Short Term Cash Loans
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.
List your debts, lowest balance to highest balance. Pay off smallest first, keep rolling up until you exhaust the $35K. Swear off of debt. Use cash. It’s quite liberating. Think how much money you would have, each month, if you had no debt.
See www.daveramsey.com