What to do with unexpected $88,000
I have a land contract that will be getting paid off in 3 weeks due to sale of the entire property. I’ll be receiving $88,000. I have been getting $763 monthly from the contract. Where can I put the money and get the same payout? My husband and I are retired, in our 70’s with no heirs. We have a CFP who manages $350,000 of our money but he is commission-based and will charge 5%. I have $90,000 in the stock
market. Our house is paid for and we have minimal medical debt. Credit cards are paid in full monthly. Do I give it to our CFP, invest it myself, or ?
Terry Says
First, what on earth are you doing paying 5% to ANYONE to manage your money??!! What a ripoff! Please read this and consult with a fiduciary, fee-only advisor you can trust!
https://www.terrysavage.com/pam-krueger-wealthramp/
Second, the percentages are simple. If you get roughly $9150 a year on an investment that is worth $88,000 — you are getting a 10% return!
There is NO place today where you can safely get that kind of return, not even half of that return.
You need a LOT more help than I can give you in a blog post. Please DO contact Pam Krueger at Wealthramp and get matched with someone you can trust to advise you in YOUR best interests!
