Tempted to Put It All On The Black!

Q. I know this is a silly question, but I'm 59 and have no retirement funds, I know I'll have to work forever, my question is this. I will be receiving $25,000 shortly, WHAT WOULD BE THE SMARTEST THING I COULD DO WITH IT???? I'd like to turn it into $40, $50, or even $30,000. Thanks, Ken

(should I go to Vegas and put it all on the black???)

A. I'm not sure the Black Jack idea would be consistent with my training!

You ask a good question. What debts do you have?

Do you have any kind of an emergency reserve?

If you have debt like credit cards, car payments and/or mortgage, then that would be the best investment for this money. Apply it toward the loan with the highest interest rate.

Keep in mind that you need an emergency cash reserve to protect you in case you have to buy a new water heater, your car breaks down, etc. If you don't have $10-15,000 in reserve then you can also use a portion of this money for that.

Your posted comments on this and other questions are welcome.
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