Advice
I am 36 years old. Not sure what I should do with the upcoming money that I am getting. I eventually would like to invest in some real estate and rentals so to be able to take money out when I am ready is a plus. Also getting inheritance money for my daughters and don't know what would be best for that. Trying to adjust to live below my means with me and the wife's w2 income and use my extra business money I make for investing. Any suggestions are appreciated.
$5,000.00 in savings
• $13,000.00 getting from tax returns
• $10,000.00 in inheritance (my 2 daughters also get $5,000.00 each)
• $20,000.00 in 401k
• Gross 100,000.00 as plumber w2
• Wife gross 50,000.00 w2
• My side business plumbing I just started grossed $15,000.00 first year. I netted $5,000.00 from it take home.
• $3,000.00 owe credit card debt
• $1,500.00 owe medical surgery last year
• $12,000.00 owe HELOC loan for heating system replacement.
My car payment $550.00 month 3 years left
• Wife car payment $600.00 month 4 years left
• My new work van $600.00 month 5 years left (LLC pays for)
• Car insurance for all 3 is $300.00 a month
• Mortgage $1,600.00 month with a 3% interest rate. 25 years left to pay. Needed updates 3 bed 1 bath, would like to add 1/2 bath and redo main bath soon.
• Trying to slowly grow my business which can be tough while working w2 and maybe eventually looking to get into real estate investments especially as I do plumbing and heating as a trade And have lots of connections with other