Here’s an email I recently received from a reader:
Here is our current situation:
We are a married couple, living in Florida, 33 and 35 years old. My husband has a MS degree and I am a Summa Cum Lade graduate, with a BA degree. We have both worked difficult and saved well. We have no young children but, but would love to one day be able to raise a family members. We are conservative and have a deep desire to give back and aid others. We would love to be able to use our funds for a greater purpose and to assist others to get a start off.
We live a fairly easy life, and find our greatest joy in teaching, sharing, and helping to meet other peoples requirements. We are researching how and what to do with our funds to be able to dedicate our full time and cash to assist other people that have not had the opportunities that we have been blessed with. Our objective is to financially support ourselves, by investing wisely, therefore being able to live off our interest or residual earnings.
At present, my husband is working as a Manufacturing Manager at a big business, earning about $52,000 annually. After having enjoyed the last 8 years in a productive sales job, I have been unable to function for the past two years, dealing with a debilitating physical illness. I have received disability for the last year and a half, about 48,000 annually, which is ending in a couple of months. I will not be able to return to work for a few much more years, despite the disability income running out.
We rent out a home in South Florida, for 1495/month, which covers our mortgage (139,000) left to pay off. We live in a residence in central Florida with a mortgage for 1,500/month, (180,000) left to pay off. We have two cars that are both paid off.
We have:
- 50,000 in standard checking and savings accounts at a bank
- 9,000 invested in stocks
- 40,000 in Mutual Funds /Roth/IRA
- 191,724.72 in a Funds Market Savings Acct with an Interest rate: 1.14%
- Husband’s 401K – 16,211.75
- My 401K $90,000
- Silver- $33,644.00
- Gold – $1,680.00
Here’s our question: We really want to know what do do with so considerably money just as “money” in savings…we read all about the dollar collapsing, inflation, and so on. If you had been us where would you location the $250,000 we have just in a 1-2% interest rate? (avg)
What’s your advice for them?