I have 82,000 cash. What would you do?

Are you sure we're talking the same thing? I don't own CD's at the moment because of the rates. But check:

http://www.bankrate.com/cd.aspx

Rates for Certificates of Deposit max at around 1%.

As far as paying off debts, absolutely pay off credit cards and other bad debts first. That's an easy one. In my view, and I'm not alone, paying of low interest, tax deductible mortgage debts isn't cut and dry. I pay very low interest, so there is little incentive for me to pay off my home loan. It's far better for me to take family income and fund retirement accounts, emergency savings and college savings for my kids. Over the long term having my money grow at 8% or better (our current strategy) is far better than using it to pay off a <4% loan.

Another way to look at it is that you might have more capital to invest in your new trucking business. If you have to borrow money later to stay afloat during lean times you're going to pay a higher rate (probably) than the loan you just paid off.

Again, I don't know your specifics, but even though I flinched at paying and advisor, in the end I'm sure it was worth it.

 

If I had $82,000 I would go out there and set my truck on fire and get me a job as a greeter at walmart and still be better off

 

I once heard of an empty lot in Brooklyn. Have yet to find it.....

 

You can use $17,000 of it buy into the Subway franchise. The world can always use another Subway lol

 

Dutch, I wasn't getting smart with you in my earlier reply. And yes, I'm referring to a CD (Certificate of Deposit). I have 2 CD's earning 5.120% interest with both having initial deposits of $10k each. I also have 2 additional CD's earning 2.650% interest with both of those having initial deposits of $5k each. My husband and I were able to get better rates through a smaller, local bank because of my husband's father. He was in great standing with this bank and invested a substantial amount of money through the years with them and when he passed away, we were able to continue his investments as well as add ours.

And I agree 100% with your advice (above) - including the financial adviser.

 

Put the absolute maximum for your age into Roth IRA's for 2012 and 2013, and then decide what to do with what is left over.

 

The comments in here are cracking me UP! But I think you should just save it just in case. You have enough to live comfortably. Enjoy

 

You all need to read his original post, which I quoted above.... he has already paid off everything, including his home. The $82k is in his pocket and he has 0 debt now.

With 0 debt comes much less worries. Like I said, save it and enjoy life with no debt. I do not know how old you are, or if you have kids. But I agree with the ROTH IRA talked about by someone else, i would max those out for yourself and your wife if you have one.

 

No worries. I didn't think you were gettin' smart. I was just shocked to hear that. But that's awesome! More power to you. No risk 5% earnings is outstanding! For the record, my bank offers pathetic rates that aren't even worth my time to walk over and open an account.

 

Good advice.
Without a firm financial background, play it safe with your one time good fortune.