Hello! I’m on here looking for advice or any experience with this situation. Me and my wife have come into a unfortunate situation, which resulted in us getting 100k. We’re middle class, both 25, and do have a house we just bought last year. I’m wondering what some of you would recommend to do with the money? Put it on the house? Invest? We’re not sure but would love to hear some opinions/options. Thank you in advance
Edit: So I realized after reading all the comments I have left a lot of relevant info out, so I’m going to try and answer everyone’s questions here. Me and my wife are 25, our only debt is the mortgage (280k left currently at 6 percent) the only reason I’m hesitant to pay into the mortgage is from what I know most interest is taken in the first 5 years and so although you do save money down the line making a payments on the principle ( We’re allowed 15% a year) I feel/hope the money could be better utilized currently somehow?lol. To add on we have 1 son currently 6months old, we have set up a resp for him and contribute the max, additionally have about 20ish thousand in long term investments(10k is in crypto, hoping for the best here!) Thank you to everyone for the kind words, and one thing I’d like to say is everyone thinks it’s worth it to get into a situation like this where you end up with some money, however my wife(she was hit by a car and suffered many injuries, and lives with constant back pain) and I would rather be 100k in debt tomorrow if it meant she gets back to 100 percent. It’s horrible to watch someone you love be in constant pain, and even worse to live through it. Thank you all and god bless
Edit: So I realized after reading all the comments I have left a lot of relevant info out, so I’m going to try and answer everyone’s questions here. Me and my wife are 25, our only debt is the mortgage (280k left currently at 6 percent) the only reason I’m hesitant to pay into the mortgage is from what I know most interest is taken in the first 5 years and so although you do save money down the line making a payments on the principle ( We’re allowed 15% a year) I feel/hope the money could be better utilized currently somehow?lol. To add on we have 1 son currently 6months old, we have set up a resp for him and contribute the max, additionally have about 20ish thousand in long term investments(10k is in crypto, hoping for the best here!) Thank you to everyone for the kind words, and one thing I’d like to say is everyone thinks it’s worth it to get into a situation like this where you end up with some money, however my wife(she was hit by a car and suffered many injuries, and lives with constant back pain) and I would rather be 100k in debt tomorrow if it meant she gets back to 100 percent. It’s horrible to watch someone you love be in constant pain, and even worse to live through it. Thank you all and god bless