Parents are gifting us 100k, we are 40 year olds without any real savings right now since we bought a home 2 years ago. We have 2 children and are currently living in Europe. We are Americans and still have bank accounts back there too.
We had to take out a personal loan for 22k and it had a variable interest rate is 9.2% so we think it’s best to pay that off ASAP. We have 8 more years of payments on this.
We also wanted to set aside some money for each of the kids too.
Our mortgage is 116k with a 1.3% fixed interest rate. We have 28 years more on it.
Any ideas what we should do with the money?
original posted by JohnnyBandito to r/personalfinance on Wed, 28 Feb 2024 22:30:46 GMT.