Hi everyone,
My mom has 300k sitting in a savings account with like .01 interest...
She has an emergency fund set up.
She makes around 55k a year but her expenses are more. My father past away and now only have my moms income. I've been doing my research on what to do with the money sitting in the savings but I'm unsure whether to go for growth or income.
We have tried to budget but there is just no way to pay all the expenses with 55k income. Health insurance, mortgage, other insurances, and house tax alone cost 44k every year.
I think income would be best for my moms situation but I just don't know and would like your input.
What do you think? Growth on 300k or income? And if income, what investments are good to look into?
Edit: Here is how I got 44k
Mortgage: 1600/month. 96k left on on it House insurance: 2k/year. One time payment Health insurance: 700/month House tax: 15k/year Car insurance: 1800/year
Which comes out to be 46400 just on these. I understand the house is a big budget problem, but it's too soon for my mom to move. She wants to move next summer when I'm back from school and can help. Until then, any passive income would be great and that's why I wasn't sure if income or growth would be best for the 300k. I think income would bring in 10kish/year on it which will help her not go negative in net worth this year.
Submitted May 15, 2017 at 08:14PM by prince0fpersia94 http://ift.tt/2pPgf4E
