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.