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152 Past Due – Pay Off Debt or Save With Inheritance?

by Derek Sisterhen on April 8, 2011

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Past Due: Radio 152 – Pay Off Debt or Save With Inheritance?

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Trey wrote in a question about a $26,000 inheritance he and his wife recently received. We’ve heard from Trey before about his desire to eliminate his student loans, and he’s looking for advice on whether to use the inheritance to become debt free. The only trouble is, Trey graduates from seminary in two months and he currently doesn’t have a job lined up.

In Trey’s mind, there are three options for the use of the inheritance:

1) Pay off the debt
2) Sit on the cash until his future beyond school takes shape
3) Split the money, using some to pay down the debt and some to bolster savings

I addressed those three options and provided my perspective on the kind of cash Trey and his family actually need to have on hand as they prepare for a time of uncertainty and transition.

I concluded the show by sharing some of the major changes I’ve experienced in the last seven months around my health and physical fitness, and how I just completed my first 10k.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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