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Reply to "Best use for 1.6 million inheritance "
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[quote=Anonymous]OP, how much is left on your mortgage and what is your interest rate? During high inflation and low interest rates, it’s unwise to pay off your mortgage—there are many threads about this. Instead: - Put $150k in the 5 year old 529 - Buy $40k of ibonds for the next three years to use for college for the older two kids. - Set aside $100k in a savings account for the older two for college. - Pay half of the private school tuition from the inheritance. If your spouse would like, dump the extra from your monthly budget into extra mortgage payments. - Open a separate savings and brokerage account for the rest of the money. Starting in the fall, I’d consider investing $50-$100k per month into the market. Keep a good amount in cash for the short term—these are crazy times. - Maximize pre-tax savings accounts before paying down the principal. [/quote]
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