We are considering selling our home, and will make $20k off deal, what should we do with money?

Question

We need advice on what to do with the money to make a profit. Should we invest it,pay off car,what? We have a newborn son and having something to help us in the future is very important. Serious advice please! Thanks:)

Answer 1

hello - with that much money consider getting a fee only financial advisor to give you some good guidance.  good luck -  

Answer 2

There isn't really enough information to answer this question.  Assuming housing isn't an issue - I would suggest the following:

1. Pay off any debt that you have, particularly high interest debt

2. Put enough money into a savings account to pay all of your living expenses for 6 months.

3. If there is anything left then invest it.