In a few months I’m going to get 50k out of getting divorced. I have kids, zero savings, I only work part time due to having mental illness, but someday when the kids are older I think I will be able to work full time. I make ends meet with child support and food stamps. I want to do something to improve our situation with this money. the thing I most want is to own a home, but I won’t be able to afford it even if I use the whole amount as a downpayment. I talked to the bank and they said I wont get approved for a mortgage becuase of high interest rates and 75K in student loans (I only have a bachelors and went to a cheaper public school , it just took me 7 years because I kept failing classes due to my mental health stuff ) I haven’t even started paying those back yet.
So I’m thinking I should just save the money in case housing changes and I can get a mortgage someday. But I am not money savvy and thought I better check if there’s some (ethical) way to turn this money into more money or put it to good use. Don’t try to rope me into your pyramid scheme lol. Or maybe I should try to buy some land somewhere and eventually save up for a double wide or something to live in on it. Or use the money to start a laundromat or something…
Or is there any way to save it in a way that accrues extra interest.
Or buy some kind of tractor combine and drive around harvesting corn? Or buy some land and grow some corn lol.. I have never been on a farm. Trying to think outside the box here.