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[quote=Anonymous]We have a nice chunk of money in the bank right now from a previous home sale in another city where the property values doubled.  We are trying to figure out whether to put it all back into a house (we are renting now) or buy a cheaper house and save this money for college or retirement or something.  Realistically speaking, we are not financially organized people and I don't see us investing in the stock market or other property with the money.  Plus I am fairly conservative so wouldn't want to do anything financially risky with the money.  But a savings account seems pointless.  I also don't see us saving a ton for college beyond what we have given our expenses and expected mortgage.  Am wondering if we should put most of the money towards a house we like now, and whether we could pull money out of the house when it comes time for college, if needed, or downsize at that point.  My husband has a secure job so I don't anticipate an unemployment scenario.

A related question:  How much should we have in savings?  We are in our mid-forties and I think our 401K is at about 100K but we have very little college savings for our only child.  Just not sure how much of our "house money" we should set aside vs. put back into a property of about the same value as the one we sold.  [/quote]

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