I been thinking about ways to maximize the money i have saved. Here's the current situation:
Salary is about $80K a year and my wife makes about the same $80K. We sold our house a few years back and moved in with my Parents to take over their mortgage. They're getting older, need the help and they have the space for us and our kids. We made about $120K off of selling our house. I'm trying to think of the best way to use the money we currently have saved up which is about $220K. Do we continue to let it sit in our money market account (3-4%) or do we look to pay off some of the debt we have and slowly rebuild the savings? What would be the ideal and smart approach here? What are some things i should consider? We don't make a lot of money like some folks here but we have been fortunate enough to be saving money here and there to be where we are at.
Mortgage - $146K left @4.375% ~$1570 a month
My Student loan - $27K left currently on hold since COVID
401k has about $150K
Individual stocks ~$35K
Both cars paid off
no other debt beside typical living expenses such as phone bill, a few subscriptions, internet and utilities.