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Reply to "I'm a poor who is about to receive an inheritance: please tell me what to do with it"
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[quote=Anonymous]We're also LMC, with kids in college. Here's what I would do. 1. Talk to financial advisor. I imagine the advice will be: 2. Pay off any debt with more than 4% interest rate. 3. Spend money on getting a reliable car and on essential home repairs, if needed. 4. Sock away the vast majority of it for retirement in something like that Vanguard fund. 5. Put some into a 529 for kids. And be honest with your kids from an early age that you can only afford instate college. The only way they can go OOS/private is if they get scholarships that bring the cost down to the instate level. Congrats! [/quote]
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