My family is going to be cashing in a stock that they no longer need. My dad is going to split the amount between my brother and I, giving us each about $8500. This is great timing because my husband and I are at a point in our marriage that we will be trying to get pregnant very shortly. We are thinking one, or a combination of the following things to use this for. Some background- we are 27 and 29, make about $75k together. Rent a house we are happy with until we would have baby #2.
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Put it all in our savings account. That way we have this nest egg to use for hospital bills, baby expenses, maybe even to use towards a down payment on buying a house later. The savings account is never touched unless a large expense is needed. Currently we have about $2500 in there, plus we each have our own personal savings through our incomes of about $30k combined.
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Making some kind of college fund or long term fund for our children to use for school, a car, etc. once they are old enough to access it. My husband wants this so that is accrues interest over 20 or so years, so it will be a nice amount by the time our children could use it.
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Setting up our own IRA accounts. I have one through my employer, and my husband does, but his is far less. When we did our taxes this year, the accountant suggested this for next year as it would offer us a tax break.
The current decision we have come to is to do a combination of 1&2, so splitting it into savings for ourselves and some kind of fund for our future children. Any suggestions are welcome!
Submitted April 06, 2019 at 07:51AM by patriots1222 http://bit.ly/2HZTkAk
