Backstory: I inherited a bi-level home some years ago from a relative, however I recently have had to move into a handicap accessible home so I decided to sell it. I will be making $170k off this home and currently have no other mortgage or rental payments. My wife and I do however owe around $20k to car loans on 2 vehicles before they are paid off, as well as around $2k in credit card debt.
My current situation is this; I lost my legs fighting in Afghanistan in 2011. As of right now between my wife’s caregiver pay and my disability pay we make enough to support our two kids, pay our bills, and live rather comfortably. Because of my Purple Heart and disability status, both of my children will be able to attend whatever college they want (in the state we live in) for free. I have recently started an LLC with my wife and brother. We are in the process of starting our own farm and plan on selling organic free range eggs/poultry as well as organic produce. My wife is also working on an organic line of cosmetics/bath products. My original plan was to take around $70k to invest into our business and pay off all our debts and then put the remaining $100k into something that is going to yield some kind of return both short term and long term. I am just not really sure what the best course of action is? Unfortunately the Marine Corps didn’t teach us much in the way of finances. I was told by a friend that we are going to get screwed on taxes once this money comes in and I was also wondering if there is anyway to avoid that?
Appreciate any help guys!
Submitted May 03, 2018 at 04:49PM by AnomalousChiken https://ift.tt/2HPuGPd
