I just found this website last month, and I'm super excited about starting my journey to financial freedom. Right now we are way in the hole! But, okay, here is our situation:
Family of three (10 month old son).
I'm going to Law School in the fall.
We just sold our house and made about $40k in the sale.
Current student loan debt: $50k
Credit Card Debt (0% interest until October): $5k
Law School tuition: $10k first year, no tuition afterwards.
Income over next three years: About $50k from wife's job.
Savings: $2k + another $2k in a college fund for the baby (we contribute every month).
What is the wisest thing to do with the money? My current thinking is:
Pay LS Tuition
Pay off Credit Card
$5k to savings/checking
$10k to highest interest student loans
$10k to Vangaurd Acct.
What do you folks think? I know that MMM might say to put all the money toward CC, LS, and Student loan debt. But I won't be employed for the next three years, is that still the right call?