$350,000 inheritance …pay off mortgage/student loans?
My wife and I are getting an inheritance of $ 350,000. Our debts include:
$ 96,000 left on our mortgage, 29 years left. 6% interest.
$ 45,000 left on our student loans. 24 years left. 8.5% interest.
Our household income is about $ 60,000 and we are both 23 years old..
Would you recommend paying the mortgage/student loans…or keeping them for the tax advantages…
Also, what would you do as far as an investment vehicles go? (I’m not asking what you would buy, I’m asking what you’d invest the money in)
One more thing…please don’t say go to a financial planner. I’m just looking for some ideas, this isn’t my investment plan..