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I'm sorry, in advance. Normally, I'd do all my research, but I'm feeling overwhelmed.
May I ask some questions?
I have a windfall, due to being a widow. It's life insurance.
So far, I've paid off all credit cards, my highest (rate and compound interest) group of student loans. I maxed out an IRA via Vanguard. I've set aside living expenses. What now? Do I pay the rest of my loans? I have 5k left on my car payment and 18k left in federal loans which are still technically in deferment. What would you do?
I am sorry for your loss. I would stop and catch your breath and take the time to decide where your future is headed.
Thanks for that! I've done that, and I'm ready to do something
More detail: I am early 30s, with a young son, and my own early professional career.
While not knowing your income, expenses, etc., I would recommend keeping as much of your windfall in reserve or cash cushion, as possible.
Thank you so much for helping me fill in details I have a year of living expenses set aside in a high yield savings account
Hi wolf and sorry for your loss, sincerely!
Would help if you can list what all the debt you have vs savings/available funds. Balances/credit limiits and your cards etc
@Anonymous wrote:Thank you so much for helping me fill in details I have a year of living expenses set aside in a high yield savings account
That is a very good start.
Do you work? Can you maintain your lifestyle on your income?
Yes! Okay, can do.
I have 30k in credit limit, spread out in Amex/MC/Visa cards that are all decent and paid off. I will probably be able to get better cards eventually, but my credit is still mediocre because I had high utilization for a minute due to having to survive while I was finishing school and my husband was ill.
I have 18k in federal student loans. 4 groups; all 4% or less interest.
I have 5k in a car loan via a CU, again, about 4% interest.
I have a reserve of 100k in a high yield savings account.
I have 200k in a short term CD.
I have 300k sitting there looking me in the face.
Yes! I have my own career. I'm honestly dealing with some PTSD, but my work is willing to be really patient with me, and even if they weren't, when I was ready I could easily get another job (computer science).