iamjoesmamma: What should my husband do with the money from a former company?
My husband worked for a company for 7 years before they were bought out by a larger company. He was involved in an employee stock program for those 7 years. When the company was bought out, he was given a letter showing that those shares would be paid out to him. Now he needs to figure out what to do with that money. Any suggestions on how to invest it without losing too much? He will be getting about $ 800. He wants to put it in a bank but doesn’t want to put it in our savings because he would lose a chunk of it.
Answers and Views:
Answer by patrickmball80
Depending on how the stocks were assigned to him, the rules regarding how much he could be taxed for capital gains could be different. He should ask his HR department about the stocks. He could possibly receive the money and place it in a bank CD or if he doesn’t need it, he could setup Individual Retirement account (IRA) either a roth or a traditional. Ask your HR director, or contact the companies retirement director for the super details.
Our economy is still in the recession, really. It is always a smart move to have a Plan B. There are so many Americans being let go and laid off. Maybe, you should invest in owning your own business. I know it is expensive and time consuming to start a traditional business, but there are other low cost options out there with big turnouts. I know of a phenomenal company that offers the opportunity for people to become their own business owner and the start up cost is a lot less than 800 dollars. Wish that I could tell you more about it, but Yahoo! is picky when it comes to giving information about business opportunities.Answer by floppsy
Really? $ 800.00 after 7 years. Why bother doing anything with that small amount, just use it for Christmas presents or something. And how could you possibly lose anything by putting it in savings? That’s impossible – unless you owe the bank money and if that is the case you should pay it back.
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