Reply to I'm a poor who is about to receive an inheritance: please tell me what to do with it

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[quote=Anonymous][quote=Anonymous]I'm LMC (at least for the DC area). I'm about to inherit around 700K.

My first priority is to stow the money away for DC's college (we've only managed to save about 50K for their college to date). Should I throw it all in a 529? Or should I put it into our retirement fund, and saddle DC with college loans? Or a split between the two?

Or other possibilities? I really know nothing about money because I've never had enough to learn. What do you wise UMC money-having people recommend?[/quote]

personally I would not ask UMC people because your concerns are not theirs. they have retirement and college paid for.

you need to run the numbers and figure out what is best for your future, and therefore, your children's future. do you have any debt outside of low debt (mortgage, 0% cards, etc?)? how many children do you have? when is your mortgage paid off? how many years until college? are you positive your kid will want to attend college? how much are you willing to put aside- public or private costs? how much retirement funding do you have?

I am of the belief that college savings comes 2nd to retirement and no debt. there is no guarantee my kid will want to go to college, retirement is something we absolutely need and i don't want my kids responsible for me/us because of lack of retirement funds.

your child may get scholarships or other means to pay for schooling. if you really want to set funds aside, then i would set 4 years of tuition aside in a high yield account (talk to a fin adv about the best one) and then gift any remainder at 30 or some age to help with DP/etc.

the rest should be used towards debt and retirement.

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