New Castle News

Money: Dave Ramsey

March 2, 2012

Dave Ramsey: Hubby’s bike has wife revved up

(Continued)

NEW CASTLE — Dear Mary: I know going through a divorce has got to be hard on you and your kids. Make sure you spend lots of time hugging on them and letting them know they’re loved.

Fortunately, things are still pretty good in your world in a financial sense. Your net worth is a half-million dollars, plus you have no debt. Most ladies don’t find themselves as lucky money-wise after a divorce.

Don’t do too much with the $160,000 right now.Just park $100,000 of it in a CD for a year until you get over the shock of everything that has happened. You won’t make much money, but you won’t lose anything, either.

Then, take the remaining $60,000, and invest it in good growth stock mutual funds – ones that are very conservative and have at least a 10-year track record of success. 

You’ve also got to take a look down the road and decide what you want to do with the rest of your life. You’re going to be an empty-nester is a few years. Do you want to go back to school or maybe start your own business? You’ve got a little learning to do about investing, too.

Taking a year or so will allow for education and thinking about what you want out of life. Knowledge has a way of erasing fear. Plus, you’ve got a responsibility to your kids to invest this money wisely.

When everything settles down a bit, just take your time, find a good investment professional with the heart of a teacher, and make sure you don’t put money into anything you don’t understand. Spend lots of time loving on your kids, too. That’ll help with the healing process as much as anything. — Dave

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