Where to invest the extra cash DILEMMA?
I have inherited a little cash $ 35K (aftertax), and I am trying to decide what would be the bext use of it. Here are my options:
1). Pay off 1 of 2 mortgages (I got an 80/10/10 when I bought my house last year). This will save me money long-term, but on a monthly basis will amount only to $ 125.
2). Pay off the car loans. This will have the best short-term effect, and will account for over $ 500 of the monthly budget, and also help tremendously when my current car fails me and I am ready for my next car purchase.
3). Invest the cash into house remodeling (kitchen and bathroom updates), which may or may not payoff later.