A close friend passed and left me a lot of money. $63k to be exact. I'm not exactly sure what I should do. Some background, I own a home, Mortgage is $2500 a month. I have a $28k debt consolidation loan out which is charging me ~$15%, monthly payments are $900. I have a car loan out, ~$35k @2.5% payments are 600. I don't have an emergency fund saved up yet. I am investing at my job (fed employee, so TSP) I'll be maxing out starting next year. All other CCs are paid and I have no other debt. Wife on the other hand has student loans.
So, I'm first going to immediately pay off the debt consolidation loan, 15% is too much. What should I do with the remaining. I can pay off the car, which would give me the opportunity to be essential debt free, with the exception of my wife's school loans, and give me additional passive income of $1500 a month. I can keep the remainder of the money, after paying the debt loan as my emergency fund and use the additional $900 a month to throw at the principal and pay the car down faster... I can go on, but I just don't know what's the most logical from a PF standpoint.
Thanks!
Submitted October 10, 2021 at 12:17AM by 100mphPup https://ift.tt/3ArFA8u
