I think you need to sit down with her and gently explain that while you love her and want to spend as much time with her as possible, you can’t put your family in financial danger to help her with a bucket list. You have to balance your love for your mom and this awful situation with what’s best for your own household.
Make reasonable decisions on what you can and can’t do with her. Can you stretch yourself to do a few special things? Sure, but stretching is one thing; breaking is another. If she’s leaving you insurance money, you could stretch a little bit, then put that back into your funds later. But don’t go into debt to make these things happen. That will just start a cycle of borrowing that you can’t afford and leave you with a pile of payments later on top of your grief.
Your family has enough to worry about right now. Don’t put a bunch of debt on the list, too. That’s going too far.
I have lots of mutual funds with one or two mutual fund companies. Within those two companies they’re called fund families. Think of it like a brand of soup. Campbell’s® is a brand, but they have all kinds of different soup. I also have money in different banks and in different money market accounts, and I have money in different types of real estate. So, I’ve got several different kinds of investments, but not a million different things running around out there.
If I listed them all out they wouldn’t even take up an entire page. I like to keep things fairly clean and simple, and I encourage you to do the same!
If it were me, I’d put it in a money market account. It’s basically just going to sit there and not earn much, but you won’t lose anything, either. If you’re lucky, you might see one percent interest in the short term, but that’s about all you can expect considering the low-interest rate environment we’re in these days.
* For more financial help visit daveramsey.com.
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