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Home > OK, I got some money, what next?

OK, I got some money, what next?

September 28th, 2006 at 03:44 am

A while back I mentioned that I might be getting a small inheritance in the near future. Well my relation decided to give some of the money out while she was alive and I picked it up this weekend. It was a little more than I expected, but nothing huge. Still, its nothing to sneeze at.

So it leaves me with the question of what to do with it. Some plans competing in my mind have been:Fully fund a Roth IRA for this year - This is one I know I should do - but who should I set one up with?Buy some new DRIPs - Bank of America has been in my sights as a new one to startSet up new CDs - There is a new online bank (ELoan) that has 5.75% CDs available for one year. While its a good rate, the min requirement would swallow my whole windfall, and there would go my Roth IRA for 2006. They do have a savings rate of 5.50%, so maybe I can split the difference?Up my 457 retirement savings to the max for the year - I could do it, but that would mean my take home pay for the rest of the year would be some ridiculously small amountBuy a lightly used car - ok anyone believing that one should go to the back of the class

Right now I'm leaning towards the Roth / Online Savings split, with leftovers going toward setting up a new DRIP. At the moment there is a hold on the check until next week, so I have the weekend to decide. And sorry if it sounds like bragging, but this is the first windfall I have gotten since .... well ... forever.

4 Responses to “OK, I got some money, what next?”

  1. boomeyers Says:
    1159412259

    Congrats on getting the money! You are being very wise to invest it! Nice to see that someone is getting the chance to get a little ahead!

  2. baselle Says:
    1159415262

    I'd go for the Roth, using Vanguard or Fidelity because of low fees. You said new DRPs - what are your other ones?

  3. Broken Arrow Says:
    1159447170

    I second opening up a Roth with Vanguard.

  4. Ima saver Says:
    1159468416

    I say open a roth with vanguard too!

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