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Ask Dave

How To Spend a Million

Dave gives Candace advice on how to be smart with the million she and her husband stand to receive from a trust fund.

QUESTION: Candace’s husband has a trust fund that matures in a year. It is worth $1 million and they are not sure what to do with it.

ANSWER: I want you to be debt free, and vow to never borrow money again. Pay off all your debt and get yourself a written game plan for your money. To invest money, you can buy real estate with cash and also invest in mutual funds that have proven track records of at least 10 years. Take your time, move slowly, and don’t do ANYTHING that sounds too good to be true. If you don’t understand how an investment works, then don’t participate in it.