I’m retired, and my husband plans to work for several more years. We have $130,000 in savings accounts, plus a rental property. The rental property has a $150,000 mortgage, but we have no other debt. Should we sell the rental and reinvest in the stock market?
If I were in your shoes, I’d be investing in mutual funds and paying off the rental property as fast as possible. That would be my game plan.
When it comes to mutual funds, you shouldn’t be jumping in and out. The key is to find good ones with long track records of success and stability. Then, leave the money alone for several years and let it do its thing!
* Dave Ramsey is America’s trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership and Smart Money Smart Kids. The Dave Ramsey Show is heard by more than 8 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.