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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"
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[quote=Anonymous]I'm sorry for your loss. Regarding what to do now, since you're asking for advice, I would recommend holding off and not making any decisions until you've had time to think about it. Above all, do not make any spending decisions at this time! $500,000 may be a lot, but it can go quickly, as another poster noted. 2 kids will eat up that money for college. You should keep the money in the bank in a regular savings account for now. Then read up a bit on investing, perhaps consult a financial planner, and then decide how you want to allocate the funds -- ie, between regular savings, money market, CDs (probably not advisable given low interest rates now), stock or bond mutual funds in a regular brokerage account, or putting some of that money into college/retirement-specific accounts (eg, Roth or regular IRA). Above all, do not spend any of that money now, and continue as you are. Good luck![/quote]
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