Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

What To Do With A Windfall

Friday, August 19, 2011 - 9:50 AM
From J.D. Roth |  Moneyland |
I make a living by telling people how to get rich slowly. But every so often — admittedly a little less often these days — I hear from somebody who’s been able to do the opposite. They’ve actually managed to find sudden wealth, whether through inheritance, winning a prize, or selling a business. “What should I do?” these folks ask. “I’ve never had this much money before.”

Sudden money is a good problem to have — especially in a rocky economy like this one. But if you find yourself in this situation, you still have to make smart choices.

If you receive a small windfall of a few thousand dollars or less — through a bonus at work maybe, or by selling your old baseball cards — follow two simple guidelines....

[Read more...]

WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
1. Friday, August 19, 2011 - 1:31 PM
For those lucky enough to come across with over $1 million, there's an easy way to insure at least $1.25 million at any one bank. I described the method in the blog post, Maximizing Your FDIC Coverage with Beneficiaries.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708