Reply to What to do with 100K?

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[quote=Anonymous][quote=Anonymous]I don't come to this place often, but since 99% of people on here are worth millions, I figured that I might ask for some guidance for a poor old guy like myself.

This is the situation. I'm a late 40's person whose spouse has been stricken with a serious illness. At the same time, I will soon be getting some money from a property sale that should be around 100K.

As my spouse is ill and not able to work, I am the sole provider in the household and unless something dramatic happens, I will be the sole provider from this point forward. I make under 100K/year. Sorry, no STEM or MBA degree for me. I also work in a tumultuous industry (but it's fun), so I am very inclined to pay off my mortgage, but would have to dip into some other accounts to do that.

I know that the prudent thing to do would be to break this money up into various areas. I've been thinking something along the lines of a large 13th mortgage payment, money market, blue chip stocks, IRA, college fund (one child), and some home repairs which really need to be addressed.

As much as would I like to put all this money into investment vehicles, with the situation in my home life being as tenuous as it is, my instinct is eliminate all (or as much as I can) debt that we have. Right now, the only household debt is the mortgage, but paying that off would eat up savings and emergency funds.

I'm emotionally torn as to which way to handle this situation, so some non-partisan insights would be appreciated.

Oh, I don't have much in the way of free time to spend on DCUM, so it might take a while for me to respond back. (fyi)[/quote]

how much emergency funds do you have? given your spouse's situation, i'd put it there. [/quote]

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