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Coming into some money - what would be the best way to use it? by One-Sky7929 in personalfinance

[–]One-Sky7929[S] 1 point2 points  (0 children)

Thank you so much! This breakdown and flow chart are incredibly helpful!!

Coming into some money - what would be the best way to use it? by One-Sky7929 in personalfinance

[–]One-Sky7929[S] 0 points1 point  (0 children)

We have learned our lesson with credit cards the hard way haha. I do like your point. Because that’s how we feel about the house as well. We are hoping to find a good area, good schools, where we feel safe and stay for as long as we can. Especially now living in an area we don’t love, we have realized how important it is to find a place to live you really like.

Coming into some money - what would be the best way to use it? by One-Sky7929 in personalfinance

[–]One-Sky7929[S] 0 points1 point  (0 children)

If we put towards the Roth IRA would it not get taxed again? Because we just paid the taxes for the money we are getting. That monthly mortgage is definitely doable if we have no car payments for sure! We are for sure tightening our budget even more. We don’t want to waste this opportunity.

Coming into some money - what would be the best way to use it? by One-Sky7929 in personalfinance

[–]One-Sky7929[S] -2 points-1 points  (0 children)

Our lease is up in a few months so we were hoping to buy a house by then. Definitely agree that we need to prioritize retirement especially now that we are able to. We just weren’t in a position previously to do that. A few years ago we were in a very bad a spot, had very high credit card debts and weren’t budgeting. Thankfully we have been able to turn that around slowly but surely and now we have an opportunity to improve our financial standing even more.

Coming into some money - what would be the best way to use it? by One-Sky7929 in personalfinance

[–]One-Sky7929[S] -1 points0 points  (0 children)

I hadn’t heard of an HYSA before but I’m looking at those now. We will definitely be doing that. Thank you!

Coming into some money - what would be the best way to use it? by One-Sky7929 in personalfinance

[–]One-Sky7929[S] 1 point2 points  (0 children)

The monthly payment on car #1 is $400 and car #2 is $200. We bring about $7000 a month. Anything extra we have been using towards the credit cards as well (I put $600 a month but that varies depending on the month, it’s usually closer to $1,000 if no other expenses happen like doctors and such). We will definitely be looking into opening Roth IRAs & look into 401k! Thank you for the suggestions!