Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

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 (21-30):
Mweddle
by Gold Member on Nov. 26, 2012 at 11:18 PM

 I say Roth IRA

Talk to a trustworthy financial planner and figure out how and where to invest.  I personally would go to Dave Ramsey's website and get one of his recommendations for financial planners in your area (an ELP)

I would personally invest in a Roth IRA. 

Charliesmommy11
by on Nov. 26, 2012 at 11:20 PM
Either a CD or a IRA are your best savings options for large amounts.
Posted on the NEW CafeMom Mobile
BEXi
by BEXi on Nov. 26, 2012 at 11:21 PM

No advice, congratulations.

Anonymous
by Anonymous 7 on Nov. 26, 2012 at 11:23 PM

If you can, I'd talk to someone in a credit union.

Are you looking to put some of it into an IRA or a CD? The APR and APY nowadays aren't shit... .001% on 10k (obviously not all are like this, but the bank I worked for, a lot of their percents were this low)... ridiculous. Credit unions usually offer better APRs and APYs, though.

Anonymous
by Anonymous - Original Poster on Nov. 26, 2012 at 11:24 PM

 definitely not congratulatory (sp? lol) My husband was injured so it's making up for loss income.

Quoting BEXi:

No advice, congratulations.

 

2blessed2bitch
by Bronze Member on Nov. 26, 2012 at 11:26 PM

Interest rates suck.  I get more return on my checking account than on my savings account.  But, we are saving for a new house, and I don't want to spend our down payment, so I put it in a CD.  I'll get nothing on it.  Like $25.00 or something, but a penny saved is a penny earned, and I know we will not spend it.

Anonymous
by Anonymous - Original Poster on Nov. 26, 2012 at 11:27 PM

 This was another fear. The rates. We were thinking more of CD because we want to pay cash for a house eventually. We also don't want to lock it in right now for 5 years because if we waited, we could make more. I'll look for some credit unions around here with good reputations and talk to an adviser.

Quoting Anonymous:

If you can, I'd talk to someone in a credit union.

Are you looking to put some of it into an IRA or a CD? The APR and APY nowadays aren't shit... .001% on 10k (obviously not all are like this, but the bank I worked for, a lot of their percents were this low)... ridiculous. Credit unions usually offer better APRs and APYs, though.

 

BEXi
by BEXi on Nov. 26, 2012 at 11:27 PM

Um yes.. congratulations for GETTING that settlement. Some people have been in your husbands shoes and have not been as lucky.

Quoting Anonymous:

 definitely not congratulatory (sp? lol) My husband was injured so it's making up for loss income.

Quoting BEXi:

No advice, congratulations.

 


1likeme
by Gold Member on Nov. 26, 2012 at 11:29 PM
Your best bet is to speak with a financial advisor. Suze orman has some great books about financial planning that you could read through too.
Anonymous
by Anonymous 7 on Nov. 26, 2012 at 11:30 PM

Quoting Anonymous:

 This was another fear. The rates. We were thinking more of CD because we want to pay cash for a house eventually. We also don't want to lock it in right now for 5 years because if we waited, we could make more. I'll look for some credit unions around here with good reputations and talk to an adviser.

Quoting Anonymous:

If you can, I'd talk to someone in a credit union.

Are you looking to put some of it into an IRA or a CD? The APR and APY nowadays aren't shit... .001% on 10k (obviously not all are like this, but the bank I worked for, a lot of their percents were this low)... ridiculous. Credit unions usually offer better APRs and APYs, though.


That's what sucks... the rates are TERRIBLE now. The good thing with CD's though, is you can get a 36-48 month CD and when that time period is up, depending on whether or not you need the money for the house or whatever, if you want to keep it, you can roll over and get the new current rate the CD is at or you can pull your money out with no charge to you. It's smart to, say if you got 100k, to put 25% of that into a CD for the years you know you guys won't need to touch it, then see where you're at in X amount of years. But, again, credit unions are the way to go...even with banking, too.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)