Hi r/FinancialPlanning, So I am coming into some money via a trust and I can not figure out what my best option would be to do with it.
I believe the money will be anywhere from $80-$110k, and I know it will not be taxed and I will not have to claim it on my taxes (per my family lawyer and the attorney who drafted the trust).
Here's my current situation:
I live in Northern California, am married and have a child. Both of us are employed and I am about to graduate in 6 months from University.
Our current debt includes;
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$29k for two vehicles (one to be paid off within the next two years at 0% interest)
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$8k in credit card debt
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$49k in school loans (subsidized and subsidized) this is not going to be due for a year, aka 6 months after I graduate
We make around $5.5k a month and have around $2.5k in bills (including housing). We don't have much in savings and have barely anything invested in our 401ks (but are contributing the max every paycheck).
We would really like to stay in this area even though the median rent price is $2.5k, not including utilities, for a 2 bedroom, and the average house price is $600k.
I guess my questions would be:
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Would it be worth it to invest some or all of that money into a house to purchase?
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Should I pay off some or all of our debt?
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Should I put some or all of it in savings?
I have no idea what to do with it, and I'm scared of taking the wrong step with probably the only chance to have a pretty big chunk of change to make a difference in our lives with.
Thanks in advance for your help and suggestions, I'm willing to answer any questions!
Submitted August 17, 2018 at 04:43PM by bonsquish https://ift.tt/2OJYy2q
