What to do with 30 Grand? (1 Viewer)

[Touchdown Syndrome]

Let's say, hypothetically, you received a lump sum of $30,000 dollars.

What would be the wisest way of spending/investing it?

Would eliminating credit debt be a priority? Extra mortgage payment or two? Conservative investment? Jellybeans and bit-coins?

The reason I ask is because my wife is hoping to get a minor settlement in a few weeks, and I'd like some expert and not-so-expert opinions.

TIA

 

[Ignoramus]

I would prioritize it:

1) Credit card debt

2) Six months emergency fund

3) Two chicks at one time

4) IRA

 

[Ignoratio Elenchi]

If you're carrying credit card debt, it's probably best to pay that off first, depending on the interest rate(s).

 

[Wilfredo Ledezma]

Don't forget to ask about the tax implications. Some settlements are taxable, others are not. But that could be a whopping surprise tax bill if you aren't careful.