How to utilize $100k cash
Hi, our family will be receiving about $180k. We are trying to figure out what to do. I am 59 years old and don't have much saved up for retirement (only about $30k in IRA account). We still owe about $10k out of the house when sold. So we need a heavy down payment for the New House)
1- Pay CC debt off along with some other debts, which would leave us around $115k to invest. Put the money in high interest checking or saving account until we sell our house and find one to buy & use the $ .
2- don't pay the CC debt off---Pay off the current mortgage instead and just wait till the house sells. Then take the $180k and apply it as a down payment to the .
3- don't pay the CC debt off---buy couple of cheaper houses with the $180k and rent them out (anticipating around $2,200 per month in rent for the two). And make heavy payments toward the CC debt with this income.
4- pay the CC debt off and invest the remaining $115k into the stock market for a few years to see if we can make more money to help buy the New House. (I know the stock market is on top now and it probably will go down soon so not sure if an option at this point).
5- Add the entire $180k onto my IRA account which has a low $30k balance right now.
6- Something else?
Another question is our kid (9 years old) will be getting $18k. How should we invest that money? College fund that we can contribute additional each month?