I need some much needed advice! We recently just sold our gas guzzling over priced dodge truck...woohoo! Now, we have an extra $14,000, but we don't know how we should use it in the best way....
Our scenerio:
Loans
$5,800 @ 2.8% in student loans
$20,000 Agriculture Line of Credit (Husband's a farmer and needed it for repairs, etc.)
Plus, we are expecting our first child! :) We are so excited! But, we do not have much saved up for this. I plan to become a stay at home mom once the baby arrives in September. We will not have any medical expenses, if everything goes smoothly, as they all paid for already. But we only have a $500 in our baby fund.
EDITED : I guess I should include all our assets in this as well. Sorry!
We have a house. 117,000 left on a ten year mortgage at 3.9%.
The 20,000 line of credit is at 4%.
Husband rents land for farming so we do not own any farm land. (Would like to eventually down the road.)
Our other car is paid for in full and is worth about $3,000.
DH is putting 10% into his 401K (is a mechanical engineer full time as well and just started.) Want to put more into 401K, but don't want to stretch ourselves too thin as we are trying to pay off our loans
So, what is the best way to disperse this extra cash that we have? Any advice is greatly appreciated! Thanks.