Seriously, what do i do with my money???

dfwben · #1 05-04-2006, 08:20 PM

I am currently working for Halliburton in Iraq and am here on a 1 year contract which is also tax free money. I will have about 70k cash saved in the bank by the time I am done. I already own a car and have a place to live and will be using 5-8k of that to roll myself for poker.

I guess my real question is, what in the hell am i supposed to do with my money. I have spent so much time trying to figure out what to do with it that I am being pulled in too many different directions.

shark6 · #2 05-04-2006, 08:27 PM

Start reading books and magazines about personal finance so you can educate yourself and make your own decision about this.

When you have that much money, everyone will give you advice and some will offer to manange your money for a fee. If you don't understand personal finance, you're more likely to be taken advantage of or make bad decisions.

mwgr5 · #3 05-04-2006, 10:48 PM

I assume "I have a place to live" means you own a home. If not I would consider buying a home with the money.

If you already own a home, you have multiple options to use the money for retirement savings. First, check out if you are eligable for a 401K. Your company may match your contributions and you should take advantage of that. Also, consider investing in an IRA. I favor the Roth IRA normally, but the IRA maybe a better choice for you if you are not eligable for the Roth or are in a high tax bracket.