Reply to If you inherited a million dollars, WWYD?

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[quote=Anonymous]Pay off mortgage, pay off student loans, put in central a/c, and buy a new bigger car.  We truly need these last two and haven't been able to afford them.

That would be about 500k and I'd consult a financial planner about the rest.  We'd probably put away about 250k in long-term investments for retirement, 150k in shorter term for an emergency fund, and consider what to do with the rest.  With the mortgage paid off, we would have no problem maximizing retirement contributions and 529 investment, so we'd need to assess where in our lives the money could make the most difference.

There are some other repairs/upgrades on our house that we'd probably undertake, although not a comprehensive remodel.  I'd be inclined to put the money into a shorter-term savings vehicle that we could access each year in order to travel more.  I'd love to be able to take DC on trips to parts of the world that we haven't visited while we (DH and I) are still young and fit enough to be active in hiking up volcanoes or biking near vineyards or whatever.  Not that any of that is necessary, of course, but I always dreamed of traveling more when I was young and finances have never allowed it.

This is all assuming, of course, that I inherited this with no tax obligation.[/quote]

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