Inheritance Money Question
I received $35,000 from my mothers Trust and Will. I have only one credit card that I use and pay off every week so I hold no balance on the card. I also have 3 – 4 other no interest if paid in full loans that I will have paid off before the interest starts to incur. Lastly I have a house mortgage of $49,500.00 with a 4.125% APR until August 2027. I am paying that off with a little extra each month to draw that down faster.
As for saving I have three different accounts with three different companies. That includes a 401 (k) plan from work which first half of this year paid 7.90%. Not bad. The other two: Charles Schwab is currently up 216.21%, if I read that correctly for this year so far, and Victory Capital which I have two different accounts: Roth IRA which is down today .03% and a Rollover IRA which is currently down .06% today as well.
I also have I believe 3, maybe 4, T Bill investments.
My main question is what would you suggest I do with this $35,000 instead of just letting it gather dust in my saving account which is only paying .01%.
I am in no immediate hurry to need this money. Long term or short term.
Thank you for your answer and suggestions.
Terry Says
Well, your details are sketchy. Why do you have a savings account paying 01% for starters. Ask your bank for a money market deposit account, which should pay at least 3%. If not, go to Vanguard or Fidelity and open an account in their government money market fund, paying around 3.5% these days.
Second, what is Victory Capital? NO invested account should be DOWN for the year this year!!
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