No. of Recommendations: 0
Hello. I am new to this site and cannot express how happy I am to find it!

I guess I need some advice regarding a situation that my husband and I have regarding finances. I am extremely frustrated :o)

Here's the scoop..My dad gave us 10,000 dollars last year as a gift for our 2 year old daughter's future college education. What a gift! Now, it has been sitting in our savings account now for 6 months because I am trying to figure out how to invest it *wisely*. Given my current knowledge of investing is *NILL* (well now it is a little better since viewing this site) I haven't done anythign with it.

Here is where my frustration begins. We have about 5,000 dollars in credit card debt. *I* want to pay off all of our CC debt and then invest the rest of the 5,000. We currently have about 2,000 at 12.9% and 3,000 at 1.9%. I figure that since we are currently sending about 500 dollars a month to credit card companies that if we were to just pay off the credit card, that it would free up 500 dollars a month to send back into an investment account for our childs education. THat way we are replacing our money from OWEING interest, to GAINING interest.

Anyhow, my husband says No. He says that the money was given to our daughter and we shouldn't touch it but rather only invest it for her education. I say HOGWASH. If we plan on paying for her education, it makes sense to get us out of debt now and invest for her monthly after that. I'd rather gain interest rather than pay it. I am so very frustrated by this that I don't know what to do. Anyone have any idea's about how to change his narrow mind?????

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.