Throwaway.- A family member that recently passed away had listed me as a beneficiary on their life insurance in which my benefits total about $450,000. My wife and I are in our mid 20’s and make around $140,000 total before taxes. We have about $45,000 in debt ($25k for a car and $20k in student loans). We have around $5,000 in Roth IRAs and around $3,000 in savings. We live comfortably (the only reason we don’t have more money saved is we have been trying to pay off our debt aggressively for the past couple months).
I don’t know what to do with this money. Obviously I’m not going to do something stupid like by a $100,000 car but I don’t know how to do the right thing with it. We are for sure going to pay off our debt. My wife and I want to build/buy a house in the $350k range but we’re unsure whether to use the life insurance money and if so how much. Do we put it in a brokerage account, max out IRAs, put some in a deferred fixed annuity (I can open one with a 2.75% floor), put some in a CD, or some of all it? Not looking for official financial planning but any advice would be greatly appreciated!
Submitted July 04, 2023 at 06:46PM by West_Thing_9204 https://ift.tt/ZHeLYm9
