Hi r/PersonalFinanceNZ,
Long time lurker and first time poster needing some assistance from this sub.
Unfortunately a family member has recently passed and I will be receiving an inheritance of $250,000. I'm 26 y/o, currently living at home with my parents, unemployed (was caring for mentioned family member) but am looking for work with a few interviews completed. I'm fairly confident I'll be back into work by end of April/early May earning between $60,000-$80,000.
I am wondering what are some options I should consider to set myself up with the inheritance, the family member would want to ensure that I make the most of this opportunity. My lifestyle and costs are really low, I usually save around 15%-20% of my annual income.
As for my financial situation:
Good:
- $10,000 in Simplicity Growth Funds
- $1,500 in KiwiSaver (Recently took out for First Home Purchase)
- $5,000 in Emergency Savings (Currently living off this due to unemployment)
Debts:
- $20,000 remaining on Student Loan
- $418,500 remaining for my First Home Purchase which is due to settle next year (currently in build), will be renting one of the bedrooms out as well
Should I look at putting the majority of the inheritance against my mortgage and student loan? Or should I look at investing this? Would love to hear your thoughts on where if so. Thanks in advance!
Long time lurker and first time poster needing some assistance from this sub.
Unfortunately a family member has recently passed and I will be receiving an inheritance of $250,000. I'm 26 y/o, currently living at home with my parents, unemployed (was caring for mentioned family member) but am looking for work with a few interviews completed. I'm fairly confident I'll be back into work by end of April/early May earning between $60,000-$80,000.
I am wondering what are some options I should consider to set myself up with the inheritance, the family member would want to ensure that I make the most of this opportunity. My lifestyle and costs are really low, I usually save around 15%-20% of my annual income.
As for my financial situation:
Good:
- $10,000 in Simplicity Growth Funds
- $1,500 in KiwiSaver (Recently took out for First Home Purchase)
- $5,000 in Emergency Savings (Currently living off this due to unemployment)
Debts:
- $20,000 remaining on Student Loan
- $418,500 remaining for my First Home Purchase which is due to settle next year (currently in build), will be renting one of the bedrooms out as well
Should I look at putting the majority of the inheritance against my mortgage and student loan? Or should I look at investing this? Would love to hear your thoughts on where if so. Thanks in advance!