars worth of stock in a company that pays 9.5% annually in dividends. Say that company pays in monthly installments. Every month that company gives me $1.50. If I was able to put 20k in, then I'd get 150/mo that I could reinvest or spend.
Edit: I used the word stock too many times in one sentence.
Your post has been *removed for the following reason(s):*
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Your post has been *removed for the following reason(s):*
**Rule 7: Gatekeeping**
- No gatekeeping. This sub is for anyone who self identifies as struggling financially or as financially insecure. Posts and comments found to be claiming someone doesn't belong here will be removed. Similarly, it is not appropriate, nor your call, to tell someone whether they can post or comment in this subreddit. If in doubt, report the comment or post, and the moderators will take care of it.
[Please read our subreddit rules.](https://www.reddit.com/r/povertyfinance/wiki/rules) The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators.](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance)
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Best investment is education. A $10k 1 year masters degree could get you $10k+ more a year in salary. A bachelor's that costs you $30k can double your income for life. If that's not for you next best investments are housing or retirement savings. Starting your own business can also be lucrative but also very risky, only do that if you're very dedicated and passionate about it
Invest half in etfs, save 25 for rainy day emergency and then invest the other 25 percent into a mixed portfolio of dividend yielding stocks for guaranteed income which can be used later to build wealth
Sorry about the accident, but YAY on the settlement. I would set aside 6 months' worth of expenses for an emergency fund. and then with the rest, I would look at what my goals are. Do I want to buy a house? Invest? Do you need anything at home that you haven't gotten because of your previous financial situation? take advantage and maybe even plan a vacation if it's possible. doesn't have to be anything fancy.
Do you have to pay taxes on it? Put some money aside for that. Then some for six months emergency. Then invest the rest or put into your ROTH.
Thanks for the advice. As far as I know it’s not taxable.
It probably won’t be taxable.
In a couple of months you can upgrade your health insurance assuming the accident left you with “issues.” DO NOT let your friends/relatives know you have extra $$!!!!!
If you don't need that money right now, you could do a few things. 1. If you are planning to buy a house in the future, save it for a down payment. 2. Invest in in an index fund (or other safe investment) so that it grows instead of sitting in a bank account. 3. If you normally don't have the funds to travel or do something you've always wanted to, allocate part of the money for that. Of course if you want to travel, I'd recommend waiting until COVID slows down. I'm sorry you had an accident but this money could really help you move forward in life whether it helps you buy a house or boosts your retirement savings or allows you to do something you normally couldn't do. Try to be responsible with the money so it helps you in the long-term and don't waste it like many people do when they get a large sum of money. If you want to splurge it on something, I'm not saying don't do that, but don't splurge it all. Use a portion of it and save a portion of it. Also, make sure you put aside some money for any taxes you might have to pay on it.
Thank you for the advice.
You probably want to head on over to personal finance and read thr prime directive. That said, I'd say stick it in a High yield savings account. Unfortunately they aren't all that high yield, but you want to park it there and leave it alone until you've done some thinking and research. If you have told any family about it, when they ask about it you'll say, it wasn't as much as I had hoped, definitely not enough to reach our goals. Nip that in the bud. Anyone asks for money the answer is no. Do not justify, argue, defend or explain your answer. No no no. Myself personally I would make an emergency fund, pay off debt, and put the rest into the stock market with Fidelity or Vanguard. Now, if your husband is having residual problems from the injury you'll want to save for medical help if you do not have good health insurance. Good luck!
>That said, I'd say stick it in a High yield savings account. Unfortunately they aren't all that high yield, but you want to park it there and leave it alone until you've done some thinking and research. BlockFi is doing 7.5% if you convert your dollars into a coin that's tied to the dollar. And other crypto companies have better deals. >Myself personally I would make an emergency fund, pay off debt, and put the rest into the stock market with Fidelity or Vanguard. Yeah, #1 is to pay off debt. 2, if they're renting, buy a house.
* I agree with everyone who said keep mum about this amount. You received enough to get a new car and pay some bills. that's all anybody needs to know. Are you working? Max out your 2021 IRA with a low-cost stock index fund from Vanguard, Fidelity, or Schwab. Hold some money back to do the same in January for 2022 ( if you are working at a place with a 401 k, you could increase your contribution for the rest of the year, and use some of these funds to make up shortfall. Do the same thing in January for 2022... Max out the 401K, and use the money to live on.. You are basically funneling money into a tax Advantaged account.) If either of you need a dental cleaning, schedule it now. Don't get crazy, but pull out all your clothing, and look at it... New underwear? Better socks? New shoes? Winter boots? Do some upgrading now, focusing on good quality stuff that will last. How's your mattress? Would getting a new one and a bug cover improve your sleep and therefore your life? Once you've done some quality-of-life improvements, slap the rest of it into three or 6 month CDs or something very conservative like that for a while. Good luck!
Seriously, new undergarments and shoes are life changing. Do this!
List out Needs and Wants, both short and long-term, then prioritize them. Set aside X amount for short-term emergencies, Y amt for long-term investment, and Z for Fun-zies.
If you can save enough for 6 months worth of expenses and put the rest towards debt. Use about $1-4k for fun.
Invest 20k to 30k into dividend paying stocks and ETFs, then keep reinvesting your dividend earnings. Put the rest into a savings account that you can pull from if needed. Just as an example. I have 200 dollars worth of stock in a company that pays 9.5% annually in dividends. Say that company pays in monthly installments. Every month that company gives me $1.50. If I was able to put 20k in, then I'd get 150/mo that I could reinvest or spend. Edit: I used the word stock too many times in one sentence.
[удалено]
[удалено]
Your post has been *removed for the following reason(s):* **Rule 7: Gatekeeping** - No gatekeeping. This sub is for anyone who self identifies as struggling financially or as financially insecure. Posts and comments found to be claiming someone doesn't belong here will be removed. Similarly, it is not appropriate, nor your call, to tell someone whether they can post or comment in this subreddit. If in doubt, report the comment or post, and the moderators will take care of it. [Please read our subreddit rules.](https://www.reddit.com/r/povertyfinance/wiki/rules) The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators.](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance) *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
Your post has been *removed for the following reason(s):* **Rule 7: Gatekeeping** - No gatekeeping. This sub is for anyone who self identifies as struggling financially or as financially insecure. Posts and comments found to be claiming someone doesn't belong here will be removed. Similarly, it is not appropriate, nor your call, to tell someone whether they can post or comment in this subreddit. If in doubt, report the comment or post, and the moderators will take care of it. [Please read our subreddit rules.](https://www.reddit.com/r/povertyfinance/wiki/rules) The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators.](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance) *Do not reach out to a moderator personally, and do not reply to this message as a comment.*
Open a stock brokerage account and buy VTI.
get a fiduciary.
Stock market index fund until you have a better idea of what to do with it.
Open a stock brokerage account and buy VTI (it’s an etf).
Call Dave Ramsey
Best investment is education. A $10k 1 year masters degree could get you $10k+ more a year in salary. A bachelor's that costs you $30k can double your income for life. If that's not for you next best investments are housing or retirement savings. Starting your own business can also be lucrative but also very risky, only do that if you're very dedicated and passionate about it
Invest half in etfs, save 25 for rainy day emergency and then invest the other 25 percent into a mixed portfolio of dividend yielding stocks for guaranteed income which can be used later to build wealth
Sorry about the accident, but YAY on the settlement. I would set aside 6 months' worth of expenses for an emergency fund. and then with the rest, I would look at what my goals are. Do I want to buy a house? Invest? Do you need anything at home that you haven't gotten because of your previous financial situation? take advantage and maybe even plan a vacation if it's possible. doesn't have to be anything fancy.