Comments on: Retirement Savings Contributions Credit http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/ Personal Finance and Wealth by the Penny Wed, 20 Aug 2008 13:35:10 +0000 http://wordpress.org/?v=2.6.1 By: Tim http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/#comment-397 Tim Thu, 22 Feb 2007 16:04:26 +0000 http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/#comment-397 Jade, Like any large cash windfalls you shouldn't do anything with it until you get professional financial guidance from a financial adviser or your family (since they have sufficient to give you $100K) who can take a look at your overall financial and tax picture. The best thing to do is to put it in your current interest bearing account or into a high yield savings account until you can get financial guidance on your entire financial picture. Other than that, I wouldn't do anything with it. The problem with large cash windfalls, is that people tend to spend it all or allocate in areas that are unwise relative the person's financial and tax situation. I'm sure that since your relatives have sufficient resources to gift $100k, that they can provide you financial guidance as well. Otherwise, get a hold of a certified financial planner and go from there. Jade,
Like any large cash windfalls you shouldn’t do anything with it until you get professional financial guidance from a financial adviser or your family (since they have sufficient to give you $100K) who can take a look at your overall financial and tax picture. The best thing to do is to put it in your current interest bearing account or into a high yield savings account until you can get financial guidance on your entire financial picture. Other than that, I wouldn’t do anything with it.

The problem with large cash windfalls, is that people tend to spend it all or allocate in areas that are unwise relative the person’s financial and tax situation.

I’m sure that since your relatives have sufficient resources to gift $100k, that they can provide you financial guidance as well. Otherwise, get a hold of a certified financial planner and go from there.

]]> By: Jade http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/#comment-398 Jade Tue, 20 Feb 2007 04:27:49 +0000 http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/#comment-398 HI I wanted to see if any of you financially wise people could give me some advice. My relatives have been talking about gifting me $100,000( I won't hold my breath)If it happens I want to have a plan. what would you do with it? Jade HI I wanted to see if any of you financially wise people could give me some advice.
My relatives have been talking about gifting me $100,000( I won’t hold my breath)If it happens I want to have a plan. what would you do with it?
Jade

]]> By: Super Saver http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/#comment-399 Super Saver Tue, 06 Feb 2007 21:19:14 +0000 http://www.penny-saved.com/2007/01/19/retirement-savings-contributions-credit/#comment-399 Penny, Nice tip on having the government fund one's retirement savings. I will highlight your article as My Wealth Builder's choice for the Carnival of Personal Finance #86. Penny,

Nice tip on having the government fund one’s retirement savings. I will highlight your article as My Wealth Builder’s choice for the Carnival of Personal Finance #86.

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