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re: I've been given $100K from an estate - Pay down mortgage, get new car, other?
Posted on 5/4/16 at 10:12 am to Green Grass Miracle
Posted on 5/4/16 at 10:12 am to Green Grass Miracle
You don't mention the rate on your mortgage...if it's below 4%, I wouldn't dump a bunch of money on it.
How old are the kids? If still quite young, a college savings account is a good thing....though I wouldn't dump all of it there....you didn't mention your retirement situation. Don't preferentially fund their education over your retirement. Max out whatever tax-advantaged retirement options are available to you & your spouse for the next several years.
If you need a new car, find a super low financing deal & do that. Your cash can be working for you while you pay next to nothing to use someone else's money to buy the car.
Set aside a specific amount for joy: take the family rafting down the Grand Canyon, or tour Yosemite, or take a road trip to Key West in a convertible, or a week in Paris (not as expensive as you might think in an apartment). Money & things aren't as important as experiences. Enjoy some of it immediately! Tomorrows aren't promised to anyone.
How old are the kids? If still quite young, a college savings account is a good thing....though I wouldn't dump all of it there....you didn't mention your retirement situation. Don't preferentially fund their education over your retirement. Max out whatever tax-advantaged retirement options are available to you & your spouse for the next several years.
If you need a new car, find a super low financing deal & do that. Your cash can be working for you while you pay next to nothing to use someone else's money to buy the car.
Set aside a specific amount for joy: take the family rafting down the Grand Canyon, or tour Yosemite, or take a road trip to Key West in a convertible, or a week in Paris (not as expensive as you might think in an apartment). Money & things aren't as important as experiences. Enjoy some of it immediately! Tomorrows aren't promised to anyone.
2
Posted on 5/4/16 at 10:17 am to hungryone
I don't have any other debts.
My mortgage rate is 3.75
Credit scores are excellent.
Kids are less than 3 years.
Retirement - I'm 34 and have about 100k divided up between 401K, Roth IRA, and mutual funds. I'm also paying into a pension that pays well if I stick with my job, so I feel pretty good about our retirement.
Thanks for the sound advice!
My mortgage rate is 3.75
Credit scores are excellent.
Kids are less than 3 years.
Retirement - I'm 34 and have about 100k divided up between 401K, Roth IRA, and mutual funds. I'm also paying into a pension that pays well if I stick with my job, so I feel pretty good about our retirement.
Thanks for the sound advice!
Posted on 5/4/16 at 3:43 pm to hungryone
quote:+1
You don't mention the rate on your mortgage...if it's below 4%, I wouldn't dump a bunch of money on it.
How old are the kids? If still quite young, a college savings account is a good thing....though I wouldn't dump all of it there....you didn't mention your retirement situation. Don't preferentially fund their education over your retirement. Max out whatever tax-advantaged retirement options are available to you & your spouse for the next several years.
If you need a new car, find a super low financing deal & do that. Your cash can be working for you while you pay next to nothing to use someone else's money to buy the car.
Set aside a specific amount for joy: take the family rafting down the Grand Canyon, or tour Yosemite, or take a road trip to Key West in a convertible, or a week in Paris (not as expensive as you might think in an apartment). Money & things aren't as important as experiences. Enjoy some of it immediately! Tomorrows aren't promised to anyone.
3.75% Mortgage (presuming it's fixed) is a nice inflation hedge, especially with tax write-off considerations added in. Leave that alone.
Cash out on a car. Take a nice trip. Invest the remainder.
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