I have received a windfall of approx. $50k. I would like to use it on college expenses for 2 daughters, one of whom is already a college student and the other will be starting college in 2 years. I already have an emergency fund and a healthy retirement fund which I add to every month. I do not have a mortgage or any other consumer debt. Should I just put the 50k in something like Ally.com or should I invest it in something? What would be my best best knowing that I will need to use it within a fairly short amount of time? Thanks for any input.
If you plan to use the money in the next few years, we suggest not investing it since the market is volatile in the short term. Putting it in a savings account would be a great move!
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