Question: I recently found out I was receiving $50,000 from a family member. My retirement is already fully funded, I have no debt to pay off, and I don't need to use the $50,000 for anything immediate. Where are some smart places to store it to keep ahead of inflation?
Answer: My first suggestion would be to invest it in an index fund since they offer historically higher returns than savings accounts. However, if you're concerned about market volatility, there are a few other solutions that would work best for you. Depending on your savings goals, a high-yield savings account or finding the best CD rates are smart options to consider for large deposits of $50,000 or more.
