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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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]1) You don't mention if you're married.  If you are, keep it totally separate and don't commingle it (such as by paying off a house that is jointly owned).

2) If not married, pay off your house (or buy a house for cash - again, you didn't provide much detail as to your current situation).  Some people will tell you not to, but if you are truly lower middle-class, your goal is to establish basic financial security, not to get rich.  Someone who has never dealt with money is much more likely to react badly to market swings and sell low.

3) Beyond that, learn about investing or hire a fee-only advisor to make some recommendations, like a mix of stocks, bonds, etc. Only do something when you fully understand it.  Until then, keep the money in a high-yield savings account.  You only have to get rich once - don't blow it.

4) Agree you should prioritize your retirement and house over college savings.  If you have no house payment, you may even be able to cash flow some college help.  If that's not possible, kid can take out loans and maybe live at home with you.[/quote]

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