Some good advice for $200,000 inheritance?
I will soon be receiving approx 200K. I have very little debt in the way of credit cards, and one small 0% interest account if we pay it off within 2 years, which is no problem. I took money out of 401K to buy a car, which I pay myself back at 10% rate, I have a mortgage, and my son has about 60K in student loans… with another daughter getting ready to enter college, and 2 siblings behind her (15 and 6).
Do I take this money and pay off the mortage (150K)? Do I pay off the school loans for my son (60K?). Do I pay off the car loan in the 401K(30K)? Do I do none of these and take my dream trip to Ireland and invest the rest? I would love to own a vacation home some day… do I just invest everything… or is it better to free up our monthly expenses and start saving on our own again?