r/inheritance • u/Beautiful-Log8046 • 4d ago
Location included: Questions/Need Advice Advice?
Wife and I live in Canada.
We are 31yr old and are married with a 1yr old.
We own the apartment we live in and have about 200k left in the mortgage.
She is on maternity leave. I work a couple of jobs that bring in about 150k net.
We have:
- 120k in equity in our apartment
- 135k in savings
- 235k in investments earning ~11% a year over the last 6 yrs.
We own our cars outright.
We pay about 3.5k a month in fixed costs. The rest we either use for investment, travel, helping family get ahead etc.
We are about to come into an inheritance of about 4m or a touch more. This was a bit of a shock as it wasn’t expected. When her dad passes there is another 3m coming to her.
What do we do with it? Do we try and retire? My wife wants to buy a house with a yard… probably around ~1.5-2m. Do we buy it outright or do we use the investment income to pay it down using a mortgage?
We are fairly risk-averse.
Honestly I feel very guilty about her inheritances as my family doesn’t come from much in terms of assets.
Advice?