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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 10:17 am to hungryone
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!
7
Posted on 5/4/16 at 10:23 am to Green Grass Miracle
Only thing I would add is 'where do you wish to be 20, 30 years from now' and go from there
Posted on 5/4/16 at 10:25 am to Green Grass Miracle
quote:
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!
Sounds like you're in a healthy financial situation. Don't rule out a nice little vacation with your family. Those experiences now could be well worth it.
Posted on 5/4/16 at 11:06 am to Green Grass Miracle
with $100k in your situation
I would
1) Give each kid $15 - $25k (depending on the number of kids)
2) Max out all retirement accounts
3) Put away some for emergency funds
4) Take family on awesome vacation
I would
1) Give each kid $15 - $25k (depending on the number of kids)
2) Max out all retirement accounts
3) Put away some for emergency funds
4) Take family on awesome vacation
Posted on 5/4/16 at 2:48 pm to Green Grass Miracle
$25k for each kid in a college account
$30k for a vehicle
$20k towards your 6 months emergency fund
$30k for a vehicle
$20k towards your 6 months emergency fund
Posted on 5/4/16 at 2:53 pm to Green Grass Miracle
Fund your Roth IRA for 2016 ($6000)
Save enough to make your 2017 contribution ($6000)
Buy a new car with cash (~$25000)
Pay mortgage down $50,000 and refi to a 15 year with a mortgage paydown, payment will be slightly lower.
Save $500 a month that you would have been paying in debt service and funnel it into a savings account so that you can find you Roth every year.
Take the remaining amount and treat yourself to a great life experience. After that, keep the rest liquid. You never know when you might need it.
Save enough to make your 2017 contribution ($6000)
Buy a new car with cash (~$25000)
Pay mortgage down $50,000 and refi to a 15 year with a mortgage paydown, payment will be slightly lower.
Save $500 a month that you would have been paying in debt service and funnel it into a savings account so that you can find you Roth every year.
Take the remaining amount and treat yourself to a great life experience. After that, keep the rest liquid. You never know when you might need it.
Posted on 5/4/16 at 7:53 pm to Green Grass Miracle
quote:
My mortgage rate is 3.75
I've said loud and often on this board, don't forget the impacts of taxes and inflation - in this case they work in your favor.
If you itemized deductions, your mortgage interest is less. How much less? Depends on your tax bracket. If you're in the 25% bracket though your 3.75% note just became a 2.8% note.
The long term rate of inflation is about 2%. So your real cost of capital is only 0.8%.
Would you invest in a 30 year bond that only pays a 0.8% real?
This post was edited on 5/4/16 at 7:54 pm
Posted on 5/4/16 at 9:27 pm to Green Grass Miracle
Then I would open a fidelity account and put the funds in as cash
Then sit tight and wait for the next big dip and buy an aggressive all stock mutual fund
Then sit tight and wait for the next big dip and buy an aggressive all stock mutual fund
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