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I just came into a wad of money... What do i do?

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I'm in school full time. Im also a single mother. I live with my parents, so im not paying any bills (thankful for that!). Yesterday, a check came in the mail from my school for $3,200. I was completely taken by surprise. I had no clue what it was for until i called my school. They told me that financial aid coveres my tuition and whatever is left over, they send to me in a 'refund check'. The guy on the phone explained more in detail that some is from the grant and some is from the loan, but until im dont with school, i wont know the full amount. He also said i'd be getting a check for every semester that financial aid pays for my tuition.

As an entrepeneur at heart, i would love to start my own business (on the side of course) and be able to stay with my daughter at home. I currently work part time, but everyone knows that those hours arent guaranteed.

I know i have responsibilites and it wouldnt be the wisest choice to put the money into a business and then it fails. But if you dont risk something, you dont get far, right?...

How do the rest of you feel? If this was you and you knew you'd be getting a check every semester, what would you do with it? What should i do?

by on Feb. 12, 2013 at 10:08 PM
Replies (31-40):
by on Feb. 16, 2013 at 9:43 AM

I would put it away to help pay off the loans when your done with school & to have the start up money for a business when you done with school...

by New Member on Feb. 18, 2013 at 2:34 AM

WOW You are busy, I too am a single mom, at University doing my MBa part time..2/3rds of a full time workload.

I am also an Entrepreneur at heart so i know what you are feeling. However i am also now a fully qualified financial planner so you have to be SMART now and put that money aside do not touch it until you graduate, put it somewhere safe, with a reasonable return and keep adding to it as new payments come in, do not let it distract you from your mission of finishing your FT studies and graduate with the best result possible.

Time is your only non  renewable resource and building a successful business takes time and research, do not jump in blindly or fall victim to next brigh shiny object syndrome.. and spend it  Take your time, finish what you are doing now, and feel frateful that the money is safe and growing even a little whilst you stay focused and get to the point of graduating.

Keep working part time as you have been doing this successfully and you will set a great example to your daughter of what it takes to succeed, be proud of your self evry day for the discipline and growth you are displaying.

You havent mentioned what you are studying or the time frame until you complete, or what those dreams are for when you graduate.. but know thta this money will surely become important then ( assuming you do not have to pay it back for any reason)..but look at the whole picture, and your whole picture before you decide what the best use of this money is for you and for your daughter and for your future together. All of the laws and all of the picture must be looked at before you decide the highest return on your windfall long term, that may be investing in abusiness, or in insurance, or in long term savings, or an education fund for your daughter which could compound significantly over time or a combination of all of these.

You are amazing and deserve the best life has to offer, but it takes smart thought out plans, an understanding of your complete financial situation and your skills, values etc to give you proper financial advice. You have time to decide, when we launch we are offering a free video series just for Women that will assist you to understand your whole situation and get financially fabulous. You will find it at if you are interested and dont worry its fun and educational and free. 

Ultimately it is your money, your life and your choice what to do and the best use of this for you and your daughter. But take your time...

Love to you both and continued success,


by on Feb. 18, 2013 at 10:44 AM

Use some to invest in your business and put the rest in savings.

by Member on Feb. 18, 2013 at 12:19 PM

My dh says put it into an IRA, and I agree, but I'd put some into savings as well.

by Member on Feb. 18, 2013 at 1:14 PM

I would build my savings with it.  Once you have a nice savings, then you could put one of the checks toward starting a business. 

by Bronze Member on Feb. 18, 2013 at 6:30 PM

This one.

Quoting allyn9:

I would start, initially, by building a "safety net."  (For me, that would be putting this whole first check into savings and not using it for anything but an emergency.) You are blessed to have the housing situation you do, but one never knows what the future may bring.  Plus, you said "some is from a loan" so I would check (get something in wriitng) and make sure none of it must be paid back until after you graduate.  Finally, I would make sure to research the business you'd like to start and make sure the odds are very good of it being financially successful, and not requiring repeated cash flow from you to exist.  

by Bronze Member on Feb. 18, 2013 at 6:56 PM

I agree pay the loan 

by Bronze Member on Feb. 18, 2013 at 9:41 PM

I would pay off bills and then put the rest into savings.

by on Feb. 18, 2013 at 9:53 PM

I say put half towards your business and half towards the loan.

by Member on Feb. 19, 2013 at 12:42 PM

Maybe you could pay off some debts. Or some bills in advance.

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