Off to jail for 12-19 months. What to do with 50k

[Chrobacik11]

In 2 weeks I'll be off to jail for 12-19 months.. I have 50k in a savings account that we haven't touched in 5 years from a previous house sale.

Me and my wife own our house outright 350-400k value.
We each have an additional 10k in our bank accounts
We own our cars and have no debt.
I have about 25k invested in the stock market currently.

After jail we are considering buying another house so I'd need to pull my 50k back out of any investment within about 2 years.

I was originally considering a CD but the return would only be 600-700$ at best. Now I'm considering putting it into a dividend stock such as Ford (5.5% divided return which is 2700$ Roughly or even Arbor reality trust 8.6% dividends which would be closer to 4600$. Potentially more risky to get my money back as I think the market is pretty high right now, although ford is pretty low
Right now and it's hard to see it going to much lower, comparing it to the auto. CRash years ago

[bjl584]

Keep it someplace safe with minimal risk since you will need it in the near future.

[rennigade]

Word of advice...almost everyone in jail likes to smoke. Make sure to buy a couple packs of cigs each week and pass them around. The more people that like you the better off you are.

[Chrobacik11]

I don't believe smoking is allowed in US prisons.

So I'm guessing something like a CD is a safe investment? But 600-700 doesn't seem like Much, although it's a lot more then the $20/yr in a simple savings account.

I had been considering renting our house and using the rent money to pay for another property that we could Turn into a Rental.... and just keep doing that over and over to build up assests for the future. I've done fairly well in the flip/remodeling game in the past. But haven't much experience in the rental property world

[msomnipotent]

If you each have your own car, what are you going to do with yours? I would sell it and add the proceeds to savings instead of letting it sit for over a year. That's me, though. I hate my car.

You still have to pay income tax on the dividends in your case, so risking your money on stocks doesn't pay off as much as it looks. I would shop around for a couple of internet banks that are offering sign-up bonuses and higher than average interest. It still isn't much, but at least you won't lose money.

I'm pretty sure federal prisons have banned smoking. Not sure about the others.

[creditcardfree]

Put it in the CD. It's not a time to risk that money that you know you will need in a year to year and a half.

[~bs]

if you go to jail, do you still collect $600? I'm assuming the amount is high due to inflation?

[TexasHusker]

With $50K available, is it possible to get a high-powered lawyer to get you out of having to serve time? Hate to spend $50K, but would hate a year of prison more.

[Captain Save]

There is nothing wrong iwth just putting your money in a savings account .. .you need it in the short term.. especially when you get out of a tough situation like jail..

[cooliemae]

I don't believe smoking is allowed in US prisons.

So I'm guessing something like a CD is a safe investment? But 600-700 doesn't seem like Much, although it's a lot more then the $20/yr in a simple savings account.

I would stick the money in a 5 year cd and just pay the penalty once your out and need the money. Synchrony Bank has a 2.35% cd with a 1 year penalty or (and I would use) ally has a 2.25% cd with a 6 month penalty.

[97guns]

Invest in cases of cigarettes, you could easily quadruple your money

[Petunia 100]

if you go to jail, do you still collect $600? I'm assuming the amount is high due to inflation?

You're thinking of $200 for passing Go.

[Gailete]

Invest in cases of cigarettes, you could easily quadruple your money

Many if not most prisons and jails do not allow cigarettes. The jail I worked at sure didn't and the prisoners would sure try to smuggle them in and end up 'in the hole' for doing it. Also the jail I worked at took ALL your personal possessions the day you came in away until the day you left so cigarettes is not a good method of making friends since you most likely wouldn't have access to them for a year.

[Chrobacik11]

Decisions....

So, I guess we can reflect back on this decision in a year or 2.

But I decided to put 30,000$ into a CD at everbank for 2 years @ 1.65%

I also bought 8000$ worth of ford stock @11.00 w 5.65% dividend (up almost.30 already)

And I transferred another 10,000 into my TD Ameritrade account. I figure at some point over the next 19 months there will be a "Correction" in the market and my wife will have the ability to get in if I think it's a good idea. If not then it's just like keeping it in a savings account. I want to get into ARB

I forgot about the $20,000 we will get back once I got to court that I paid for bond.

[Gailete]

Are you sure you get that bond money back? I thought that was the actual fee that the bondsman got to keep for putting up a bond for you. You might want to double check on that.

You will want to make sure that you have sufficient money in your commissary account for those essential in life that you will need like toothpaste, toothbrushes, candy, ramen soup. etc.