I've never done TIPS or any other Federal government debt instruments; I've always considered that I could do better in the market. Usually, I've been right. For the last 15 years, or so, I've not considered the government to be a good credit risk, either.

My wife and I have been retired for a few years, and our income consists of a chump change pension for me, our social security income, and a small number of preferred stocks and a couple of high dividend paying stocks. We still invest in individual stocks, too. We're in a Fidelity mutual fund for our emergency cash stack, which is a wire transfer away from our checking account, and we use a Vanguard junk bond fund to park our stock investing cash when we're not in the market. Since that's the purpose of mutual funds for us, we don't use ETFs at all; they're too volatile for that.

As for spending inheritances, my parents' goal was to die broke so there'd be nothing left about which us brothers could squabble. In the realization, I was the only brother left when my parents died, but the subtexted point was valid: there was no inheritance extant; it was their money, not their kids'. So it is with us. Although we'd like to leave something fairly substantial for our kid, it's not hers until we die, and we'll use it as we see fit until then.

Eric Hines