What to do with inheritance
My grandmother is very close to dying. She has told me she is leaving me 2/3 of her investments, which is about $300,000.00, plus sole ownership of her home, which is worth about $160-$175K.
I have a home with a remaining mortgage of $75K. I currently pay $700 a month on 6.1% (7 years into a 30). I have no other debts, although I have virtually nothing in savings. I am 32, with a 45K a year job. It is pretty solid, I guess, but who knows these days. No wife, no kids, don't plan on having any kids.
What should I do? Her home is nicer than mine, but I don't like it much more than my current one. Should I sell it or move into it? What to do with the money? Should I stay in my house and pay off the mortgage? Thank god for grandma, of course I love her very much, but it is nice to know I'm being taken care of by her. Without her, it looked like a bleak future.