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Would you get financial planner if you are going to inherit 350K? I'm confused as to how to handle this money? I think we will pay off our mortgage of 150K but what do we do with the rest? What type of retirement fund, college funds etc. would be the safest? Or should we just put it in our money market account? We are mid 40s middle class working folk.
Just this year I opened a Roth IRA and we have a 401K and some cash in a money market acct. We have no debt besides our house. We are no where near wealthy or rich, but we make a good living.
I would pay off my mortgage.
I would also fix up anything around the home that needs it.
I would keep some of this liquid and easily accessible...money market, short term cd, the like...
The rest would go into mutual funds.
With the market the way it is, consider investing in real estate - rental property.
I won't risk real estate or rentals unless you know what you are doing. tak to several fiancila planners before deciding is my advise as your descrition is too uninformative.Definitely max out the 401K esepcailly if its matching. Roth IRA is also secure way to save, After payig offfd the house that isn't that much really ;so security is important easpecially now days.
Would you get financial planner if you are going to inherit 350K? I'm confused as to how to handle this money? I think we will pay off our mortgage of 150K but what do we do with the rest? What type of retirement fund, college funds etc. would be the safest? Or should we just put it in our money market account? We are mid 40s middle class working folk.
It depends if the inheritance is an inherited IRA, a regular investment or a insurance policy. There are many tax implications that need to be explored before any decisions should be made.
I would sit down with an financial planner and/or an enrolled tax agent...a specialist in IRS guidelines..not a HR Block tax preparer.
If you do not understand these things and don't have the time to read a lot of books, then get a financial planner who you pay hourly for advice only. No money invested with that person or through his business or anything he can gain from financially.
Otherwise they have NO interest in making you money, rather they will recommend whatever gives them the most commissions.
Since the professional financial planners didn't see the recession coming and stock and real estate markets bottom out, I'm leary of them. Unless you understand how they want to invest your money and the results, you're at their mercy. I'm not saying don't consult with one or more, just know what they're offering.
I think it's in your best interest to learn how to manage your own money. You don't have to learn about all investment vehicles. It will take time, and remember, there aren't many guarantees.
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