My father recently passed away and left my brother and I a property worth ~$300,000. There is no debt on the property, so we own it outright. We are planning on selling in the next few months. My question is, what is the best use of these funds? I have about $20,000 in debt. I own my home outright. My wife and I are both in need of new (to us) autos and expect to pay between $15,000-$22,000 each. I would also like to put away $10,000 x 3 for our kids (college or something).
My thoughts are to pay off our debt and purchase cars with cash. Is that the right thing to do? Also, I have no idea where the best place to put my kids savings is, or where the best place to put the remaining cash from the sale of the house will be. My wife and I are considering the purchase of a new home for more room, but there is no hurry for that. Thoughts?
Submitted June 09, 2019 at 08:54PM by Itgoesfastifyouletit http://bit.ly/2ZhMhHT
