Influx of Money What should I do

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Influx of Money What should I do

milkman dad: Aug 13, 2007

Empress Brosephine posted:

Thanks for the reply. Actually that made me wonder something, would this money jeopardize my ability to receive financial aid? In that case I would need to plan to pay for the rest of school, bit like you said, it wouldn't be much, maybe 12k max.

I don't know anything about IRAs etc, so I should probably look into those. I imagine like most people though in my income bracket, it's hard to just have money sit there lol. But that comes from having parents who never saved a dime in their life lol.

Thanks yo

Something to keep in context is the age for retirement will probably be ~67+ (not earlier). If you are 32 currently that is 35 years that you have left to prepare for that. There are tax advantaged accounts such as Roth IRA that could help you live a better life in retirement if you take advantage of them when you are young.

You haven�t mentioned children or wanting to have children but recognize you seem wholly unprepared financially for them so prepare to make changes depending on if the changes with your marriage. I would also say try to save money on a honeymoon (no hawaii) and save the money for a down payment on a house when that becomes a necessity.

# ¿ Jun 4, 2021 11:26

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# ¿ Apr 29, 2024 13:58

milkman dad: Aug 13, 2007

Empress Brosephine posted:

It seems like such a hard pill to swallow to just have money sitting around for 35 years lol. I know that's the smart thing to do to be able to live what, ~20 years doing whatever we want / can. I guess thats a factor of growing up lower middle class and just not trusting banks / financial people / the irs (ironic considering i'm going to school for accounting lol).

We're not going to have children so thats a non factor but good catch. As for the down payment on a house, what would be considered a "good" down payment? I've never really looked into houses or really figured into one as much since I assumed you had to have perfect credit to get a house. I could theoretically take that extra ~35k and just use it for a down payment I guess on a house. We don't really have much in the way of life goals as hosed up sounding as that is lmao. Kinda happy with what we got and where we are other than obvious things like "wish we had a nicer house / nicer cars / whatever". I've always been a take it as it comes person though instead of planning for anything in the future.

You *do* have a very strange disposition for someone studying accounting.

If you�re certain about not wanting children you most definitely should consider using 2 forms of protection. Outside of purchasing a 50k truck the biggest thing you could do to put yourself in a tailspin financially is have a kid (though kids are awesome).

If you�re still trying to finish your degree it suggests you either changed careers or otherwise went to school late. Don�t get rose colored glasses over not loving your job. Your best case scenario is go for cpa and hope to get partnered.

The other subjective thing here you may not recognize I tried to hint at earlier is if you�re living for free with your fianc�e you really want to cement a good relationship with your in laws. This is just the right thing to do. Buying a brand new truck and then potentially not having money to care for her or otherwise meet your obligations could sour that relationship.

# ¿ Jun 7, 2021 01:34

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Influx of Money What should I do