I have $100,000. What should I do with it?
April 14, 2007 10:19 AM Subscribe
I have $100,000. What the hell should I do with it?
I have no credit card debt at all.
I never went to college, so I have no loans to pay.
I still live at home, so I have no rent/mortgage.
I drive a car that has already been paid for.
I'm self employed, but it isn't something that really needs money "put into it." Like, I don't need better equipment or a bigger office or advertising or anything like that.
What I'm wondering is, what should I do with this money?
posted by creative to Work & Money (42 answers total) 23 users marked this as a favorite
I guess I should also mention that this is money that I've saved over the last year and a half. I didn't win the lottery or anything.
Up until yesterday, 90% of this money was in a liquid CD, with more money being gradually added to it as I earned it.
I actually wanted to ask this question a few days ago, but I didn't realize there was a 1 week waiting period for new MetaFilter members. The reason I wanted to ask a few days ago is that yesterday I met with a financial adviser at my bank (our second meeting in the last few days) to discuss some type IRA.
What he recommended and what I ended up doing is something called a "Single K Roth IRA." I put $30,000 into it, and the guy was super happy (for my benefit) that I did this. (For anyone wondering, this type of Roth IRA has a $45k max, rather than the $4k max of the typical Roth IRA)
About $50k-60k now remains in the liquid CD, with the rest in various checking accounts of mine. I will continue putting money into this CD.
I guess what I'm looking for are thoughts and opinions on what I did with this Single K Roth IRA and the amount I put into it. Seem good? Not so good? Is there something better/smarter I should be doing with it?
In case you haven't noticed, I really knew (and really still know) very little about any of this IRA stuff until this week, so it's all new to me. In fact, this whole "having money" thing is new to me as well.
I just want to make sure that I'm doing the best things I can do with it to ensure that best future for me, my current family (parents/siblings), and my future family (wife/kids).
Thanks in advance for any help.