Hi Glassynails,glassynails wrote: ↑Sat Nov 04, 2017 7:52 amHello.
I inherited a HUGE amount of money! Of course we all know that HUGE is relative, but it's close to six figures and to me that's a pretty large amount. Anyways, what's better than simply throwing it into a savings account? I'd rather not risk any of it at this moment. What's the next best besides a savings account? I mean as far a risk vs interest.
There’s risk free and fee free which will essentially leave you with dealing with a bank savings account. You would be advised to seek the consultation of a reputable financial advisor who will charge you a fee and can advise you of the variety of investment possibilities. Investment possibilities come with risk, but offer higher rewards than a standard savings account. They may suggest you open a ROTH or IRA account; they’ll explain the difference.
Also, there are upfront fees to get your funds in the various investment vehicles and I suspect 4% is not out of the question.
Here’s the important thing. A lump sum of less than 100k can be easily frittered away. Get your funds invested or simply put in a bank CD so you don’t have the temptation to spend a little here and there.
You’ve put it out here on Delcamp, but if I were you I would cease making ‘I just inherited a huge amount of money’ statements.
I wish you success in finding a trusted financial advisor and making wise investments.