Hi all. I put myself through grad school and a divorce and racked up some pretty heavy credit card debt and loans (car, student, personal loans) in the process. Now, I'm a postdoc in California making a decent salary ($70k) but cost of living is still pretty high. It's not a permeant job but my prospects are promising and expect to make more in about a year or so.
Sadly, my mother passed away unexpectedly last week. I'll be getting about $63k or so as inheritance and I would really appreciate some advice on the best way to distribute it. My assumption is that I should pay off the credit card debt in full, about $42k and save the rest? I don't have any retirement and thought that when I do get a better job I could put as much as I can in there and live a meager lifestyle (kind of like what I'm doing now). A $20k nest egg would be helpful for that, but is there something I'm not thinking about? Is this a good plan? I should probably keep some, if not all, of that $20k liquid for a rainy day. Thanks so much for your time!
Submitted March 08, 2020 at 08:37PM by tat77 https://ift.tt/3cFEw64
