My wife and I are going to be selling our house and moving into a rental. After the sale and taking some for emergencies and paying off some debt, I'm estimating there will be $75,000 remaining which id like to invest. Ideally the investments would build wealth as well as generating some monthly income, 200 to 500. What investments should I be looking at? Would it be better to divide the amount for the two goals?
If you will leave the money invested for a good long while (years) then dividend paying stocks would be appropriate. There are many that pay yields of 3 to 4 percent, which you can take as income or reinvest to compound the growth. There is a lot of good analysis of stocks (and mutual funds that specialize in dividend paying stocks) at Morningstar.com
Assuming this will be a taxable account (since you want to pull income off of it, although this will lower wealth growth), you could open a brokerage account at some place like Vanguard (free on their ETFs) and look at tax efficient index fund ETFs (such as total stock market or their 500 fund), including some international (foreign tax credit is nice in taxable) and muni funds for the (tax advantaged) income, although CDs are likely better for the income at this point.