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My husband's $35,000 re-enlistment bonus is almost here! Please help me decide how to invest/save it.

We will only see about $25,000 after taxes and we are going to pay off my car and my husband's student loan, buy the last little bit of Christmas we have to get and pay to go home for Christmas. At a very minimum I want to put away $10,000 to $15,000. I do not know where to start. I don't know how any of this works and I want to invest it wisely. Got any suggestions? I'd like to make some interest off it. As long as he stays in the Marines, retirement is taken care of and right now Im more concerned with my kids having some kind of a college fund. I need to put the money where we can't touch it and it will gain some interest. Any advice?

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Anonymous

Asked by Anonymous at 10:25 AM on Dec. 3, 2008 in Money & Work

Answers (5)
  • yeah.. send the check my way =) LOL sorry i don't know what to tell you except call an edward jones or a professional to guide you!
    krazyash023

    Answer by krazyash023 at 10:28 AM on Dec. 3, 2008

  • Seriously...with everything that's going on now, I would stay away from the stock market. Real estate is a great investment now...or a secure note like a US Savings Bond, bank CD (FDIC banks only) or a Patriot Bond. Some banks have college fund products that you can open in each child's name. Ask around and don't rush into anything. Open a savings account for now so it's out of reach until you are ready to invest.
    companygoddess

    Answer by companygoddess at 11:19 AM on Dec. 3, 2008

  • try looking for a financial advisor in your area...the military might be able to help with that, don't know....they will usually come out and talk you you to see what you are looking for before charging you anything and can give you some ideas.
    Anonymous

    Answer by Anonymous at 3:29 PM on Dec. 3, 2008

  • For 10 to 15K, I would shop around for a CD. We are keeping ourselves pretty liquid right now because of the state of the economy. When you get to the bank, they might try to get you to do something else so, you might want to enlist someone to go with you so you're not signing off on a 5-yr CD or something you don't want. Make sure the bank is solid and then take the highest interest rate.
    Avon_Calling

    Answer by Avon_Calling at 6:18 PM on Dec. 3, 2008

  • Do not put your money in the bank. They will give you a low rate of retutn and then invest it and receive a higher return on your money. You would need to talk to someone in your area who have a securities license and show you how to get your money working for you. Also, make sure that they are able to provide a solution so that you and your family can reach financial freedom and accomplish some of your goals and dreams. You can write if you need additional information.
    DivaMom504

    Answer by DivaMom504 at 12:35 AM on Dec. 5, 2008

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