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Thread: Investing Mama's Money

  1. #1

    Join Date
    Jun 2012
    Location
    Texas
    Posts
    1,640

    Question Investing Mama's Money

    I tried to come up with a funny thread title, hoping it would generate some response from you people with real investment experience.

    So my mother has reached the age and poor health point in her life when it's time for her to move in with my family. She has about $10,000 sitting in a savings account now, and with her small civil service retirement check coming in each month I think I'll have another $500/month to invest for her. The money will be used later when/if she needs more medical care than we can provide at home and I'm forced to put her in a nursing home or similar environment. In my area, a nice facility will run around $4,000/month.

    So, my question is this: Given that I am NOT a financial guru type, nor do I have the time to learn and then actively invest the money for her, do you have any suggestions on a good mutual fund that I could move the $10,000 into and then monthly deposit at least $500 more. I need the money to be relatively safe and easy to liquidate if I need some or all of it within a short amount of time. It needs to be a fund where I can put money and forget about it for the most part...if that makes sense.

    All suggestions welcome and appreciated. Thanks!
    "The flag stands for rights, not results. Time to grow-up buttercup"


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  3. #2

    Join Date
    Apr 2005
    Location
    Gainesville, Florida, USA
    Posts
    24,244

    Default Re: Investing Mama's Money

    Honestly, with an uncertain future regarding her independence you might be better off just leaving the money in the savings account. The idea of $500/month lends well into a dollar cost program - but then there will be fees. You might consider opening a Roth IRA before April and depositing $5000 which I believe is still the max - then you can deposit more after that up to another $5000 - or just leave some in the savings account. I use Bank America online and they offer banking services attached to my stock account that allows me to write checks as appropriate.

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  5. #3

    Join Date
    Jun 2012
    Location
    Texas
    Posts
    1,640

    Default Re: Investing Mama's Money

    Good ideas Birchtree, thank you. I'll look into that option with USAA.
    "The flag stands for rights, not results. Time to grow-up buttercup"

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