Quote:
Originally Posted by fintstone
My advice would be to not even consider using the money for your daughter's college. It is Apparently she was going to go and had found ways to pay before your wife's inheritance. It is almost a year of pay for you. Help her as much as you can with current earnings (write them off on taxes), but put the inheritance into a retirement account so your daughter does not have to be responsible for you in old age (or pay down your mortgage). It will grow significantly if invested well and when you pass...she will get what is left...just as you did.
|
Thank you! I guess I should have pointed out that on our limited income $30K would be a nice investment or us too.
Mind you we have only been married for three years and step daughters dad (who works at a Honda dealership as a mechanic and probably makes as much as I do) thinks for a girl to go to college is a waste and is not contributing to her education.
My wife and I feel the exact opposite, we feel an education is extremely important and thus I'm willing to help out however I don't want the daughter and/or us to go into massive debt either.