Hi all- I'm not very good at finances, so any tips are appreciated.
Long story short, I'm inheriting $60,000 at the end of the month. I'm 26 years old and I have student loans, a car payment, and 2 maxed out credit cards as a result of taking a risk and moving across the country to work freelance. My question is, do I pay off all of my debts and save what's left? Or should I only pay off a partial amount and make an investment?
My debts are the following:
Student Loans: $21,000
Car Payment: $18,500
Credit Card A: $10,000
Credit Card B: $3,000
If I pay off all of those, that leaves about $7,500.
I'm planning to give $5,000 to my mom, so that leaves $2,500.
Right now I have zero savings, I'd like to have a small emergency fund.
I have an IRA with about $10,000 in it. Haven't contributed to it in 2 years, and would like to add something now.
Lastly, I don't have any experience with investing, but I'm wondering if that would be a good option here?
Again, any advice on what to do helps. Thank you!
Submitted April 14, 2019 at 07:06PM by notgoodatnumbers http://bit.ly/2KBpjJf