Windfall

[wonderwoman]

My grandfather passed away leaving me $15,000. I just recently got a brokerage account and added my $5500 for the year into my Roth IRA. I want to keep contributing to that moving forward. I don't have any debt, my car is fine, my standard of living is fine.

What should I do with the $15,000?

[rennigade]

Whats your emergency fund like? May want to stick it in a high yield savings account. They're earning around 1% right now.

[bjl584]

we need more info. what does your financial picture look like?

[wonderwoman]

I have 6 months' expenses in an emergency fund. My kid is cared for. I basically don't need the money so where should I put it for the time being? Just a regular investment account?

[Joan.of.the.Arch]

If you have the opportunity to increase your emergency fund to 8-12 months of expense, I think you should do it. Have you set up funds for future car replacement, large maintenance expenses on your dwelling (if you own it), and other projects that may be five or more years away?

[Fishindude77]

Take a little of it and have some fun !

A little road trip, something you need for the house, a new toy, etc.

[Bob B.]

DW and I had an unexpected windfall about two years ago. The general consensus on this board was to use 10% of it as fun money, and put the rest to work. So, $1,500 of it - whatever you want that is fun, or buy something you've always wanted. $13,500 of it - increase your emergency fund, retirement savings, college savings, future vehicle purchase, whatever needs attention.