What to do with $10,000

[eeyoresmom]

Need some suggestions as to what to do with an additional $10,000 we have sitting in a very low interest bank account right now. We have zero debt and enough savings in liquid to cover 12 months of living expenses plus funds for kids weddings/college, etc. SEP and IRA's are maxed out.......I am 47 and husband is 51 if that matters. I hate to admit this, especially on this board but investing bores me to tears. I try to educate myself but it is torture. I am hesitant to invest because i know I'm not educated enough. TIA

[Weird Tolkienish Figure]

Need some suggestions as to what to do with an additional $10,000 we have sitting in a very low interest bank account right now. We have zero debt and enough savings in liquid to cover 12 months of living expenses plus funds for kids weddings/college, etc. SEP and IRA's are maxed out.......I am 47 and husband is 51 if that matters. I hate to admit this, especially on this board but investing bores me to tears. I try to educate myself but it is torture. I am hesitant to invest because i know I'm not educated enough. TIA

Any nagging home maintenance/improvement projects to do?

[KTP]

I doubt you have an HSA, but if you do you could use the $10,000 to cover expenses you would normally pay out of the HSA so that you let the HSA grow tax deferred (or even tax free if you end up using it for future qualified expenses).

Other ideas....EE bonds...but they are kind of meh as are I-bonds.

I would probably toss it into a Vanguard account and average it into a Vanguard total stock market fund over the next 12 months. Forget about it for 20 years then check back when it has grown to $30,000.

[ua_guy]

Need some suggestions as to what to do with an additional $10,000 we have sitting in a very low interest bank account right now. We have zero debt and enough savings in liquid to cover 12 months of living expenses plus funds for kids weddings/college, etc. SEP and IRA's are maxed out.......I am 47 and husband is 51 if that matters. I hate to admit this, especially on this board but investing bores me to tears. I try to educate myself but it is torture. I am hesitant to invest because i know I'm not educated enough. TIA

With some minimal education, you could do as described above and open a brokerage account and buy into a Vanguard fund and invest. "Set it and forget it" -and then it's an extra bonus come retirement.

You could be philanthropic with it and work with a school or organization to provide the money as a donation, scholarship, or grant for an area of interest. Or set it up as part of a trust? I don't know much about those, but setting it aside for future grandchildren and their future expenses. There's a lot of ways to be esoteric and creative with money.

If you have any capital-type projects around the house (roof, furnace replacement, etc) you could just earmark the money for that and let it simmer in a cash savings account. Or, when was the last time you and your husband did something nice for yourselves?

[eeyoresmom]

No HSA but thank you for the suggestion.We do have some projects around the house, I have been hesitant to do these because they are mostly cosmetic ( bathroom remodels) and don't really NEED to do the complete remodel. Maybe it is time to start rethinking being a little more free with spending. Our house is 20 years old and we haven't done anything but paint since we built it.The brokerage account......I guess I have to get back on it and research. Thank you everyone. If anyone has any more suggestions, I would love to hear them.

[snafu]

Have you read The Automatic Millionaire [Bach]? It's a quick read for individuals like yourself. Likewise any books by Danko or Chilton. What do you hold in your IRA & SEP?

After 20 years, putting money into updating your kitchen and bathrms is usually a smart use of funds as long as you make smart choices. The downside is the disruption of your lives while under renovation. If you don't take nice vacations regularly I suggest splitting it by half for a lovely cruise and balance for Vanguard International. The plan would be to use the annual profit to fund something special each year.

[eeyoresmom]

We do vacation as frequently as husbands work schedule allows. I will reread The Automatic Millionaire. I did read it a few years ago, but we are in a very different financial situation now. Thank you.