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Mom Confessions Mom Confessions

Help me think this through logically. IF you wanna be a b****, thats cool too, I'll just weed out the b*tchiness.

Posted by Anonymous   + Show Post

 My husband and I are going to be receiving a settlement. We have NO idea about the amount yet, but we are thinking it out long before we get it so that we can have the plan, and do it.

It could be anywhere from 30k to 300k. We really have no idea. So we are PLANNING the 30k and if it is more, we will put much of that into some form of savings until we purchase a home so that we will not have a mortgage payment.

My question: What is the best (in your opinion) plan on savings. Regular Savings is great for smaller amounts, but we are not wanting to waste the time with such a low interest on a larger amount.

Any advice would work too! :D

Posted by Anonymous on Nov. 26, 2012 at 10:50 PM
Replies (11-20):
tennisgal
by on Nov. 26, 2012 at 10:59 PM

what's your retirement like?? you don't own a house at all right now but are wanting to buy soon?? so does this need to remain easily accessible?? 

Anonymous
by Anonymous 4 on Nov. 26, 2012 at 10:59 PM
Invest it.
Anonymous
by Anonymous 5 on Nov. 26, 2012 at 11:00 PM
Find a money manager or accountant? Good luck with whatever you do!
jessistarr85
by on Nov. 26, 2012 at 11:02 PM
1 mom liked this

Just go in and ask them to explain options to you. They will give you ideas, but each bank might have a different type of plan. Just start with we are going to be getting a settlement and we would like to invest the money. They will tell you everything from that point.

Quoting Anonymous:

 we will definitely talk to multiple bankers, but I want to go into it knowing more information. I just don't know where to start on researching the different account types.

Quoting jessistarr85:

I would go talk to several bank managers to see who offers the best plan

 


Anonymous
by Anonymous 1 - Original Poster on Nov. 26, 2012 at 11:03 PM

We have been financially irrisponsible up until this year. We are paying off all of our debts before anything, and not creating anymore debt.

We do not own a home but we are wanting to wait 4-5 years when my husband graduates because we are wanting to move to a different state.

Quoting tennisgal:

what's your retirement like?? you don't own a house at all right now but are wanting to buy soon?? so does this need to remain easily accessible?? 

 

Hannahluvsdogs
by Ruby Member on Nov. 26, 2012 at 11:05 PM
I would put half in a CD account, where it will be safe and earn a decent amount of interest, and invest the other half.
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Anonymous
by Anonymous 6 on Nov. 26, 2012 at 11:06 PM

Your lawyer wants you to use your settlement for his degree??

Quoting Anonymous:

 he said he thinks he should use it on his degree. That is all he has said, but we both don't agree because we can pay for that with his paychecks.

Quoting Ms.Pink.:

Whatever lawyer is helping in the settlement will give you the advise you need on what to do with it

 


Dayna29
by on Nov. 26, 2012 at 11:08 PM

Watch the stock market and put it into stocks. I know some can come down and crash, but some you can keep it up and cash in when you need it or retirement. I don't know much about it, but my kids have stocks and they will get them when they are old enough to handle money instead of blowing it.

Anonymous
by Anonymous 1 - Original Poster on Nov. 26, 2012 at 11:10 PM

 He doesn't WANT us to, he just advised that since my husband can no longer work the job he was, and he is in school. It was during one of the earlier meetings when he thought he would get 30k. Now my dh is deemed 40% disabled with PTSD and hasnt been to the physical dr yet (lawyers drs, so he will have to do a neutral too).

Quoting Anonymous:

Your lawyer wants you to use your settlement for his degree??

Quoting Anonymous:

 he said he thinks he should use it on his degree. That is all he has said, but we both don't agree because we can pay for that with his paychecks.

Quoting Ms.Pink.:

Whatever lawyer is helping in the settlement will give you the advise you need on what to do with it

 

 

 

Anonymous
by Anonymous 6 on Nov. 26, 2012 at 11:14 PM

Oh ok I got it now.  I read it like you were saying your lawyer wanted you to put it towards your lawyers degree.  I am a little slow sometimes lol

Quoting Anonymous:

 He doesn't WANT us to, he just advised that since my husband can no longer work the job he was, and he is in school. It was during one of the earlier meetings when he thought he would get 30k. Now my dh is deemed 40% disabled with PTSD and hasnt been to the physical dr yet (lawyers drs, so he will have to do a neutral too).

Quoting Anonymous:

Your lawyer wants you to use your settlement for his degree??

Quoting Anonymous:

 he said he thinks he should use it on his degree. That is all he has said, but we both don't agree because we can pay for that with his paychecks.

Quoting Ms.Pink.:

Whatever lawyer is helping in the settlement will give you the advise you need on what to do with it

 


 


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