I am going to dump my FB stocks and dumped MSFT. I will have about 300K cash tomorrow. What would be the best strategy to use the money..few data points
- House on mortgage. About 700K remaining loan. Valuation 1.2m
- Car loan, 30K
- Married and plans to have family in next 1 year
- Net worth: 1.5m which includes the 300K cash
- THC: 600K
#personalfinance #investments
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Feel everything is overvalued? Any ideas?
I wonder if you plan to live in your 1.2 mm house - if yes, then probably think about paying it off and then build investments up to the 25 to 30x yearly expenses. If no, invest the 300k and as you get close to FIRE, downsize your house.
1, Payoff the car loan. I don't like having liens on depriciating items
2. If you are planning to have kids, a chunk of that money can be put into a 529 account once the baby is born and you may be able to deduct against your state income tax - check your state tax laws
3. Once you guys have a plan of how your FIRE lifestyle will look, you can quickly chart out a plan. You are in a good place to execute it given your income.