I'm currently an unemployed, full time student in my first year of a two year degree. My college is covered by various other means. I'm getting a lump sum settlement of just shy of $90,000 before the end of the month.
Up until now, I was receiving my permanent partial disability checks of $1400 monthly and things were pretty tight. Since the latest court ruling, the monthly payments will cease and I'll get a lump sum instead. My first move will be to pay off my car, previous student loan, and credit card. This will leave me with somewhere around $70-75,000. Once I no longer have to pay those monthly bills, I believe I can comfortably live off of $1400 a month. I don't want to increase my standard of living because of this money but I will need some of it to survive the next year or two until I get job. I'm going to look into a summer internship/job but that will be just for some extra cash since I won't be attending school full time in the summer. My hope is to use a good chunk of what's left towards a house once I graduate. My questions are these:
1) where do I put this money? Can I set it up so I get $1400 in my checking account each month?
2) I know nothing about investing; I would be hesitant to put the money in a high risk situation. Are there safer options?
3) nobody knows about it except my boyfriend. He's not very frugal and I don't want him thinking this money is going to change anything about our living situation. However, I hate to see him paying high interest on his credit card. Should I pay it off and have him pay me $100/mo in return? Our finances are separate and I intend to keep it that way, but we've been together 7 years and we're going strong.
Submitted March 05, 2019 at 08:08AM by lost21101 https://ift.tt/2SFUG4l
