I am expecting an inheritance within the next few months which could be fairly sizable - possibly between $250k and $500k.
My first priority will be to pay off all of my debt including student loans and credit cards. This will use the first $50k.
After that I'm looking at potentially buying a second home and/or buying a business. But one of the things I'm not sure how to handle is my current mortgage. I purchased a home last year on an FHA (30 year fixed) loan so I still owe close to the full value of the loan. My intent is to use this house as a rental and buy something different for my primary residence. What I'm wondering is if I should completely pay off the current home, dump some money into it and then refinance, or continue the current mortgage.
Also, some of the inheritance may come in the form of a stock portfolio. Would I be best to keep as much of the existing portfolio as I can, or cash it out and invest the money elsewhere. My ultimate goal is to create financial security in any way I can.
Submitted April 13, 2017 at 02:25PM by movieguy95453 http://ift.tt/2ocd2uc
