What to do with inheritance?

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[Post New]05/15/2023 10:40
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Anonymous
Anonymous wrote:How much is the inheritance? That $150k mortgage is so low if he inclined to just pay it off and put the rest in fdic insurers accounts at 5%


This. I don't care what the interest rate is. The balance is low enough that you should just wipe it out and be rid of the bank forever.
[Post New]05/15/2023 11:42
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Arlingtonian703
Member Offline
Anonymous wrote:I am receiving an inheritance and am trying to figure out what to do with the money.

Does it make sense to pay off current mortgage? There is a possibility that I might move in 3-5 years, so if I save/invest, I’d need to have access to it quickly. What would you do?


The r/personalfinance flowchart from reddit is always a good place to start


https://i.imgur.com/lSoUQr2.png

But yeah, mathematically it doesn't make sense to pay off your 3% mortgage. We'd have to know a lot more about your financial picture and goals for anyone to provide a good answer but putting the money in a HYSA earning 4% is a good place to start while you figure it out.
[Post New]05/15/2023 11:53
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Anonymous
Put it in JEPI. It will make a reliable 5-10% return via monthly dividends. And will likely be even higher if this sideways market continues.
[Post New]05/16/2023 16:28
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Anonymous
I inherited $144K last year. Kept it in mutual funds.
[Post New]05/16/2023 17:54
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Anonymous
Anonymous wrote:
Anonymous wrote:It might make more sense to put it into a high interest savings account for now.
Klang?


Which one? Never had one


There are probably about 5 people here who get this, but it's hilarious.
[Post New]05/16/2023 17:55
quote
Anonymous
Anonymous wrote:
Anonymous wrote:How much is the inheritance? That $150k mortgage is so low if he inclined to just pay it off and put the rest in fdic insurers accounts at 5%


This. I don't care what the interest rate is. The balance is low enough that you should just wipe it out and be rid of the bank forever.


Why do you hate math?
[Post New]05/16/2023 18:36
quote
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:It might make more sense to put it into a high interest savings account for now.
Klang?


Which one? Never had one


There are probably about 5 people here who get this, but it's hilarious.


You found no. 3.
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