Im having Cold feet

[Felix Castillo]

Im making mistakes with my money that i got on a lawsuit settlement. I have absolutely no direction. I created a lifestyle i can’t afford. I need a mentor something holding on to a little under 100k. Where do i start?

[JD Martin]

Start with a budget. A real budget. If you don't have your expenses under control, nothing else is going to matter. You need more money coming in than going out, no matter what. You can't be a successful investor otherwise.

There are all kinds of sites that can help you with budgeting, but you need to take that part serious. You don't have to be strict forever but you need to be strict long enough to know exactly where all your money is going. If you really feel like you can't even do that part on your own, sign up for one of the Dave Ramsey courses. I'm not a big DR fan beyond the basics but it sounds like you need to even get the basics going first.

PS: If you're really afraid you're going to fritter and waste your money away before you get a handle on things, take all/virtually all of it and put it in a 6 or 12 month CD at your local bank. That will lock it up temporarily while you get your act together and get you a percent of interest besides.