What would you do with the inheritance?

**PlainCash4** · 11-06-2009, 02:19 PM

Is there an inheritance tax? I would put aside some of it for that just in case

**LexTysMommy** · 11-06-2009, 03:02 PM

Here is what I would do.

Pay off credit cards (?$) and $4500 car.
Make sure you have $10,000 in emergency fund
Rest toward mortgage.

You can use the EF for adoption if needed, then I would set up a recurring deposit into an account with the money you normally would have spent on car and credit cards. This way the EF is building in case of car trouble, or other things.

Good luck!

**Greebo** · 11-06-2009, 03:08 PM

I would:
1) Set aside $1,000 for a baby emergency fund
2) Pay off all NON house debt
3) Set aside a full 3 months of *expenses* for a fully funded emergency fund.
4) Invest 15% of the rest towards retirement
5) Invest as much as I could by law in a school fund for the kids if any
6) Pay the rest on the house, if any is left.

Yeah, I know the house is a higher interest payment - but the consumer debt goes first. Period.