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27K isn't a lot of money in the grand scheme of things. Investing it at this point in your life isn't the smart move in my opinion. I'm going to assume you're under the ages of 35. First thing she should do is put 5,000 dollars away for an emergency fund. I keep mine at a separate bank from my normal checking/savings account. It's there for emergencies only. 22K left Secondly, pay off all that high interest debt. 25% interest for a Buckle store card? Good grief. You never carry a balance on those high APR store cards. 3900 dollars will pay off Discover, Buckle, and the Bank. 18.1K left Third: Pay off RTG. I don't care if this is low/no interest. Judging from the interest rates on the borrowed money your g/f doesn't have very good/excellent credit. Just go ahead and get out from under this. It's probably 'deferred' interest and if it doesn't get paid on time, or you miss a payment you're gonna get hosed on this. 16.1K left 11% APR on a vehicle note in today's economy is terrible. My last few vehicles have all been 2.9% or less. I would say pay this off completely or put a chunk of cash down and refinance at a lower interest rate. I would suggest taking up to 10% of the money and spending it on whatever she wants. Maybe her mom had a favorite vacation destination. Take some time off and go visit it. Try to make some positive memories with some of the money. I don't really worry about student loans that much, paying off the small College note would be a good idea just to deal with one less bill every month. Other than that, make sure your budget is solid, between the two of you, your household brings home an annual income of over 76,000 dollars a year. You should have no issues with that kind of income if you stick to your budget.
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Sep 25, 2014 19:19
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| # ¿ May 21, 2024 16:15 |
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Cicero posted:There's some law about banks having to report 10k+ cash deposits (not because it's inherently illegal or anything, the authorities look at those in case of money laundering), I think that may be what you're thinking of. Yes. My wife is a bank manager, transactions over 10,000 dollars get a really routine form filled out (A Currency Transaction Report or CTR for short). Those are no big deal. Now if someone thinks some shady poo poo is going down, a Suspicious Activity Report is filed, and those are a little more serious.
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Sep 25, 2014 19:36
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That's nice to hear. I'm don't consider myself old or anything, but I'm in my mid 30's now, and I've experienced a fair bit of life. A lot of ups and downs. I really didn't get my proverbial "poo poo" together until 28 or 29 or so. If any advice can help someone else maybe not experience some of the 'bumps' in the road I've experienced it makes me feel good.
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Sep 26, 2014 01:45
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