I've got a scenario on which I'd appreciate some PF blogger input:
I posted this question to another forum but then realized that this might be an even better place to get a response!
I've currently about $72,000 in debt, roughly $20,000 in student loans and $52,000 mortgage debt. Interest rates are low and debt is being paid down aggressively. I've also got total assets of roughly $300k, and a small business that I've been playing around with for several years just sold (literally closed today!) with net proceeds of $90k.
My initial plan was to take the sale proceeds and eliminate all debt- I've long said that being debt free and truly financially independent is a goal, and this is a great opportunity to accomplish this. At the same time, my business was a great source of side income and it would be nice to replace one income producing asset with another.
I'd like to hear opinions on whether I should use this cash to eliminate debt or invest it. I'm not saying that I'm going to listen, but I'd still like to hear your thoughts!
I posted this question to another forum but then realized that this might be an even better place to get a response!
I've currently about $72,000 in debt, roughly $20,000 in student loans and $52,000 mortgage debt. Interest rates are low and debt is being paid down aggressively. I've also got total assets of roughly $300k, and a small business that I've been playing around with for several years just sold (literally closed today!) with net proceeds of $90k.
My initial plan was to take the sale proceeds and eliminate all debt- I've long said that being debt free and truly financially independent is a goal, and this is a great opportunity to accomplish this. At the same time, my business was a great source of side income and it would be nice to replace one income producing asset with another.
I'd like to hear opinions on whether I should use this cash to eliminate debt or invest it. I'm not saying that I'm going to listen, but I'd still like to hear your thoughts!