TL;DR: we have a little over 50k in cash in the bank, my spouse has real estate worth over 100k overseas, no debt or mortgage, and one child (under 1 year). What is the best thing to do with what we have?
My spouse and I are in a bit of an odd financial situation. As stated above we have quite a bit of cash here in the US, and she has real estate in her maiden name in the country she's from that's worth roughly 100k. We've been trying to decide what we should do with this money, such as investing or saving.
Some other details:
- We have no debt at all
- We have $6000 saved in an emergency fund (not included in the 50k)
- My monthly take home pay is about $6800
- We have two cars, one we own outright is 10 years old and the other is on a 2 year lease that will expire in August (for credit score reasons). We need to have two cars but the lease on the one car is up soon and the 10 year-old car is starting to get more expensive to repair and maintain
- My spouse would like to go to medical school, so that'll be a large expense in the coming years
- I am currently trying to bootstrap a software company
- We have a baby, so college and such is a concern down the road too
So the question is: What is the best thing we can do with this money, all things considered?
We have looked at potentially buying an investment property, buying a property for ourselves to live in, leaving the cash to accrue interest, using the money for medical school, etc... All we have done so far is to bring our credit score up (low score because of no debt). There seem to be many options and no clear choice of what should be done.
A few more things to clarify:
- The lease on the car was paid in full up front (car was worth $21,000 new, we paid ~$5000 for the two years) with the option to pay the rest of the car once the lease is up
- Our actual expenses per month are about $2800, leaving $4000 from the take home pay as extra
- My spouse will only be entering medical school within 2 years at the earliest, and will likely be there for about 4-5 years. If she get's into the school she wants we would not have to move