My dad is 59 years old and is terrible with money. He currently owes about 120k on his house, car and credit cards and has maybe 3k in cash (no investments other than his home which has maybe 10k in equity).
He may be settling a case to the tune of 225k post tax/attorneys fees. The offer is there for him to accept. He knows he needs to first pay off all of his debts and pay off his home. This leaves him with roughly 100k and he is asking me how he can invest it with little risk so he doesn't blow it. I'm so very happy he actually realizes this because most people with bad habits probably don't.
I was thinking maybe CD accounts at a local bank even though they offer a measly 1% annual return. It's safe and he would be discouraged from blowing it on stupid shit, as he has a proven record of doing in the past, lol. Other options I considered were treasury bonds but I know very little about this. Anyone have any insight into what a very low risk investment would be? I'm also worried about him giving it away as he is too trusting.
He will be living off disability for the next couple years, then he will be receiving social security.