Inheritance
I will be getting an inheritance of about $15,000 soon as we have sold my dads home and are closing out his estate. My husband I do not “need” this money to pay bills etc as he is an attorney and we are very blessed and financially secure. Do I need to open a completely separate account for this money? Perhaps a checking account, while I figure out what to do with the money? Additionally, can you point me to some resources for investing it. I have to admit, while understanding our finances and investments, my husband has generally taken care of the money. I wish to be responsible with this small windfall. Thank you for your kind assistance!
Terry Says
Well, that’s good news! OK, you need to open an account in YOUR name only because this is YOUR inheritance, and you should keep it separate! You can start by opening a checking account in your name.
Are you working? If so, you could put some of it in a Roth IRA to invest it for later in your life. In fact, you could invest it anyway — if you know you won’t need it for a long time.
The place to open the newinvestment account is Fidelity or Vanguard — go to their websites to open the account. Just put it in a money market mutual fund to start, where you won’t lose anything.
Then start doing your homework. If you really want to learn about investing, send me an emai to Terry@TerrySavage.com (I have your email address — so this is a “just for you” offer!) and give me your mailing address. I’ll send you a copy of The Savage Truth on MOney and it can be your textbook for learning not only about the stock market,, but everything you should know about money — just in case your husband is not always there to help you!
