I should be getting an inheritance this week sometime and it would be nice to pay off all our bills (Another question: do I share with my husband?), but most of what I read says to save or invest. What’s the point in investing or saving if you still have outstanding bills? Plus, if I pay off all the bills, then I should be at square one, except with great credit. This would allow a greater chance of getting a loan to buy a new home or whatever. Hmmmm.
Should I pay off bills with inheritance money, invest, save for my daughter’s college fund, or blow it?
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blow it
You should always pay your immediate expenses off before investing. Any late charges will be at an interest far exceeding that you could gain in the market, especially now. After all you have paid all your immediate bills, pool the disposable inheritance and invest in a safe, low -risk investment for your daughters college. It is getting more and more competitive to get into school and you may have to pay for a more expensive private school in order to ensure her a better education. A reason you don’t have want to invest in the market right now is because it is too volatile and we still could be entering a recession. I’d consult with a financial advisor in May before making any moves. Best of luck with your decisions.
Get rid of the bills. You will pay 3 times what you owe on those bills before they get paid off.
well ma’am I’m only 17 but i think you should invest an make more money with the money you have you have 2 work the man an don’t let him work you make money off of him wit your money invest in stock an right now is a good time before we get deep in this recession so do you thing
Personally I’d pay off some bills – those that are the highest interest.
Then I’d put some into a high interest savings account in my name and my daughters (as a child will get tax free savings).
Then I’d spend some on myself & family.(including hubbie, unless of course your in the middle of divorce proceedings, in which case keep schdum),
There you go, you’ve done them all.