What to Do With Home Sale Proceeds?

Jill on Money with Jill Schlesinger

Audacy

Investing, Education, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 25 October 2022

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

My wife and I just sold our house and purchased our dream home. What should we do with the $200k that we made from the sale of our house? Right now it's sitting in cash.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

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0:00.0	Welcome to the Jill on Money Show. It's Tuesday, October 25th, and we are here answering your financial questions.
0:10.5	We're trying to help you make, let's say, the next best decision. And I was laughing to myself chuckling around because someone asked me whether I was akin to somebody else who
0:22.6	has been in the personal finance world. I said, yes, I'm just like that person, but I'm not
0:28.2	judgmental like that person. You guys can read into who I was talking about. I have no judgment
0:33.3	here. And Mark doesn't either. We don't really care what your circumstances are. You could be rich. You could be poor. You could have made the biggest goof in the world or not. We're going to try to help you figure out what's the next best step. That's it. There's no way. There really isn't a big reason to go back and litigate the past. We'd like to learn from it, but we don't really care
0:54.6	why you screwed up, you know, except if it's a good story and then I'm very interested. And if you have a good story and you want to share it with us and you do need some help, just go to our website, jillonmoney.com, click the contact us button. Let us know if you would be willing to come on the air. That is what Shannon did. Shannon is on
1:11.5	the line from Nashville. Hi Shannon. Welcome to the program. What can we do for you? So we just sold our
1:17.4	house and made a lot of money. Yay. Right? And so what do we do with said money? Okay. You say there's a we. Who is the we? My wife and I. Okay. How old do you guys?
1:34.3	42 and 41. Who's 42 and 41? And did you have to stutter thinking about your own age or your wife's age?
1:41.1	It was mine. 42 is me. All right. It only gets better and better, I promise.
1:46.7	Okay, so you're 42 and 41. So what happened? You sold a house and what? Are you renting or you had two
1:51.8	homes? No, we bought a different house. How much did you pay for the new home?
1:59.0	680. Okay. And how much of a mortgage do you have on that home?
2:04.1	I think it's right at like 520 now.
2:08.3	And what's the interest rate on that, Shannon?
2:10.6	Oh, 3%.
2:11.6	Nice.
2:12.6	30-year fixed?
2:13.8	Yeah.
2:14.6	Great.
2:15.4	Okay.
2:16.2	Well, what happened?
	...

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