I just turned 27. I have a wife and 2 kids. I have owned my home for about 3 years and with the housing marking my house is now worth about 50k more than owed. My realtor says I should end up with anywhere between 45-60k in my pocket.
- My wife has some speeding fines around 10k from her irresponsible youth to get her license suspension lifted. Since I have her stay at home with the kids( cheaper than daycare) she would not be able to pay them back.
- I have around 4k in revolving debt, a 18k new vehicle(4% apr). That's about it.
- No retirement plans,
- no business ideas aside from the small business low return ideas.
Should I invest this money?
Or should I move into a foreclosed home and have nearly no house payment if any?
I need advice on what the responsible decision would be to do with this equity. I have an opportunity here and I am going to take it to get the money so I can either invest it or move to Arizona and buy a foreclosed home on acreage outright. Any advice would be appreciated.
Also, I make 50k a yr and do not have a college education. Very capable of school but I have too many friends making less than me with degrees and less drive when it comes to their career.
Excuse my grammar in this I wrote it quickly.