I would want to invest once all of our debt and savings is taken care of

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  • #82212 Reply
    Sara

      Legacy money is bittersweet. We do want to get it “right”.

      I will say to not rush. It’s totally ok to stick it in a HYSA until you know what you really want to do.

      After I lost my brother, I paid off my car and paid down my mortgage. I didn’t have children yet.

      After I lost my mother, I paid off the mortgage and continued 529 investment for my kids. I funded sinking funds for some goals and some bigger annual things like property taxes, insurance and our HOA.

      I’m sorry for your loss. Your grandpa would be so proud of you for the care you’re taking with this.

      #82213 Reply
      Patsy

        I agree with all of your thoughts. I would consider saving the monthly payment on the vehicle you’re paying off and putting it in a sinking fund toward the purchase of your next vehicle. 130,000 miles isn’t much (depending on the car you drive). I have 136000 on a 2007 BMW and I’m driving it until it dies. My husband has an Explorer and we paid it off in January. Every month I save that amount of money in a new car sinking fund, so we will be ready when the time requires a newer car purchase.

        Invest as much as you can, because retirement is a wonderful thing and you want to enter it while still young enough to travel and remain debt free.

        I’m so sorry for your loss and your grandfather would be proud of your wise decisions about money.

        #82214 Reply
        Krisana

          I’m so sorry for your loss!! I third the point on making sure your wills, trusts, durable power of attorney, living wills, etc. are updated. And that whomever will need access to the money In case of a worse case scenario will have access to it to cover immediate expenses of childcare, bills, funeral costs, etc. That cost us a pretty penny when my hubs and I did it, and our son is an adult so less complicated.

          #82215 Reply
          Chapman

            I think your grandpa is proud as you are trying to be very intentional with the money he left you. I think there is already sound advice but I wouls make sure all your what happen if I die documents are up to date. In addition, perhaps do a little something to honor the memory of your grandfather. Such as so donate to a favorite cause of his.

            #82216 Reply
            Amanda

              With your interest rate on the vehicle so low and the student loans temporarily on pause, I would sit on the money and wait. See what the financial advisor says. Might be wise to invest some of it first.

              Getting rid of the student loans would be huge though. Once SCOTUS makes up their mind you can move forward.

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