My brother and I are getting $235k from my father's 401(k) and I'm planning on getting a new car with it - is this a smart idea?
Briefly

from 24/7 Wall St.3 weeks ago
A Reddit user is faced with inheriting $235,000 following his father's death, which he plans to use partially for debt repayment and investments. With existing debts of $15,000 and significant remaining mortgage payments, the post prompts consideration of various financial choices. Experts suggest prioritizing debt repayment, especially high-interest consumer debts, before contemplating discretionary purchases like a new vehicle. They emphasize the potential long-term financial benefits of wisely investing an inheritance rather than spending it on depreciating assets.
An inheritance can provide an amazing opportunity to set yourself up for financial success—if you do the right things with it.
24/7 Wall St.https://247wallst.com/personal-finance/2025/03/02/my-brother-and-i-are-getting-235k-from-my-fathers-401k-and-im-planning-on-getting-a-new-car-with-it-is-this-a-smart-idea/
Paying off high-interest consumer debt is one of those things, especially if you have credit card debt or personal loan debt at a high rate.
24/7 Wall St.https://247wallst.com/personal-finance/2025/03/02/my-brother-and-i-are-getting-235k-from-my-fathers-401k-and-im-planning-on-getting-a-new-car-with-it-is-this-a-smart-idea/
Read at 24/7 Wall St.
#inheritance #financial-planning #debt-repayment #investment-strategies
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