Hi All
I've been following these forums for quite some time but haven't ever posted. My husband and I are far from mustachian (we have some bills that would get us quite a few face punches). But I take what I can from here and always like reading advice. So I thought I would post my question just to get some food for thought.
Little Background: It's my husband (46), myself (36) and 4 kids (11, 10, 8 and 6). I am a SAHM for about 3 years now. My husband has worked for around 22 years for his brother (machine shop) and is also a small owner of that business. We found out recently that his brother plans to sell the business. We were a bit shocked at first but are very happy for them and understand the decision (tons of hours, time away from family, etc...). Our share of the sale of the business will be roughly 1.8 million (before taxes). So, my question, what would you do with that money? As in, what is the best way we can make the money work for us? We will be seeing a financial advisor, but since there seem to be so many smart people on this forum I would love to know what you would do. Keep in mind my husband will be required to sign a minimum 5 year contract to continue working at said company. His salary should be roughly 100,000-150,000. After that, he will take some time off, but I have a feeling find something at least part time.
Current Debt:
Mortgage $170,000 (Home appraised at $400,000); Interest Rate at 2.875
Honda Van $25,000; Interest Rate at .9%
No Other Debt
Current Assets:
401K (2 of His, 1 of Mine): $555,000
Savings: $100,000 (Going to Be Doing Some House Improvements, Thus the High Amount)
Then obviously the business..
Monthly Expenses:
Utility: $225.00 (Highest It Ever Would Be)
Phone/Internet: $79.47
Cell Phones (3): $197.72
Life: $46.68
Vehicle Insurance: $77.50
Donation-Church: $102.08
Dish Network: $122.31
Mortgage (Insurance/Taxes): $1,675.00
Vehicle: $413.71
Tuition (4): $441
Fitness: $26.75
These expenses vary a bit more and might not always occur, but I put the highest amount
Kid's Lunch: $140.00
Gas: $200.00
Groceries/Household Items: $750.00
Eating Out: $150.00
Clothes: $75.00
Haircuts: $25.00
Dog Haircuts: $30.00
Babysitting: $50.00
Dentist/Doctor/Vet Bills: $50.00
Medicine: $25.00
Donations-Other: $50.00
Car Repair: $25.00
House Repair:$50.00
Gifts (Wedding, Birthday): $75.00
TOTAL EXPENSES (Preparing for Face Punches :): $5102.22
We were planning to pay off the house, mainly for peace of mind. Then funding 529 plans for the kids (ideally would like around $30,000 for each child at college time, roughly $5000-6000 in each account now). After that, what????
What's funny about all this is I am almost more paranoid about money now when we have a nice cushion, then when I was a poor college student. I just don't want to screw it up. Any advice would be appreciated!
*Edited to Add Monthly Living Expenses