As the title says, my mom gifted me what is essentially her entire life savings so that I can buy my own home, eventually. I live in Los Angeles and want to continue living here.
I am eternally grateful to her for this amazing gift. This is money that I did not earn so I am risk adverse in what I want to do with this money.
So, I now have $600k and I have no idea what to do with it. I know this is not the best move to make but I moved it into my Chase savings account because even the .01% is better than the 0 return if it were just sitting in my Chase checking account, at least until I figure out a better solution.
I found that Marcus by Goldman Sachs has a higher yield CD over what I have currently, which has caught my interest, but I don't know if there is a better option. Ideally, I'd like to maximize the growth of this money over the next 3 years. In addition, I can make $2,000-2,500 deposits monthly - probably, even up to $3,000.
I've never been a gambler and only sat at the tables with money that I was COMPLETELY comfortable losing. Usually $300-500 over a weekend in Vegas. Stocks and crypto - I know the massive gains these can have. I also know the massive losses these can have. Because of the importance of how I came to this money, while the potential gains are tempting, I can't stand the idea of losing this money.
Any input will be appreciated.
Submitted June 06, 2021 at 05:55AM by Speed_Disastrous https://ift.tt/2TFMabv
