If you had 70k to invest...

[g1ngersmom]

Hello all:

My sister - my "never made more than 25k annually" sister - just got 70k from a personal injury suit (she was hit by a car). She sincerely knows nothing about money, has no money saved, lives paycheck to paycheck, doesn't have a checking account (!!). And while I make a fair amount of money, I've never had that much dough in one lump sum.

I want help her to put some/most away but I'm not sure what the right thing to do is. We're meeting w/ a FA (our cousin) this week, but I would love any/all advice you all would be willing to share. So, this clearly isn't exactly FIRE-related, but I've learned so much on this board, I thought I'd ask for some pearls of wisdom...

Thanks!

Ginger..

 

[Spanky]

Start from here (Vanguard Planning & Education):
http://flagship5.vanguard.com/VGApp/hnw/content/PlanEdu/PEdOverviewContent.jsp?gh_sec=n

 

[unclemick]

Vanguard Target Retirement 2015.

Only 10k or so in her case - but after two husbands, five ex boyfriends - at age 51 a couple of 38F's and a cute face can only go so far.

This year she got the message.

heh heh heh heh

 

[LEX]

Spanky is on point.

I recieved a $50,000 payment out of a business venture of mine that was truly a wind fall last year.  Here is where I put all of it (I have no short term need for this money) and I plan to just leave it alone for at least ten years.

http://flagship3.vanguard.com/VGApp/hnw/FundsSnapshot?FundId=0056&FundIntExt=INT

You can go from CD's to wild eyed speculation at Vegas with windfall money.  I get the impression that you all would tend towards CD's and that balanced funds would be the outer spectrum of risk.  If this money is the biggest single funding she will ever see and she will need to have it as a last ditch cushion to desolation and debt, perhaps a CD is in order.  Nothing wrong with CD's.
8)

 

[g1ngersmom]

Thanks so much!

 

[HFWR]

Vanguard Target Retirement 2015.

Only 10k or so in her case - but after two husbands, five ex boyfriends - at age 51 a couple of 38F's and a cute face can only go so far.

This year she got the message.

heh heh heh heh

Better invest in a back brace...