All of his advice was spot-on. Your priorities are way off. There's nothing mean about paying attention to your numerous threads in the past complaining about the conditions of your house and then saying it's a little irrational to be pondering spending the money on frivolous items instead of applying it towards that, or something meaningful for your daughter (a college fund was suggested), or your car... You know, actual needs versus cool stuff I didn't even want all that much or else I would have already known what to get instead of asking for advice on the internet. Now you're going to dismiss his comments outright because you consider it "aggressive" instead of actually considering what he said without having a knee-jerk reaction to it. It was good advice, you should listen. Or you can go down the Good Will Riker path of starting numerous advice threads where you have no actual intent to listen to what anyone will say if it doesn't conform to your own ideas.
Holy crap, weren't complaining about your apartment the other day. Use that money to cover any moving costs and get to a better place pronto. Save the remaining amount for an emergency. You don't have to spend it. Mr Awe
A 529 can affect financial aid availability, whereas the education IRA may not. A parent's ROTH can be used for education expenses in the right circumstances.
There are significant tax and return disadvantages to CDs, but the low risk is a plus. It's a worthwhile addition to your investment portfolio but it shouldn't be all that you have by any means. Mr Awe
Put it in several mayonnaise jars and bury the jars in separate locations. Your money will be quite safe.
there are thins I didn't mention that I'm hesitant to. one, because of my socio-economic status and another for fear of putting too much of myself out there. I'm disabled and as such, I don't work. I'm on Maine's medicare. If I have too many assets and if I make too much, they'll take my benefits away and I won't get the meds I need to do my ADLs (activities of daily living). If I have CDs or stocks and bonds and all the other nice things bank-related and DHHS takes a look at my bank statements, they'll see my assets and take them into account against my benefits. I'm not only concerned about my benefits but Olivia's benefits and my wife's. Yeah, we're poor but I'm taking steps to fix it but attending adult ed. to polish up my study skills, going to counseling, attending what they call DBT (dialectical behavioral therapy), taking my meds as prescribed religiously. Someday, I'll be going back to a university or some tech college and earn a degree and start earning a real paycheck. Questions? I'd be happy to answer them. Complaints? Take a number.
Take $2000-$3000 and pay off credit cards, or fix up your car, or buy a TV with all the trimmings, and/or have a good time. Take the $5000-$6000 remaining and put it into a 6mo/1yr CD. Saving every penny for the future would be the wisest thing to do, however one has to live for today as well as plan for the future. Hence spend some, but save most.
I'd put half away in savings, then use three thousand to pay off my debts. Then have a thousand to have some fun with. But for you since your situation is different, saving a large portion would definitely be good. But do have some fun with at least a little bit of it
Also if your buying the expensive items, that generally goes into you assets or net worth for disability, etc. Repairing your car, making necessary fixes to your apartment would be more useful. Nothing wrong with splurging a little, but I'd suggest no more than 5% of the 8,000.
Actually, they take into account things that increase your overall worth like a car, property (land), a boat or other vehicles, timeshares, stocks, bonds, precious metals or other assets. TVs, iPods and the like the State don't make no nevermind about. I suppose if they got desperate and found that I were swindling them and put me in prison, they could seize and sell my TV, Wii and computer. That's all I really have that's worth anything.
My only oustanding debt of any significance is a credit card that has about $15K on it. (I really have to stop going to conventions for about a year or so...) The monthly payment is about $330, and I routinely put $500-1000 on it each month. (And then go to a convention halfway across the continent...) Admittedly, I'm only making about 60% of what I used to make... reason #45789 why I need to find a new job.
^^ You should pay off that high interest CC debt before taking on any more debt (mortagage, no more CC debt!). What a waste of money! You're still charging more on them than you're paying off too. Digging a deeper hole for yourself. Mr Awe