Reply to All you rich folks - looks like I'm (almost) one of you. What should we do?

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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"

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[quote=Anonymous]Okay, we're not rich like some of you here, but my husband and I recently inherited more than half a million dollars.  Of course the circumstances are very sad in that we unexpectedly lost a parent and our kids a grandparent, but the money is (of course) welcome but it's difficult to truly understand how this could changes our lives.

We live pretty modestly and I can't see that changing.  We have a combined income of about $85k and a small mortgage (about $150k) plus a ton of equity (about $400k).  We have two young kids (under 3).

Interested in opinions (from random internet strangers of course because I haven't even told my closest friends) on what to do.  Ultimately we'll probably see a financial advisor, so interested in thoughts on that and/or how that process works too.  One big question right now is whether to pay off the mortgage entirely.  Other thoughts are whether we should move - we need more room but love our neighborhood and our house.  We already have about half of the money in investments the rest is currently tied up in real estate which will be sold.

What would you do?[/quote]

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