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Originally Posted by obert
Okay here is the situation. I will be cashed out from my house next year from my ex-wife. I should get 70g. I currently live in an apartment and could not afford a house payment comfortably on my own if with 50g down.
So my question is should I take the 70g and pay my car off and then use the rest to make monthly child support for the next 13 years? Or should I pay my car off and put the 50g as a down payment on a house and pay the child support monthly from my income.
Remember that even with the 50g down money would be tight but I would have a house.
If I used it to pay child support I would have to stay renting a place but I wouldn’t be worried about cash on hand every month.
I am going to talk to a financial advisor to see what they think but wanted to see what you all thought as well. I am planning on making more money in the future but that’s not a guarantee.
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So it’s not enough information to give you any type of guidance on what to do. Suitability means getting the overall gauge of the clients needs so you would need to know income, debt, age, overall goals, needs and wants, any savings currently have, liquid and non liquid assets as well as overall net worth. A 70k loan but why worry if it’s a 1% loan (for example). I would definitely reach out to a financial advisor or tax professional.
And a little tip I’ll give you is that you can you use brokercheck.com to make sure that person is who they say they are. Good luck!