I’m in my 40’s, no debt, have a stable job and good career, but I have not been able to save anything in NYC, no savings. No savings mostly due to an extremely costly divorce, and just making ends meet each month for several years now- paying 3k in rent and 3k in child support (for another 10 years), and just from this I just break even every month. Through my job I have a fair amount out towards retirement. I don’t own a home or any property. No credit card debt
I recently came into inheritance (less than 400k), and at this point in my life I feel it’s important to make this grow. I have no other family and won’t have any other family support for the rest of my life.
Because of the contentious situation with my ex, I am not certain where the kids will move schools in two years, so I feel I cannot really put any money down towards a home in the next two years- they may stay nearby or they may move further away and I’d need to move nearby to them, so putting something down towards a home seems out of the question for at least two years.
I think my goal should be to put a chunk of this towards something that will grow financially… a 2-4 year plan for me would be to make this grow and then invest in a home after that
Does anyone have ideas how I can make this inheritance grow during this 2-4 year timeframe? I’m not very financially literate, don’t know the stock market etc. was thinking about investment property or investing in something else?
Breaking even each month for years now has me pretty lean and I’d like to develop a plan to make it grow short term. This is in the NYC area
Any ideas would really be welcome
Thank you very much
Submitted August 27, 2022 at 12:22AM by Competitive_Power653 https://ift.tt/4IOX6do
