I will soon be receiving a payment of roughly $50,000. I need advice on the smartest choices to make with it.

Question

I am married and I'm only 22 years old. I know $50K isn't something that happens to alot of young couples so I need advice on investment/savings plans.

Answer 1

If you don't need the money, put 45.000 in a high yield savings at your bank, $5,000 in a regular saving for emergency.

Answer 2

If you need money in the near future for college expenses or the downpayment on a house, keep that money in safe, short term investments like a bank or credit union money market account or CD, or a money market fund that invests only in U.S. Treasury securities.

Invest the rest for the long term.  A lifecycle fund would be the easiest way to get a diversified mix of assets.

Answer 3

You need to consult a fee only financial planner. They will help you figure out a plan for that which is right for you and your situation.

yahoo answers is a good place for ideas, but this is a substancial amount of money, and you'll want to make sure you have a plan for it.

So once again, consult an expert. Hire a fee only financial planner (fee only so they don't have to sell you anything to make money) and discuss your ideas with them.

Good luck!